Low carbon energy tech firm takes full control of plastics to hydrogen scheme
Powerhouse Energy Group (PHE), which has devised technology to turn non-recyclable waste into low carbon energy, has taken full ownership and control of the Protos plastics to hydrogen scheme at the Protos site, near Chester.
The Bingley-headquartered business has completed acquisition of the entire shareholding in Protos Plastics to Hydrogen No 1 Ltd from Peel NRE Ltd for a nominal payment of £1.
Protos Plastics to Hydrogen No 1 Ltd is the Special Purpose Vehicle (SPV) established for the development of the plastics to hydrogen project at the site using PHE’s technology.
The acquisition brings to an end previous discussion regarding PHE taking a 50% shareholding in the SPV.
Keith Riley, acting chief executive officer of PHE, said: “Having spent some time considering the best option for the Protos project, we have agreed with Peel that PHE will assume full control of the project and its further development.
“In this respect we have already started working with [international service provider to the energy industry] Petrofac and are reviewing the engineering of the project with the view to optimising costs and performance.
“The next step will be to seek commercial agreements for the offtakes, whether this be electricity, heat, hydrogen or other products, prior to seeking to raise finance for the construction.
“This is a significant and exciting development for PHE, as the company will now be solely responsible for the development of the project at Protos.”
PHE has agreed a variation of the IP Licence Agreement signed on 30 June 2021 with Peel. The variation confines the beneficiary of the licence to the SPV.
The Peel option to extend its exclusivity in respect of its deployment of PHE’s technology will terminate.
The Loan Facility Agreement between PHE and the SPV will be extended for one year and as a result of the acquisition will now be an intragroup arrangement.