Hungary/Greece – Powerhouse Energy, the sustainable hydrogen company, has signed non-binding Heads of Terms with Hydrogen Utopia International (HUI) 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. Based on the per capita ratio HUI will acquire exclusive agreement for Greece and Hungary for €250,000, paying a 10% deposit.
Targeting Hungary and Greece
By targeting Hungary and Greece, two countries which are negotiating access to the European Union’s Just Transition Fund, HUI hopes to accelerate deployment of PHE’s technology. The Just Transition Fund will provide financial support to EU member states as they move towards net zero emissions and enable the EU to become climate neutral by 2050.
Solution to non-recyclable plastic
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. PowerHouse technology aims to be used at a local level providing a closed loop solution within the community for non-recyclable plastic waste, cleaning up the oceans and helping to accelerate the clean energy transition to reach the target of net zero emissions by 2030.