Powerhouse Energy Group PLC Extension of agreements with Peel (0154V)
April 03 2023 - 2:00AM
UK Regulatory
TIDMPHE
RNS Number : 0154V
Powerhouse Energy Group PLC
03 April 2023
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3 April 2023
Powerhouse Energy Group Plc
(the "Company" or "PHE")
Extension of agreements with Peel
Powerhouse Energy Group Plc (AIM: PHE), a company pioneering
integrated technology which converts non-recyclable waste into low
carbon energy, is pleased to announce that it has extended the
validity of the Collaboration Agreement with Peel NRE Ltd ("Peel"),
the Peel Exclusivity Agreement Option and the Loan Facility
agreement between PHE and Protos Plastics to Hydrogen No 1 Ltd (the
"SPV"). As announced on 15 August 2022, these agreements were
extended until 31 March 2023. They are now being extended further
to 29 April 2023.
The Company has also extended the long-stop date for the
Subscription and Warrant Agreement dated 9 September 2020 made
between (1) Peel Holdings (IOM) Limited ("Peel") and (2) Powerhouse
Energy Group Plc (the "Agreement"). The Agreement was originally
announced as part of a wider fundraising in which ordinary shares
in PHE were issued for cash at 2.5p per share. As announced on 12
September 2022 the Agreement was extended to 31 March 2023. This
has now been extended to 29 April 2023.
As announced on 5 September 2022, the parties have been in
discussion regarding the Company taking a 50% shareholding in the
SPV for the plastics to hydrogen project at Protos, near Ellesmere
Port. Consideration is now being given to PHE potentially acquiring
the whole of the shareholding of the SPV. The extensions to the
agreements announced above should enable the decision-making
process and the documentation to be finalised. There can be no
certainty that any agreements will be entered into. Further details
will be announced in due course.
Keith Riley, Acting Chief Executive Officer of PHE,
commented:
"Formation of the joint venture with Peel has taken longer than
anticipated. As the project has developed, both parties have been
carefully considering the best outcome for the project . PHE has
significantly increased its capacity in engineering, project
management and operations, and the project structure that seemed
optimal four or five years ago is not necessarily the case today.
Both parties continue to evaluate the situation and more time is
needed to ensure the best conclusion is reached."
For more information, contact:
Powerhouse Energy Group plc powerhouse@tavistock.co.uk
Keith Riley
WH Ireland Limited (Nominated Adviser)
James Joyce
James Bavister
Enzo Aliaj +44 (0) 207 220 1666
Turner Pope Investments (TPI) Ltd
(Joint Broker)
Andrew Thacker
James Pope +44 (0) 203 657 0050
Tavistock (Financial PR) powerhouse@tavistock.co.uk
Simon Hudson
Nick Elwes
Heather Armstrong
The information contained within this announcement is deemed to
constitute inside information as stipulated under the retained EU
law version of the Market Abuse Regulation (EU) No. 596/2014 (the
"UK MAR") which is part of UK law by virtue of the European Union
(Withdrawal) Act 2018. The information is disclosed in accordance
with the Company's obligations under Article 17 of the UK MAR. Upon
the publication of this announcement, this inside information is
now considered to be in the public domain.
About Powerhouse Energy Group plc
Powerhouse Energy has developed a process technology which can
utilise waste plastic, end-of-life-tyres, and other waste streams
to convert them efficiently and economically into syngas from which
valuable products such as chemical precursors, hydrogen,
electricity, heat and other industrial products may be derived.
Powerhouse Energy's process produces low levels of safe residues
and requires a small operating footprint, making it suitable for
deployment at enterprise and community level.
Powerhouse Energy is quoted on the London Stock Exchange's AIM
Market under the ticker: PHE and is incorporated in England and
Wales.
For more information see www.powerhouseenergy.co.uk
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END
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