Hydrogen Utopia International PLC (AQSE:HUI), a London-based company focused on non-recyclable waste plastics to hydrogen technology, has agreed with Powerhouse Energy Group PLC (LON:PHE) to jointly develop a site in Ireland which could become its first full-scale waste plastic-to-hydrogen facility in Europe.
Powerhouse Energy is a developer of technology to convert plastics and waste into clean energy and the two companies have previously agreed to collaborate.
Hydrogen Utopia and Powerhouse Energy have signed heads of terms to create an equally owned joint venture, subject to obtaining an acceptable title to the proposed site and completing relevant project documentation, Hydrogen Utopia said today.
The proposed joint venture refers to a site at Lanespark in County Tipperary currently leased to Trifol Resources Ltd. Hydrogen Utopia announced this site as a location for a planned plant in Ireland in April.
"This deal offers us the opportunity to jointly pioneer a European waste plastic to hydrogen plant in an area that offers plentiful feedstock supply and offtake potential in an attractive jurisdiction,” said Hydrogen Utopia executive chairman Guy Peters.
“Utilising the technological expertise and skills of both companies' teams and our wider network of suppliers and experts should enable us to deliver a plant that will act as a circular economy showcase to the world," added Peters.
Powerhouse Energy will make a GBP-400,000 (USD 473,551/EUR 471,571) payment and a GBP-600,000 loan to Hydrogen Utopia in recognition of the latter’s contribution to the Lanespark project.
(GBP 1 = USD 1.184/EUR 1.179)
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