Powerhouse Energy Group (PHE) has assumed full ownership and control of the Protos plastics to hydrogen project at the Protos site near Chester in the UK.
PHE completed the acquisition of the entire shareholding in Protos Plastics to Hydrogen No 1 Ltd from Peel NRE for a nominal payment of £1. Protos Plastics to Hydrogen No 1 is the Special Purpose Vehicle established for the development of the plastics to hydrogen project at the Site utilising PHE’s technology.
The acquisition brings to an end previous discussion regarding PHE taking a 50% shareholding in the SPV.
In April, PHE agreed a variation of the IP Licence Agreement signed on June 30 2021 with Peel. The variation confines the beneficiary of the licence to the SPV. The Peel option to extend its exclusivity in respect of its deployment of PHE’s technology will terminate.
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