Powerhouse issues progress update on Energy Park development

10th Nov 2022 14:31

(Sharecast News) - Waste-to-energy technology specialist Powerhouse Energy updated the market on progress with the infrastructure for Plot 10b of the Protos Energy Park on Thursday.

The AIM-traded company said the plot would be the site for the proposed construction of the first hydrogen production facility using end-of-life plastic that could not be recycled, using its 'DMG' technology, in the UK.

Under a construction contract placed by the firm's development partner Peel NRE, the board said two key infrastructure items had been completed.

Firstly, the emergency access to the site was completed and secondly, the service ducting into the site had now also been installed.

The company said the ultimate construction of the facility remained subject to numerous engineering steps, and raising the necessary finance for its construction.

"These two items form an important part of the infrastructure required to enable the Protos plastics-to-hydrogen facility to proceed," said interim chairman and acting chief executive officer Keith Riley.

"Emergency access is required to facilitate the installation of the electrical substation, which will both provide power to the site and allow it to be exported from the site when the plant runs in generation mode.

"As well as emergency access and egress into and out of the site, the newly-completed access will also be used by the electrical network provider to access and maintain their equipment."

Riley said the service ducting would enable the cabling and other services to be run into the site below the ground.

"We continue to work closely with Peel to progress the Protos plastics-to-hydrogen project, with further developments anticipated in and around the site shortly."

At 1415 GMT, shares in Powerhouse Energy Group were down 2.55% at 1.45p.

Reporting by Josh White for Sharecast.com.