Licensing deal will roll out hydrogen energy technology across Europe
Bingley-headquartered Powerhouse Energy Group, which commercialises hydrogen production from waste plastic, has reached a binding licensing agreement with Hydrogen Utopia International PLC. (HUI)
HUI has been granted an exclusive non-transferable licence for the application of Powerhouse’s DMG® technology in Poland, Greece and Hungary.
HUI’s mission is to create a project pipeline for Powerhouse’s DMG® technology in these regions through seeking funding from and partnering with states, regional authorities and the private sector in targeted regions to facilitate the deployment of DMG® technology.
The deal follows the agreement of non-legally binding heads of terms with HUI for Poland announced on 12 November 2020 and Greece and Hungary announced on 10 May 2021 and the payment by HUI to Powerhouse of deposits totalling €125,000/£107,168.
Under the latest agreement, HUI will pay Powerhouse a further €325,000/£278,638 by the end of 2021, when the formal intellectual property licence for the DMG® technology is anticipated to have been granted to HUI, with a further €300,000/£257,205 to be paid 12 months later.
In addition, Powerhouse will continue to receive a licence fee for any DMG® plant which becomes operational in any location in the world.
James Greenstreet, non-executive chairman of Powerhouse, said: “Powerhouse is pleased to sign this binding exclusivity agreement with HUI which is a champion of our technology, seeking to drive its rollout across Poland, Greece and Hungary.
“This builds on our announcement of 12 November 2020 and is part of our long-term vision for DMG® technology to be deployed internationally, helping the world transition to clean energy whilst providing a solution to end-of-life plastic.”
Aleksandra Binkowska, CEO of HUI, added: “We are delighted to have formalised HUI’s exclusivity arrangements for DMG® with Powerhouse for Poland, Greece and Hungary.
“HUI will use its local networks and relationships in the countries licensed to it to help to look to secure project approvals, finance and technical expertise to facilitate the deployment of DMG® technology.
“This will bring us closer towards our mission to accelerate the development of a circular and net zero carbon economy in Europe.”
