United Kingdom – Powerhouse Energy has agreed to enter into a loan agreement to provide up to £3.8 million to Protos Plastics to Hydrogen No. 1 Limited, the Peel NRE Special Purpose Vehicle (the SPV).
The loan is to progress the development of the first ‘plastic park’ at the Protos plant, in the North West of England. This will be the first commercial application of Powerhouse’s waste plastic to hydrogen technology, which it is expected will be licensed to the Peel NRE SPV. Peel NRE is a group company of the Peel Group.
Powerhouse Energy Group’s unique Distributed Modular Generation (DMG) 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. The technology aims to be used at a local level providing a closed loop solution within the community for non-recyclable plastic waste, cleaning up oceans and helping to accelerate the clean energy transition to reach the target of net zero emissions by 2030.
Under the agreement Powerhouse has agreed to provide a loan facility of up to £3.8 million. This facility is for the specific purpose of securing long lead time items and project design services in respect of the Protos project, prior to securing long-term debt funding arrangements by Peel NRE.
The loan follows the sanctioning of the project by the Powerhouse Board and it will supplement the existing Peel NRE investment. The project will use the proceeds of the loan to commit to procurement of the long lead items including the Thermal Conversion Chamber, the syn gas process module, the compression and power generation modules. The procurement packages have followed the Peel commercial review of the facility and the design has been refined to optimize the supply, mix and use of waste material feedstocks for the site in addition to the provision of options for hydrogen export.