Sustainable hydrogen company Powerhouse Energy Group (PHE) agreed to sign non-binding Heads of Terms with Hydrogen Utopia International (HUI) to grant an exclusive non-transferable licence for the application of its DMG technology in Greece and Hungary.
The use of this technology, which is designed to convert waste plastic into energy including hydrogen, will be subject to a formal agreement being reached between PHE and HUI.
This follows the non-binding Heads of Terms that PHE signed with HUI in November last year for the application of its technology in Poland. By targeting Hungary and Greece, two countries that are negotiating access to the European Union’s Just Transition Fund, HUI hopes to accelerate the deployment of PHE’s technology.
“We are pleased to extend the countries in which it is intended HUI will help deploy our DMG technology to include Greece and Hungary,” said PHE’s Executive Chair, Tim Yeo. “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”.
“It is my delight that the alliance between PHE and HUI has become stronger with acquiring rights to Greece and Hungary,” added Aleksandra Binkowska, CEO of HUI. “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”.
Powerhouse Energy Group’s unique technology provides a solution to non-recyclable plastic and produces a clean fuel that can help improve air quality by replacing diesel with hydrogen as a transport fuel. It aims to be used at a local level providing a closed-loop solution within the community for non-recyclable plastic waste, cleaning up our oceans and helping to accelerate the clean energy transition to reach the target of net zero emissions by 2030.