Powerhouse Energy Group signs non-binding Heads of Terms with Hydrogen Utopia International to grant an exclusive non-transferable license for the application of its DMG® technology in Greece and Hungary.
The use of this technology, which is designed to turn waste plastic into electricity, including hydrogen, is conditional on PHE and HUI reaching a formal agreement.
This comes after PHE signed non-binding Heads of Terms with HUI in November of last year for the use of its technology in Poland.
HUI hopes to hasten the implementation of PHE’s technologies by focusing on Hungary and Greece, two countries that are negotiating access to the European Union’s Just Transition Fund.
The Just Transition Fund will provide financial assistance to EU member states as they transition to net-zero emissions, allowing the EU to achieve climate neutrality by 2050.
“We are pleased to extend the countries in which it is intended HUI will help deploy our DMG® technology to include Greece and Hungary. This is part of our long-term vision for rolling out sustainable hydrogen technology internationally. We believe this will accelerate the clean energy transition in Hungary and Greece and provide both countries with a solution to end-of-life plastic”.PHE’s Executive Chair, Tim Yeo
“It is my delight that the alliance between PHE and HUI has become stronger with acquiring rights to Greece and Hungary. Since our first agreement in November our mutual work has been as successful as one can possibly imagine. Now with having three territories under our umbrella, I believe that the DMG® system rollout will be even faster and more aggressive than we have ever anticipated. Polish Centre of Hydrogen is still our main target, but we are more than pleased to have new opportunities in new markets to ensure that the expansion of DMG® will be more than satisfactory to both PHE and HUI”.Aleksandra Binkowska, CEO of HUI
HUI will pay €250,000 for an exclusive deal for Greece and Hungary based on the per capita ratio, plus a 10% deposit.
By replacing diesel with hydrogen as a transportation fuel, PowerHouse Energy Group’s unique technology offers a solution to non-recyclable plastic and delivers a renewable fuel that can help improve air quality.
PowerHouse technology strives to be used at a local level, offering a closed loop solution within the society for non-recyclable plastic waste, helping to clean up our oceans and speeding up the clean energy transition to meet the goal of net zero emissions by 2030.