Sustainable hydrogen in deal to deploy technology in more countries
Powerhouse Energy, a sustainable hydrogen company based in Bingley has entered into an agreement with Hydrogen Utopia International (HUI).
The non-binding heads of terms looks to grant an exclusive non-transferable licence for the application of the Yorkshire firm’s DMG technology, which produces hydrogen from waste plastic, in Greece and Hungary.
Under the agreement HUI will pay Powerhouse €250,000, with €25,000 payable immediately and the balance payable when certain conditions are met.
The agreement will see Powerhouse continue to receive a licence fee for any DMG plant which becomes operational in any location and therefore does not impact its worldwide rights to the technology.
Tim Yeo, executive chairman of Powerhouse Energy Group, said: “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 MOU in relation to Poland. 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”.
Aleksandra Binkowska, CEO of HUI, said: “I am delighted that the alliance between Powerhouse and HUI has become stronger. Since our first MOU in November our mutual work has been very successful. Now with potentially three territories under our umbrella, I believe that this will help speed up the DMG® system rollout. The Polish Centre of Hydrogen is still our main target, but we are more than pleased to have new opportunities in new markets to target for the proposed expansion of DMG® to the mutual benefit of Powerhouse and HUI”.