Powerhouse Energy Group plc (AIM: PHE), the sustainable hydrogen company commercialising hydrogen production from plastic, announce that it has entered into a binding collaboration agreement (the “Collaboration Agreement”) with HU2021 International UK Limited (“HUI”), a wholly owned subsidiary of Hydrogen Utopia International PLC, to deploy Powerhouse’s DMG® technology in territories outside the UK.
This agreement supports Powerhouse’s global vision for its technology, helping the world decarbonise and move towards clean energy.
Under the Collaboration Agreement, Powerhouse and HUI have agreed to pursue the development and implementation of distributed and modular production of hydrogen and power from waste materials on a commercial basis to the mutual benefit of each of the parties in Poland, Greece and Hungary (where HUI has been granted exclusivity) and in other territories outside the UK on a non-exclusive basis.
Powerhouse has also agreed that it may grant HUI exclusivity over further territories outside the UK subject to the agreement of a new exclusivity agreement for the relevant territory
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James Greenstreet, Non-Executive Chairman of Powerhouse Energy Group, said:
Powerhouse is pleased to sign this collaboration agreement with HUI which is championing our technology across Europe and potentially the rest of the world.
“This agreement provides a framework for us to move forward with projects with Hydrogen Utopia and will help to deliver our long-term vision for DMG® technology to be deployed internationally, helping the world transition to clean energy whilst providing a solution to end-of-life plastic”.
Aleksandra Binkowska, CEO of Hydrogen Utopia International PLC, said:
We are delighted to have formalised Hydrogen Utopia’s collaboration agreement with Powerhouse for all territories outside the UK.
“We continue to use our networks and relationships across Europe and the rest of the world to look to secure project approvals, finance and technical expertise to facilitate the deployment of DMG® technology. Our mission remains to accelerate the development of a circular and net zero carbon economy in Europe and potentially the rest of the world.”
Proposed projects presented to Powerhouse outside the territories in which HUI has been granted exclusivity can be accepted or declined on a project-by-project basis, with fees being generated for Powerhouse by IP licence agreements to be agreed at the time and also, if appropriate, exclusivity agreements.
The Collaboration Agreement creates a framework for the marketing and development of Powerhouse’s DMG® technology, the use of Powerhouse’s design materials to identify projects and the relevant intellectual property licences necessary to facilitate the development and implementation of projects.
The Collaboration Agreement also provides for Powerhouse to provide services where requested on payment of service fees to assist in developing and implementing projects.
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POWERHOUSE SIGN BINDING COLLABORATION AGREEMENT WITH HYDROGEN UTOPIA, October 7, 2021
