Powerhouse Energy Group takes full ownership of Protos plastics-to-hydrogen project
Powerhouse Energy Group Plc, a company pioneering integrated technology that converts non-recyclable waste into low-carbon energy, has announced that it has assumed full ownership and control of the Protos plastics to hydrogen project at the Protos site near Chester in the UK.
This marks a significant milestone for the company as it now becomes solely responsible for the development of the project at Protos.
This has been brought about by Powerhouse Energy Group completing the acquisition of the entire shareholding in Protos Plastics to Hydrogen No 1 Ltd from Peel NRE Ltd for a nominal payment of £1.
Protos Plastics to Hydrogen No 1 Ltd is the Special Purpose Vehicle established for the development of the plastics to hydrogen project at the Site utilizing Powerhouse Energy Group’s technology.
Keith Riley said that they have agreed with Peel that the company will assume full control of the project and its further development.
He added that they have already started working with Petrofac and are reviewing the engineering of the project with the view to optimizing costs and performance.
The next step will be to seek commercial agreements for the offtakes, whether this be electricity, heat, hydrogen, or other products, prior to seeking to raise finance for the construction.
This development marks a significant milestone for Powerhouse Energy Group as the company will now be solely responsible for the development of the project at Protos.
The company expresses its gratitude to the Peel team for their work to date in putting the planning permission and basic infrastructure in place and looks forward to continuing their excellent working relationship with them as landlords of the site.