REG - Powerhouse Energy Gp - Appointment of representative in Northern Ireland

Powerhouse EnergyAnnouncement

30/05/2023 07:15

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RNS Number : 8832A  Powerhouse Energy Group PLC  30 May 2023

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ANNOUNCEMENT.

 

30 May 2023

 

Powerhouse Energy Group Plc

 (the "Company" or "PHE")

 

Appointment of representative in Northern Ireland

 

Powerhouse Energy Group Plc (AIM: PHE), a company pioneering integrated
technology that converts non-recyclable waste into low carbon energy, is
pleased to announce that it has entered into an agreement with Noage Energy
Ltd ("Noage") to act as a representative of PHE in Northern Ireland (the
"Agreement").

 

Under the Agreement Noage will work on behalf of PHE to establish a project
using Powerhouse technology converting waste materials to energy. Noage has
already identified a potential site and will assist PHE negotiating access to
the property and obtaining the necessary permissions to construct and operate
the facility. Noage will also then collaborate with PHE to put in place
feedstock supply and local offtake agreements, as well as providing general
assistance.

 

PHE will pay Noage a fee of £50,000 on entering the agreement. Noage will
also receive a number of success related fees, payable on completion of
specified milestones, giving it the possibility of receiving total fees of
£1.725 million for a fully implemented project (including the initial fee).
The Agreement has an initial term of five years, but can be extended for a
further two years on the request of Noage. Under the arrangement, however, all
contractual commitments with third parties will be with PHE directly and Noage
will not be able to give commitments on PHE's behalf.

 

Keith Riley, Acting CEO of PHE, commented:

"Noage has already demonstrated itself to be a proactive partner in bringing a
project opportunity in Ballymena to PHE and identifying the various elements
required to bring it to fruition. PHE looks forward to working with Noage and
building a fruitful relationship. We foresee Ballymena as hosting the second
PHE project in the United Kingdom and Northern Ireland, alongside that at
Protos in Cheshire and anticipate that the Ballymena project will focus,
initially at least, on power production rather than hydrogen. We look forward
to providing further details of the project as appropriate."

 

Eugene Hannigan, Director of Noage Energy, commented:

"We are delighted to be working with the Powerhouse team on this venture.
Powerhouse's proprietary technology is at the forefront of energy transition
and preventing pollution; converting the widest range of waste products into
syngas for power and hydrogen. We look forward to assisting PHE progressing
this project and taking it into full implementation."

For more information, contact:

 

 Powerhouse Energy Group plc                       powerhouse@tavistock.co.uk (mailto:powerhouse@tavistock.co.uk)

 Keith Riley

 WH Ireland Limited (Nominated Adviser)            +44 (0) 207 220 1666

 James Joyce

 James Bavister

 Enzo Aliaj

 Turner Pope Investments (TPI) Ltd (Joint Broker)  +44 (0) 203 657 0050

 Andrew Thacker

 James Pope

 Tavistock (Financial PR)                          powerhouse@tavistock.co.uk (mailto:powerhouse@tavistock.co.uk)

 Simon Hudson

 Nick Elwes

 Heather Armstrong

 

The information contained within this announcement is deemed to constitute
inside information as stipulated under the retained EU law version of the
Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK
law by virtue of the European Union (Withdrawal) Act 2018. The information is
disclosed in accordance with the Company's obligations under Article 17 of the
UK MAR. Upon the publication of this announcement, this inside information is
now considered to be in the public domain.

 

About Powerhouse Energy Group plc

Powerhouse Energy has developed a process technology which can utilise waste
plastic, end-of-life-tyres, and other waste streams to convert them
efficiently and economically into syngas from which valuable products such as
chemical precursors, hydrogen, electricity, heat and other industrial products
may be derived.

 

Powerhouse Energy's process produces low levels of safe residues and requires
a small operating footprint, making it suitable for deployment at enterprise
and community level.

 

Powerhouse Energy is quoted on the London Stock Exchange's AIM Market under
the ticker: PHE and is incorporated in England and Wales.

 

For more information see www.powerhouseenergy.co.uk
(http://www.powerhouseenergy.co.uk)

 

 

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