Powerhouse signs agreement with Hydrogen Utopia International to deploy their clean energy technology in Poland, Greece and Hungary.
Powerhouse Energy Group plc (AIM: PHE), the sustainable hydrogen company, has signed a binding exclusivity agreement to deploy their clean energy technology in Poland, Greece and Hungary.
The agreement with Hydrogen Utopia International PLC (“HUI”) grants the company an exclusive non-transferable licence for the application of the technology, which recycles plastic and waste into valuable clean energy products, across Poland, Greece and Hungary.
Powerhouse’s aim is to license developers to deliver facilities that improve environment for future generations. Peel NRE, part of Peel L&P, is Powerhouse Energy’s first licensee which is rolling out the technology across two sites in the UK. The agreement with HUI illustrates both Powerhouse and HUI’s commitment to bringing this technology to Europe and kickstarting the clean energy transition on a global scale.
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HUI has a corporate mission to create a project pipeline for Powerhouse’s revolutionary technology on the European Continent through obtaining funding from and partnering with states, regional authorities and the private sector in targeted regions to facilitate the deployment of the technology.
James Greenstreet, Non-Executive Chairman of Powerhouse Energy Group, said:
Powerhouse is pleased to sign this binding exclusivity agreement with HUI which is a champion of our technology, driving its rollout across Poland, Greece and Hungary.
“This builds on our announcement of 12 November 2020 and is part of 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 HUI, said:
We are delighted to have formalised HUI’s exclusivity arrangements for DMG® with Powerhouse for Poland, Greece and Hungary.
“HUI will use its local networks and relationships in the countries licensed to it to help secure project approvals, finance and technical expertise to facilitate the deployment of DMG® technology. This will bring us closer towards our mission to accelerate the development of a circular and net zero carbon economy in Europe.”
The PGH Exclusivity Agreement follows the agreement of non-legally binding heads of terms with HUI for Poland announced on 12 November 2020 and Greece and Hungary announced on 10 May 2021 and the payment by HUI to Powerhouse of deposits totalling €125,000.
Under the PGH Exclusivity Agreement, HUI will pay Powerhouse a further €325,000 by the end of 2021, when the formal intellectual property licence for the DMG® technology is anticipated to have been granted to HUI, with a further €300,000 to be paid 12 months later.
In addition, Powerhouse will continue to receive a licence fee for any DMG® plant which becomes operational in any location in the world. Consequently, the Company’s worldwide rights to ongoing licensing fees for the DMG® technology are unaffected by the PGH Exclusivity Agreement.
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POWERHOUSE SIGNS BINDING EXCLUSIVITY AGREEMENT, August 31, 2021
