In its full-year business update, the AIM-listed company said the continued interest partly reflects the urgency of finding a solution for the worldwide problem of waste plastic pollution. Growing media attention, such as the Sky Ocean Rescue campaign and the BBC’s Blue Planet II, has heightened interest in this issue, the company said.
The company also noted that the attractions of the DMG system have been enhanced by China’s recent decision to ban the import of waste plastic.
Having whizzed past a number of milestones in 2017, including the commissioning at the University of Chester’s Thornton Science Park of the prototype G3-UHt unit and the successful demonstration of its ultra-high temperature production of syngas from waste tyres, the company outlined its key priorities and targets for the current year.
- Continuing design work of the first commercial DMG;
- Building, commissioning and full-scale operation of the first commercial DMG;
- Working with its partner Peel Environmental in advancing the planning and other permissions for the first Cheshire site;
- Signing agreements on the feedstock for the commercial G3-UHt system and on the ultimate use of the syngas;
- Creating a plan for the further development of the Cheshire site, with the ultimate target of having the capacity to produce more than two megawatts of electricity and three tonnes of high-quality hydrogen per day;
- Continuing to explore worldwide partnering and licensing opportunities for the DMG system, including the possibility of DMG networks in Qatar, East Asia, continental Europe and the USA;
- Seeking and agreeing strategic alliances, and pursuing other initiatives, in transport-related fuel cell applications.
“The year to 31 December 2017 has been a year during which PowerHouse Energy took major strides towards achieving its objective of commercialising its proprietary and highly efficient technology to convert plastic and other waste into syngas for hydrogen production. We have been a pioneer in the distributed hydrogen-from-waste-plastic market in the UK and we are targeting early adoption of our technology,” said Keith Allaun, the chief executive officer of PowerHouse Energy.
“From a financial perspective, we eliminated a significant hurdle to our growth by reaching agreement to retire the convertible note with Hillgrove Investments Pty Ltd through the payment of £2 million in cash and the issuance of £1.4 million in equity; the note was accruing nearly £500,000 in interest per annum.
“We enter the New Year focused on delivering the commercialisation of our DMG technology during 2018, and we remain confident that hydrogen from waste plastic will emerge as a preferred fuel for road transport,” he added.