REG - Powerhouse Enrgy Grp - Extension of agreements with Peel

Powerhouse EnergyAnnouncement

03/04/2023 07:00

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RNS Number : 0154V  Powerhouse Energy Group PLC  03 April 2023

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ANNOUNCEMENT.

 

3 April 2023

 

Powerhouse Energy Group Plc

 (the "Company" or "PHE")

 

Extension of agreements with Peel

 

Powerhouse Energy Group Plc (AIM: PHE), a company pioneering integrated
technology which converts non-recyclable waste into low carbon energy, is
pleased to announce that it has extended the validity of the Collaboration
Agreement with Peel NRE Ltd ("Peel"), the Peel Exclusivity Agreement Option
and the Loan Facility agreement between PHE and Protos Plastics to Hydrogen No
1 Ltd (the "SPV"). As announced on 15 August 2022, these agreements were
extended until 31 March 2023. They are now being extended further to 29 April
2023.

 

The Company has also extended the long-stop date for the Subscription and
Warrant Agreement dated 9 September 2020 made between (1) Peel Holdings (IOM)
Limited ("Peel") and (2) Powerhouse Energy Group Plc (the
"Agreement"). The Agreement was originally announced as part of a wider
fundraising in which ordinary shares in PHE were issued for cash at 2.5p per
share. As announced on 12 September 2022 the Agreement was extended to 31
March 2023. This has now been extended to 29 April 2023.

 

As announced on 5 September 2022, the parties have been in discussion
regarding the Company taking a 50% shareholding in the SPV for the plastics to
hydrogen project at Protos, near Ellesmere Port. Consideration is now being
given to PHE potentially acquiring the whole of the shareholding of the SPV.
The extensions to the agreements announced above should enable the
decision-making process and the documentation to be finalised. There can be no
certainty that any agreements will be entered into. Further details will be
announced in due course.

 

 

Keith Riley, Acting Chief Executive Officer of PHE, commented:

"Formation of the joint venture with Peel has taken longer than anticipated.
As the project has developed, both parties have been carefully considering the
best outcome for the project. PHE has significantly increased its capacity in
engineering, project management and operations, and the project structure that
seemed optimal four or five years ago is not necessarily the case today. Both
parties continue to evaluate the situation and more time is needed to ensure
the best conclusion is reached."

 

 

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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