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HIGHLIGHTS
- Powerhouse Energy Group development partner - Hydrogen Utopia International, inked a five-year framework agreement for DMG® hydrogen-from-waste technology with Linde Engineering.
- Powerhouse Energy recorded revenue of £373,306 for the six months period ended 30 June 2021 compared to £100,000 in 2020.
The shares of Powerhouse Energy Group Plc (LON: PHE) soared after the company’s development partner - Hydrogen Utopia International, inked a framework agreement with Linde Engineering.
Powerhouse Energy Group Plc’s shares are trading at GBX 6.05, up by 37.50% at 10:47 AM BST on Friday, 12 November 2021. The market capitalisation of the company stands at £173.82 million, and the shares of the company returned 128.87% to shareholders in the last one year.
Exclusivity agreement with Linde
Powerhouse Energy Group’s development partner - Hydrogen Utopia International Plc (HUI), inked a five-year framework agreement with Linde Engineering. The deal provides Linde Engineering with the license for HUI’s deployment of Powerhouse Energy’s DMG® technology in Hungary, Greece and Poland. HUI holds exclusivity for the promotion and marketing of DMG® technology in these countries. The deal also enables Linde Engineering to engage in any individual projects, from equipment supply, designing and building, and full EPC subject to Chemical Thermal Conversion Chamber supply approval in select European locations.
Linde Engineering also concluded a technical feasibility evaluation to install the syngas clean-up and hydrogen extraction of the DMG® technology at an upcoming facility located in Konin, Poland. Post completion, the project is expected to contain ten DMG® units in a single site. The completion of the project is dependent on the funding approval from the Just Transition Fund of the European Union, which will be matched by funds from the Government of Poland.
Earlier on 7 October 2021, Powerhouse Energy entered into a collaboration agreement with HU2021 International UK Limited, Hydrogen Utopia International Plc’s wholly-owned subsidiary, to market the DMG® technology outside the UK.
Powerhouse Energy Group Plc’s financial performance
Powerhouse Energy Group is a UK-based technology firm engaged in the commercialisation of hydrogen production from waste plastic. Powerhouse Energy recorded revenue of £373,306 for the six months period ended 30 June 2021 compared to £100,000 in 2020. Its gross profit rose to £16,776 during the period compared to £132 in H1 2020.
Bottomline
The HUI and Linde Engineering partnership for the deployment of Powerhouse Energy’s technology is aimed at aiding quicker clean-energy transition across Europe, as the technology uses plastic waste for green hydrogen production.
