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Hydrogen Utopia International PLC and Powerhouse Energy Group PLC on Wednesday proposed a 50:50 joint venture for a waste plastic to hydrogen facility in Ireland's Tipperary.
As part of the contract, Powerhouse Energy will pay £1 million to Hydrogen £400,000 in cash and £600,000 via a two-year loan.
The site the companies intend to use is currently leased to Leinster, Ireland-based plastic waste to wax transforming firm Trifol Resources Ltd, Hydrogen explained.
‘This deal offers us the opportunity to jointly pioneer a European waste plastic to hydrogen plant in an area that offers plentiful feedstock supply and offtake potential in an attractive jurisdiction,’ said Hydrogen Executive Chair Guy Peters.
‘Not only does it provide a new project for Powerhouse's hydrogen production technology, it also represents our first major project outside the UK, and the first time Powerhouse has been party to the special purpose vehicle that will develop and construct the facility,’ commented Powerhouse Energy interim Chair Keith Riley.
Hydrogen shares rose 15% to 5.75 pence each in London on Wednesday morning while Powerhouse Energy shares were up 3.0% at 2.16p each.
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