Hydrogen-from-dead-plastic innovators Powerhouse Energy have signed an outline deal, extending their world’s first operation from the UK into Ireland.
The Merseyside-based, AIM-quoted group told investors this morning that it has signed heads of terms with Hydrogen Utopia International to develop a second plant at Lanespark in County Tipperary.
Powerhouse has agreed to pay Alexandra Binkowska’s and Guy Peter’s Hydrogen Utopia up to £1 million, 60% of that as a loan, to set up a joint venture. Subject to a lease being finalised, development of Lanespark and commercialisation of its clean hydrogen would then be delivered on a 50:50 basis.
The partners command complementary technologies in magicking the increasingly sought-after gas out of end-of-life plastics, themselves hitherto seen as beyond re-use.
Utopia’s flagship project is a hydrogen-from-plastics recovery plant in Konin in Binkowska’s native Poland. At the heart of the country’s coal producing midlands, the EU-funded plant aims to convert 1 million tonnes a year of end-of-life waste into hydrogen, providing new jobs for some of the country’s 78,000 coal miners.
Powerhouse experienced a boardroom revolution in February, as it sought to recover its mojo after chairman and former energy minister Tim Yeo quit ‘for personal reasons’ last summer.
Today’s announcement this morning is the first fruits of a strategy re-vamp promised by new chair Russell Ward and new CEO Paul Drennan-Durose.
“Powerhouse Energy must create a quality of choice on projects”, Drennan-Durose commented in a statement this morning.
“In this early stage of commercialisation, there is a need to consider the unusual, and to have a more flexible business model. The Republic of Ireland is also a good fit for Powerhouse at this stage in its evolution, it is close enough to avoid an overreach. It is anticipated that the solution will be of great benefit to local communities, the private sector, and to the state.”
EU-funded hydrogen stripping
Powerhouse remains open to working with third parties on similar future projects. The firm continues to be the technology provider to its UK landlords Peel NRE Ltd – part of Peel L&P – with whom it has a joint venture at Peel’s Protos energy park at Ellesmere Port.
In a variation on the Protos development, Lanespark near New Birmingham (sic) in Tipperary will feature Powerhouse as participating directly in the special purpose vehicle that will develop and construct the facility.
“Powerhouse Energy must create a quality of choice on projects”, Drennan-Durose, pictured, commented.
“In this early stage of commercialisation there is a need to consider the unusual, and to have a more flexible business model. The Republic of Ireland is also a good fit for Powerhouse at this stage in its evolution, it is close enough to avoid an overreach and it is anticipated that the solution will be of great benefit to local communities, the private sector, and to the state.”
By lunchtime, Powerhouse’s share price was unchanged on AIM.
