The company continues its long term vision for rolling out sustainable hydrogen technology internationally.
PowerHouse Energy Group plc (AIM: PHE), the sustainable hydrogen company, has agreed to sign non-binding Heads of Terms with Hydrogen Utopia International (“HUI”) with a view to granting an exclusive non-transferable licence for the application of its DMG® technology in Greece and Hungary.
PowerHouse Energy Group’s unique technology provides a solution to non-recyclable plastic and produces a clean fuel that can help improve air quality by replacing diesel with hydrogen as a transport fuel. The use of this technology will be subject to a formal agreement being reached between PHE and HUI.
This follows the non-binding Heads of Terms that PHE signed with HUI in November last year for the application of its technology in Poland. You can read more about that deal here.
Why Hungary and Greece?
By targeting Hungary and Greece, two countries which are negotiating access to the European Union’s Just Transition Fund, HUI hopes to accelerate deployment of PHE’s technology.
The Just Transition Fund will provide financial support to EU member states as they move towards net zero emissions and enable the EU to become climate neutral by 2050.
“We are pleased to extend the countries in which it is intended HUI will help deploy our DMG® technology” said PHE’s Executive Chair, Tim Yeo. “This is part of our long-term vision for rolling out sustainable hydrogen technology internationally. We believe this will accelerate the clean energy transition in Hungary and Greece and provide both countries with a solution to end-of-life plastic”.
Aleksandra Binkowska, CEO of HUI said: “It is my delight that the alliance between PHE and HUI has become stronger with acquiring rights to Greece and Hungary. Since our first agreement in November, our mutual work has been as successful as one can possibly imagine. Now with having three territories under our umbrella, I believe that the DMG® system rollout will be even faster and more aggressive than we have ever anticipated. We are pleased to have new opportunities in new markets to ensure that the expansion of DMG® will be more than satisfactory to both PHE and HUI”.
Based on the per capita ratio HUI will acquire an exclusive agreement for Greece and Hungary for €250,000, paying a 10% deposit.
PowerHouse technology aims to be used at a local level providing a closed loop solution within the community for non-recyclable plastic waste, cleaning up our oceans and helping to accelerate the clean energy transition to reach the target of net zero emissions by 2030.