PowerHouse Energy Group (PHE); announces supplemental agreement with Peel Environmental

Published on 11-02-2020 08:17:58
Author Sparks Team

PowerHouse Energy Group has entered into a supplemental collaboration agreement with Peel Environmental (part of Peel L&P), which aims to accelerate the development of the Protos Energy Park and four further DMG sites in the UK.

Powerhouse entered into an agreement with Peel, Waste2Tricity Limited (W2T) and Waste2Tricicty (Protos) Limited following the collaboration contract announced on 12 August 2019. The supplemental agreement allows Peel to act as the developer of Protos and four further DMG sites in the UK pending finalising the proposed acquisition of W2T by PowerHouse, with W2T relinquishing its entitlement to UK exclusivity for the technology and development rights of PowerHouse’s DMG technology.

The supplemental agreement aims to prevent any delays in the development of Protos and four further DMG sites in the UK, which have been identified as the most likely to be developed first. The remaining six sites under the collaboration contract remain unaffected by the supplemental agreement. However, the technology and development rights will all revert to PowerHouse on completion of the proposed acquisition of W2T.

The supplemental agreement contains arrangements for the monetisation of the DMG Technology at Protos, which will include a £500,000 annual licence fee payable to PowerHouse per project upon each project being commissioned. Additionally, Peel has agreed to pay PowerHouse £100,000 in historic back costs.

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