Powerhouse Energy Group and Hydrogen Utopia International (HUI) has signed a contractual licensing agreement which commercializes hydrogen production from waste plastic.
HUI has been granted a non-transferable exclusive license to use Powerhouse’s DMG® technology in Poland, Greece, and Hungary.
HUI’s purpose is to establish a project pipeline for Powerhouse’s DMG® technology in these regions by obtaining funds from and collaborating with states, regional agencies, and the business sector in designated locations to facilitate DMG® technology deployment.
The agreement follows the announcement of non-binding heads of terms with HUI for Poland on 12 November 2020 and Greece and Hungary on 10 May 2021, as well as the payment of deposits totaling €125,000/£107,168 by HUI to Powerhouse.
According to the revised agreement, HUI will pay Powerhouse an additional €325,000/£278,638 by the end of 2021, when the formal intellectual property licence for the DMG® technology is expected to be given to HUI, with a further €300,000/£257,205 to be paid 12 months afterwards.
Furthermore, Powerhouse will continue to receive a license fee for any DMG® facility that goes operational anywhere in the world.