20 February
2018
PowerHouse Energy Group
plc
(“PowerHouse” or the “Company”)
Memorandum of
Understanding
PowerHouse Energy Group plc (AIM: PHE), the UK Waste-to-Energy
company seeking to develop hydrogen production from waste plastic
and used tyres, is pleased to announce a partnership Memorandum of
Understanding (“MOU”) with Wrightbus Ltd (“Wrightbus”), a leading
bus manufacturer whose products include innovative hydrogen powered
buses.
This MOU was negotiated in collaboration with Waste2tricity Ltd
as part of its commercial partnership with PowerHouse as its
Project Development Consultant. The MOU is non binding and although
there can be no certainty a binding agreement will be entered into,
the Board of PowerHouse expects this to lead to a definitive
agreement under which Wrightbus will supply hydrogen fuel powered
buses and PowerHouse will provide access to its Distributed Modular
Gasification (“DMG®”) system for the low cost and
environmentally responsible production of hydrogen.
It is expected that this first-of-its-kind turnkey solution will
be marketed to local authorities and public transport providers in
the UK and internationally with a particular focus on city centres,
where the lack of emissions generated by hydrogen fuel cell buses
bring important environmental and quality-of-life benefits.
PowerHouse’s compact DMG® system, has the capacity to
process 25 tonnes of plastic per day, and would have the potential
to provide hydrogen to fuel buses and also provide electricity for
sale to either the national grid or private clients.
The DMG® system has the potential to enable hydrogen
to be produced locally from small-scale plastic processing plants
and sold at a cost competitive with petrol and diesel. To date the
production and distribution costs of hydrogen produced from Natural
Gas has been prohibitive and produced considerable CO2 emissions.
PowerHouse believes it can change the economics of that situation
with carbon neutral hydrogen.
Keith
Allaun, CEO of Powerhouse, commented:
“We’re delighted to announce this MOU with an alternative energy
leader like Wrightbus - an innovator in clean public transport.
Together, we believe we have the potential to offer a
cost-effective turnkey solution in which we will produce hydrogen
using our DMG® process to produce the road fuel for
Wrightbus’s zero emission hydrogen buses. This is the model by
which we can begin to change the environment. Together we offer a
compelling proposition for transport providers such as a local
authority in which they would be able to offer a zero emission bus
service at the same cost as diesel transportation, with zero
emissions, and converting waste into hydrogen and electricity.
Given our shared corporate objectives to make a positive difference
to our world profitably, PowerHouse and Wrightbus are an ideal
match.”
For more information, contact:
PowerHouse Energy Group plc
Keith Allaun, Chief Executive Officer |
Tel: +44 (0) 203 368 6399 |
WH Ireland Limited (Nominated Adviser)
James Joyce / Alex Bond |
Tel: +44 (0) 207 220 1666 |
Turner Pope Investments Ltd (Broker)
Ben Turner / James Pope |
Tel: +44 (0) 203 621 4120 |
Buchanan (Media enquiries)
Mark Court / Chris Lane |
Tel: +44 (0) 20 7466 5000 |
About PowerHouse Energy
PowerHouse Energy Group plc is the developer of the G3-UHt Ultra
High Temperature Gasification unit, and the creator of
DMG®, the Distributed Modular Gasification System that
allows the distributed eradication of waste, the generation of
distributed electricity, and the production of distributed hydrogen
with the world’s first hydrogen from waste (HfW) process.
The Company is focused on technologies to enable projects for
energy recovery from municipal and industrial waste streams that
would otherwise be directed to landfills and incinerators; or from
renewable and alternative fuels such as biomass, tyres, and
plastics to create synthesis gas (syngas) for power generation, or
high-quality hydrogen as a fuel for transport. DMG®
allows for easy, economical, deployment and scaling of an
environmentally sound solution to the growing challenges of waste
eradication, landfill diversion, electrical demand, and distributed
hydrogen production.
PowerHouse is quoted on the London Stock Exchange's AIM Market
and is incorporated in the United
Kingdom.
For more information see www.powerhouseenergy.net