Powerhouse Energy extends loan period to special purpose vehicle

28th Feb 2022 14:14

(Sharecast News) - Plastic waste-to-hydrogen technology company Powerhouse Energy Group updated the market on Monday on the loan facility it provided to Protos Plastics to Hydrogen No. 1 - the special purpose vehicle established by its partner Peel NRE to develop the plant at the Protos site.

The AIM-traded firm said it had agreed to extend the loan's availability period to 31 August.

It said that as a result of progression made by the special purpose vehicle, Peel NRE and Powerhouse Energy, the loan was extended to support the expected timeframes for the negotiation and completion of contractual arrangements by the special purpose vehicle, required for the start of the first build at Protos in the UK.

"Upon taking the helm, Powerhouse Energy's new leadership has been quick in engaging with Peel NRE, and this has secured a mature open culture, and focused level of engagement," the board said in its statement.

"The company's priority remains to ensure the first hydrogen facility using its DMG technology, based at its UK partner Peel NRE's Protos site, becomes operational during 2023."

At 1356 GMT, shares in Powerhouse Energy Group were up 1.57% at 3.23p.