Powerhouse Energy Group plc, a UK technology company commercializing hydrogen production from waste plastic, has announced is that it has signed non-binding Heads of Terms with Hydrogen Utopia International Ltd (HUI) with a view to granting HUI an exclusive non-transferable license for the application of its proprietary "DMG" technology in Poland.
According to a statement, the use of this technology, which is designed to convert waste plastic into syngas and/or hydrogen, will be subject to a formal agreement being reached between Powerhouse and HUI.
We are delighted to have signed Heads of Terms with HUI. Powerhouse looks forward to working with HUI on the potential use of our DMG technology being rolled out in Poland, said Tim Yeo, Chairman of Powerhouse Energy Group.
Following the signing, HUI paid Powerhouse a non-refundable deposit of EUR 100 000.
It is a privilege and honour for HUI to enter into heads of terms in relation to rights to the technology of Powerhouse as the first company on the Continent. At HUI we believe that the DMG System is the one that will help save the world from unrecyclable plastic and we are thrilled that Poland will lead the way in creating low-cost hydrogen and we hope that other countries will take our lead. On behalf of HUI, I would like to thank the Board of Powerhouse for this opportunity and partnership, said Aleksandra Binkowska, Founder of HUI.
