PowerHouse Energy Group PLC (LON:PHE) has been invited to engage in “advanced commercial discussions” over its waste-to-hydrogen DMG technology with Toyota Tsusho – a trading subsidiary of the Japanese conglomerate, Toyota Group.
AIM-quoted PowerHouse said Toyota Tsusho had carried out an “extensive review” of the DMG technology, which converts plastic and tyre residue into syngas that can be converted easily into hydrogen to power buses, lorries or cars using a fuel cell.
The company recently published an independent assessment from globally respected testing group DNV GL in which the consultant found no prohibitive obstacles under its technology qualification process.
“Whilst there can be no certainty these negotiations will result in a formal agreement, I’m extremely enthusiastic about this opportunity to explore how our DMG technology can be exploited in Japan – an ideal market for our systems,” said chief executive Keith Allaun.
“Toyota is taking a leading role globally in the use of hydrogen in transport and appears to recognize the value proposition that our distributed system has with its small foot-print, its efficiency, and its ability to deliver road-quality hydrogen, at a competitive price, as and when it's needed.”
Toyota Tsusho’s Takashi Torigoe added: “We have been reviewing PowerHouse Energy's DMG technology over the last few months and take great interest in it. We are excited and looking forward to a potential partnership in Japan and possibly worldwide.”
The initial talks with Toyota Tsusho have been led by PowerHouse’s UK project development team, Waste2Tricity (W2T).
It is expected that the next level of work for Toyota Tsusho by PHE will include further technical and commercial application engineering for the Toyota Tusho/W2T Project teams to secure regional early adopters to enhance the project pipeline in a variety of geographies.
Source: proactiveinvestors
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