Throughout the year, the company has made major progress in the process of commercializing the Distributed Modular Gasification (DMG®) system, having seen significant domestic and international interest, and favourable policy developments from China.
Through 2017 PHE has seen significant interest from domestic and international partners, has signed a Memorandum of Understanding signed to explore the possibility of establishing a DMG network in Qatar, and has signed heads of terms with Peel Environmental for a commercial DMG unit. In addition, the company highlights China’s decision to ban imports of waste plastic from UK and other countries, meaning the UK needs to find new ways to deal with approximately 500,000 tonnes of waste plastic per year.
The company has set targets for 2018 which include exploring worldwide partnerships in Qatar, East Asia, Continental Europe and the USA as well as completing the design and construction of a commercial DMG system.
Keith Allaun, CEO of Powerhouse Energy, commented:
“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.
“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.”