REG - Powerhouse Energy Gp - Deferral of Commitment to JV with HUI

Powerhouse EnergyAnnouncement

30/10/2023 07:15

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RNS Number : 6248R  Powerhouse Energy Group PLC  30 October 2023

 

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30 October 2023

 

Powerhouse Energy Group Plc

 (the "Company" or "PHE")

 

Deferral of Commitment to Joint Venture with Hydrogen Utopia International Plc

for a non-recyclable Waste Plastic to Hydrogen facility in the Republic of
Ireland

 

Powerhouse Energy Group Plc (AIM: PHE), a company pioneering integrated
technology which converts non-recyclable waste into low carbon energy, makes
reference to its announcement of 21 March 2023. The announcement advised that
the Company had agreed Heads of Terms ("HoTs") with Hydrogen Utopia
International Plc (LON: HUI) ("HUI") for the proposed joint development of a
non-recyclable plastic waste-to-hydrogen facility site at Longford, County
Longford in the Republic of Ireland (the "Longford Project").

 

The Company has decided to defer further progress towards committing to the
Longford Project while it takes stock of the final position in its
negotiations with HUI. The Company has a number of potential projects in its
pipeline and needs to prioritise amongst them and assess the impact each of
those will have on the Company's existing cash resources. Consequently, the
Board has decided the capital contributions currently proposed to be made by
PHE for the Longford Project are not in the Company's best interests.

 

 

Tony Garner-Hillman, Non-Executive Chairman of PHE commented:

 

"We have had to take a difficult decision in the interests of the long-term
position as we continue to build a robust company. Our ongoing review of the
Longford Project since the Heads of Terms were signed in March, along with
developments in other areas of our business, have all had to be taken into
account.  This has taken us to the inescapable conclusion that, through
today's eyes, the best interests of PHE dictate that now is not the right time
to commit to the Longford Project and to making significant capital
contributions. We remain hopeful that position will change."

 

 

 

For more information, contact:

 

 Powerhouse Energy Group plc                      07733 146326

 Antony Gardner-Hillman, Non-Executive Chairman

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

 James Joyce

 James Bavister

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

 Simon Hudson

 Nick Elwes

 Heather Armstrong

 

 

 

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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