Framework Agreement with National Hydrogen of Australia
Powerhouse Energy Group plc (AIM: PHE), a company pioneering integrated technology that converts non-recyclable waste into low carbon energy, announces the signing of an initial 5-year framework agreement (“the Agreement”) with Australian based, National Hydrogen Ltd (“National H2”). The Agreement sets out the terms on which the Company’s technology and engineering expertise would be provided, on a project-by-project exclusivity basis, to National H2 for its intended roll out of multiple hydrogen-based projects across Australia, Italy, Switzerland, and Hong Kong.
Under the Agreement, Engsolve, now a wholly owned subsidiary of Powerhouse Energy Group, will undertake the Front-End Engineering Design (FEED) for the facilities, which would be fully funded by National H2, ensuring a seamless and well-supported development process.
In addition, Powerhouse and National H2 would work closely with the chosen Engineering, Procurement, and Construction (EPC) contractor. This collective effort will harness the expertise of all parties involved, enabling the successful realization of these projects, each of which would be subject to further project specific documentation being entered into at the time between PHE and National H2.
Powerhouse will not be required to contribute any capital for these projects. Instead, the collaboration will be based on a license fee and royalties model. This arrangement establishes a long-term relationship between Powerhouse and National H2, while also potentially providing a long-term income stream for the Group.
Development of the projects in Australia, Italy, Switzerland, and Hong Kong by National H2, using PHE’s technology, could mark a significant milestone for Powerhouse, demonstrating our growing global reputation and our commitment to driving the development of sustainable energy solutions.
Powerhouse looks forward to working closely with National H2 to deliver these projects successfully, fostering innovation and creating a positive impact on the global hydrogen landscape. Further updates on the collaboration will be provided as and when appropriate.
Paul Emmitt, Chief Executive Officer, commented:
“We are excited to leverage our expertise and advanced technologies to optimise these facilities, setting new benchmarks for the hydrogen industry.”
“This is the culmination of several years of work, discussion and negotiation between Richard Allen, Chairman of National Hydrogen and me. I am very pleased that we have finally concluded today’s agreement and I look forward to a long and prosperous relationship with National Hydrogen. This a major milestone for us, delivers a significant endorsement for our technology and know-how and provides us with both a platform for growth and a potential long-term income stream.”
At 8.45 am, the shares were changing hands for 0.47p, up 39.10%.
