Powerhouse Energy (LON: PHE) shares are gaining after the hydrogen technology firm said its partner Hydrogen Utopia International (HUI), closed a fundraise on 9 September of £2.2 million.
HUI has exclusivity rights over the Powerhouse DMG technology in Poland, Greece and Hungary. Powerhouse and HUI developed a proprietary process technology named DMG, which can utilise waste plastic, end-of-life-tyres, and other waste streams to efficiently and economically convert them into syngas.
The funds raised by HUI will be used to purchase long lead items to build a basic syngas model for the first proposed operating plant in Konin, Poland, which would use DMG technology as a proof of concept. However, the proposed plant still needs permits, approvals and the raising of the necessary finance.
James Greenstreet, Powerhouse’s Non-Executive Chair, said: “We congratulate HUI for their successful fundraise and progress in moving forward the commercialisation of DMG in Europe. We look forward to our technology accelerating Poland’s clean energy transition”.
Powerhouse Energy shares are currently trading at 5.38p, up 4.37% from Monday's close. However, its share price is down over 45% so far this year.
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