By Ian Walker

Shares of Powerhouse Energy Group PLC rose 15% on Thursday after the company said that it has received planning approval for a hydrogen plant in West Dunbartonshire, Scotland.

Shares at 0740 GMT were up 0.30 pence at 2.25 pence.

The U.K. technology company said the 20 million pound ($25.1 million) facility is the second site that will use its technology to turn waste plastic into hydrogen, which will be used to fuel vehicles.

"The consent for a second site is another substantive step for Powerhouse, as we roll out the process of commercializing our technology," Chief Executive Paul Drennan-Durose said.

Write to Ian Walker at ian.walker@wsj.com

(END) Dow Jones Newswires

June 09, 2022 04:03 ET (08:03 GMT)

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