Powerhouse Energy enters Hungary and Greece deal with HUI

Waste-to-hydrogen technology company Powerhouse Energy Group has agreed to enter into non-binding heads of terms with Hydrogen Utopia International (HUI), it announced on Monday, with a view to granting an exclusive non-transferable licence for the application of its ‘DMG’ technology in Greece and Hungary.

The AIM-traded firm said that under the heads of terms, HUI would pay Powerhouse €0.25m (£0.22m), of which €25,000 was payable immediately, with the balance due when the conditions of the heads of terms are satisfied.

Powerhouse said it would continue to receive a licence fee for any DMG plant which becomes operational in any location, so its worldwide rights to the technology would not be affected by the deal.

The use of the technology, which is designed to convert waste plastic into a syngas or hydrogen, remained subject to a formal agreement being reached between Powerhouse and HUI.

“Powerhouse is pleased to extend the countries in which it is intended HUI will help deploy its DMG technology to include Greece and Hungary, having already entered a memorandum of understanding in relation to Poland,” said executive chairman 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 both Hungary and Greece and provide those countries with a solution to end-of-life plastic.”

At 0910 BST, shares in Powerhouse Energy Group were up 12.89% at 5.47p.