- Waste2Tricity Congratulates PowerHouse Energy on Acquisition
- Once the deal is finalised, Peel intends to use DMG technology on Plastic Parks across the UK
Following completion of negotiations, the acquisition is now being put to the PHE shareholders with voting papers and information sent out ahead of a general meeting set for the 14th July 2020.
The Powerhouse Energy Group plc (PHE) DMG technology, with Waste2Tricity Limited (Waste2Tricity) as development partner, provides a solution to unrecyclable plastics whilst creating hydrogen – a fuel that is now widely tipped to be vital in getting to net-zero emissions and in creating a green economic recovery post-Covid-19.
On completion of the acquisition, the all-share deal will see the current Waste2Tricity Chairman, Tim Yeo, appointed to the board at PHE as a non-executive director. Mr Yeo has a wide experience in government, serving in the Environment and Health Departments, and subsequently as Shadow Secretary of State for Trade and Industry in the Shadow Cabinet.
The acquisition follows a period where Waste2Tricity, PowerHouse Energy and Peel L&P Environmental Limited (Peel) were collaborating to develop 11 waste plastic to hydrogen facilities across the UK. Myles Kitcher, Managing Director of Peel has already been appointed to the board of PHE as a non-executive director .rent Waste2Tricity Managing Director, John Hall, and current Deputy Chairman, Howard White, will become consultants to PHE on completion of the acquisition.
These ‘Plastic Parks’ will revolutionise the way that plastic waste is currently handled. The parks could provide a complete solution for the 4.9 million tonnes of plastic waste generated in the UK each year, preventing it ending up in landfill, exported overseas or in the ocean.
Planning permission has been approved for the first facility at Peel’s 54 hectare ‘Protos’ site near Ellesmere Port in Cheshire.
The newly combined PHE group will see each site generate £500,000 per annum in licence fees.
Using a ‘UK first’ advanced thermal treatment technology the network of facilities could transform the way waste plastics are dealt with nationally The pioneering DMG® (Distributed Modular Gasification) technology has been developed by Powerhouse Energy at the University of Chester’s Thornton Energy Park and produces a local source of hydrogen from unrecyclable plastics. This clean and low-cost hydrogen could be used to power buses and Heavy Goods Vehicles (HGVs), before being rolled out to hydrogen cars, helping to reduce air pollution and improve air quality on our roads.
Helping to tackle another significant environmental problem, the technology also provides a solution to plastics that cannot be reused or recycled and that would otherwise end up in landfill. With almost 1.2 million tonnes of waste plastics going to landfill every year, local authorities across the country are looking for alternative treatment technologies.
Tim Yeo, Chairman of Waste2Tricity said: “This acquisition by PowerHouse Energy signals a new dawn for the fuel of the future, bringing together a range of expertise which will help to make hydrogen fuel a reality. We welcome Peel’s recognition of the potential of this technology and I look forward to serving on the board and seeing the ‘Plastic Parks’ provide a solution to waste plastic in the UK.”
Waste2Tricity is a structured solutions provider to the energy-from-waste (EfW) sector, an industry supplying increasing amounts of electricity using feedstock diverted from landfill.
Waste2Tricity works with clients and partners to develop, fund and support EfW deployment projects that use proven technology, are profitable and progressive; projects that currently use high temperature gasification and either steam cycle or internal combustion engines/gas turbines (ICEs/GTs) to efficiently convert waste to energy.
For more information see www.waste2tricity.com
About Powerhouse Energy
PowerHouse Energy has developed a proprietary process technology – DMG® – which can utilise waste plastic, end-of-life-tyres, and other waste streams to efficiently and economically convert them into syngas from which valuable products such as chemical precursors, hydrogen, electricity and other industrial products may be derived. The PowerHouse technology is one of the world’s first proven, modular, hydrogen from waste (HfW) process.
The PowerHouse DMG® process can generate up to 2 tonnes of road-fuel quality H2, and more than 58MW/h of exportable electricity per day. The PowerHouse process produces low levels of safe residues and requires a small operating footprint, making it suitable for deployment at enterprise and community level.
PowerHouse is quoted on the London Stock Exchange’s AIM Market under the ticker: PHE and is incorporated in the United Kingdom.