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Greece
Hungary
Powerhouse Energy Group plc (AIM: PHE), the technology company commercialising hydrogen production from waste plastic, is pleased to announce that it has agreed to enter into 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 and . Under the heads of terms HUI will pay Powerhouse €250,000, of which €25,000 is payable immediately with the balance becoming payable when the conditions of the heads of terms are satisfied. Powerhouse will continue to receive a licence fee for any DMG® plant which becomes operational in any location so the Company’s worldwide rights to the technology are not affected by these heads of terms.
This follows the non-binding Heads of Terms which PHE signed with HUI in November last year for the application of its technology in Poland.
Tim Yeo, Executive Chair of Powerhouse energy, said, “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 Hydrogen Utopia International, said, “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.