Powerhouse Energy Group PLC - Heads of terms agreed for licence of DMG technology
Powerhouse Energy Group PLC ("Powerhouse" or the "Company")
Heads of Terms agreed for licence of DMG technology in Poland
Powerhouse Energy Group plc (AIM: PHE), the UK technology company commercialising hydrogen production from waste plastic, is pleased to announce that yesterday (11.11.2020) it signed non-binding Heads of Terms with Hydrogen Utopia International Limited (HUI) with a view to granting HUI an exclusive non-transferable licence for the application of its DMG® technology in Poland.
The use of this technology, which is designed to convert waste plastic into a syngas and/or hydrogen, will be subject to a formal agreement being reached between Powerhouse and HUI.
Tim Yeo, Chairman of Powerhouse Energy Group, said:
“We are delighted to have signed Heads of Terms with HUI. Powerhouse look forward to working with HUI on the potential use of our DMG technology being rolled out in Poland.”
Aleksandra Binkowska, Founder of HUI, said:
“It is a privilege and honour for HUI to enter into heads of terms in relation to rights to the technology of Powerhouse as the first company on the Continent. At HUI we believe that the DMG System is the one that will help save the world from unrecyclable plastic and we are thrilled that Poland will lead the way in creating low cost hydrogen and we hope that other countries will take our lead. On behalf of HUI I would like to thank the Board of Powerhouse for this opportunity and partnership.”
Following this signing HUI paid Powerhouse a non-refundable deposit of €100,000.
More information about HUI's plans for the rollout of the technology in Poland and the partners with whom it will be working in Poland will be published in due course.
For more information please contact us, or one of the contacts below.
Powerhouse Energy Group PLC
Tel: +44 (0) 203 368 6399
David Ryan - Chief Executive Officer
WH Ireland Limited (Nominated Adviser)
Tel: +44 (0) 207 220 1666
James Joyce/Lydia Zychowska
Turner Pope Investments Ltd (Joint Broker)
Tel: +44 (0) 203 657 0050
Andrew Thacker/Zoe Alexander
Ikon Associates (Media enquiries)
Tel: +44 (0) 1483 271291
Adrian Shaw
+44 (0) 7979 900733
Sistersmith PR (Media enquiries)
Mob: +44 (0)7766 522305
Becca Smith