Powerhouse Energy Group has signed a non-binding Heads of Terms with Hydrogen Utopia International (HUI) for its DMG® technology, which converts waste plastic into syngas and/or hydrogen, to be licenced in Poland.
The UK-based company signed the agreement with a view of granting HUI an exclusive non-transferable licence for the application of its DMG® technology in the country.
In a statement, Powerhouse Energy said the use of the technology will be subject to a formal agreement being reached between the two companies.
Tim Yeo, Chairman of Powerhouse Energy Group, said, “We are delighted to have signed Heads of Terms with HUI. Powerhouse look forward to working with HUI on the potential use of our DMG technology being rolled out in Poland.”
Aleksandra Binkowska, Founder of HUI, added, “It is a privilege and honour for HUI to enter into heads of terms in relation to rights to the technology of Powerhouse as the first company on the Continent.”
“At HUI we believe that the DMG System is the one that will help save the world from unrecyclable plastic and we are thrilled that Poland will lead the way in creating low cost hydrogen and we hope that other countries will take our lead.”
“On behalf of HUI I would like to thank the Board of Powerhouse for this opportunity and partnership.”