Powerhouse Energy Group and Peel NRE have reached an understanding on modifications to existing contracts.
Peel Environmental Limited, Waste2Tricity Limited, Waste2Tricity (Protos) Limited, and Powerhouse Energy Group have extended their collaboration agreement, originally signed on August 9, 2019, until March 31, 2023.
The partnership between PHE and Peel to use PHE’s DMG technology on the Protos site was formalized with the signing of a collaboration agreement in August of 2019.
In exchange for £500,000, PHE agreed to allow Peel to enter into an exclusivity arrangement with PHE, which would supersede certain terms in the collaboration agreement. Peel will have the sole right to create, market, and run DMG equipment in the UK as a result of this option.
PHE and the Peel special purpose vehicle for the Protos plastics to hydrogen project entered into a financing facility agreement on May 11, 2021, allowing for the latter to borrow up to £3.8 million for the latter’s use. This loan comes with a coupon of 2% above Base Rate and is due on the date of the project’s Final Investment Decision. A step-in on the project property lease guarantees repayment of the loan. Withdrawals must be documented in accordance with a development cash flow schedule detailing the costs and activities required for the development of the project.