TIDMPHE

RNS Number : 6248R

Powerhouse Energy Group PLC

30 October 2023

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, OR SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT.

30 October 2023

Powerhouse Energy Group Plc

(the "Company" or "PHE")

Deferral of Commitment to Joint Venture with Hydrogen Utopia International Plc

for a non-recyclable Waste Plastic to Hydrogen facility in the Republic of Ireland

Powerhouse Energy Group Plc (AIM: PHE), a company pioneering integrated technology which converts non-recyclable waste into low carbon energy, makes reference to its announcement of 21 March 2023. The announcement advised that the Company had agreed Heads of Terms ("HoTs") with Hydrogen Utopia International Plc (LON: HUI) ("HUI") for the proposed joint development of a non-recyclable plastic waste-to-hydrogen facility site at Longford, County Longford in the Republic of Ireland (the "Longford Project").

The Company has decided to defer further progress towards committing to the Longford Project while it takes stock of the final position in its negotiations with HUI. The Company has a number of potential projects in its pipeline and needs to prioritise amongst them and assess the impact each of those will have on the Company's existing cash resources. Consequently, the Board has decided the capital contributions currently proposed to be made by PHE for the Longford Project are not in the Company's best interests.

Tony Garner-Hillman, Non-Executive Chairman of PHE commented:

"We have had to take a difficult decision in the interests of the long-term position as we continue to build a robust company. Our ongoing review of the Longford Project since the Heads of Terms were signed in March, along with developments in other areas of our business, have all had to be taken into account. This has taken us to the inescapable conclusion that, through today's eyes, the best interests of PHE dictate that now is not the right time to commit to the Longford Project and to making significant capital contributions. We remain hopeful that position will change."

For more information, contact:

 
 Powerhouse Energy Group plc 
  Antony Gardner-Hillman, Non-Executive 
  Chairman                                               07733 146326 
 WH Ireland Limited (Nominated Adviser) 
  James Joyce 
  James Bavister                                 +44 (0) 207 220 1666 
 
 Tavistock (Financial PR)                  powerhouse@tavistock.co.uk 
  Simon Hudson 
  Nick Elwes 
  Heather Armstrong

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

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

MSCZZMZGMLGGFZZ

(END) Dow Jones Newswires

October 30, 2023 03:00 ET (07:00 GMT)

PowerHouse Energy (AQSE:PHE.GB)
Historical Stock Chart
From Nov 2024 to Dec 2024 Click Here for more PowerHouse Energy Charts.
PowerHouse Energy (AQSE:PHE.GB)
Historical Stock Chart
From Dec 2023 to Dec 2024 Click Here for more PowerHouse Energy Charts.