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PowerHouse Energy Group plc Developer W2T Sign Power Agreement and Waste Feedstock MoU

PowerHouse Energy Group plc (LON: PHE), the UK technology company pioneering hydrogen and clean energy production from waste plastic, today announced that its exclusive development partner, Waste2Tricity Limited, has agreed that electricity generated by W2T at Protos using DMG® technology will be sold into a private grid operated by Protos and W2T has also agreed a supply agreement for unrecyclable plastic for the DMG® plant. This is a further step in the road to towards achieving Financial Close for the first commercial site utilising PHE’s DMG Technology.

David Ryan, CEO of PowerHouse Energy, commented:

“We are very pleased that our DMG® Energy Recovery Technology will be a key part of the solution at Protos fostered by Peel Environmental with W2T and ASD, which envisages the regeneration of plastics in a circular economy approach to waste management. This matches our vision for the application of the DMG® technology and we believe it heralds the finalisation of a number of further DMG®projects.”

A MOU (Memorandum of Understanding) agreement has been agreed by W2T with the innovative recycler, Advanced Sustainable Developments (ASD), which will see the two companies work collaboratively at the Protos site in Cheshire. The generated electricity from the DMG® process will be supplied back to ASD from the Protos private grid at discount to current power market prices, which will be commercially beneficial to all parties.

W2T has also agreed a supply of feedstock to W2T for processing by DMG® Energy Recovery Technology, which is intended to come from un-recyclable plastic from ASD’s PET plastic recycling project at the Protos site, at a price significantly below current landfill prices. W2T has also arranged back up supply lines for the DMG® plant in the event of delays.

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Disclaimer: Statements in this article should not be considered investment advice, which is best sought directly from a qualified professional.