Powerhouse Energy signs five-year deal with National Hydrogen
22nd Feb 2024 16:19
(Sharecast News) - Powerhouse Energy Group announced a five-year framework agreement with Australia-based National Hydrogen on Thursday.
The AIM-traded firm said the agreement outlined terms for Powerhouse's technology and engineering expertise to be exclusively provided to National Hydrogen on a project-by-project basis across Australia, Italy, Switzerland, and Hong Kong.
Engsolve, now a wholly owned subsidiary of Powerhouse Energy Group, would undertake the front-end engineering design (FEED) for the facilities covered by the agreement.
Funding for the endeavours would be fully provided by National Hydrogen.
Collaboration between Powerhouse and National Hydrogen would extend to working closely with the selected engineering, procurement and construction (EPC) contractor.
That collective effort aimed to leverage the expertise of all involved parties for the successful realisation of the projects.
Each project would be subject to further project-specific documentation between PHE and National Hydrogen.
Powerhouse said its participation in the projects would not require any capital contribution, and it would instead operate on a licence fee and royalties model.
"We are excited to leverage our expertise and advanced technologies to optimise these facilities, setting new benchmarks for the hydrogen industry," said chief executive officer Paul Emmitt.
"This is the culmination of several years of work, discussion and negotiation between Richard Allen, chairman of National Hydrogen and me - I am very pleased that we have finally concluded today's agreement and I look forward to a long and prosperous relationship with National Hydrogen.
"This a major milestone for us, delivers a significant endorsement for our technology and know-how and provides us with both a platform for growth and a potential long-term income stream."
At 1555 GMT, shares in Powerhouse Energy Group were up 34.33% at 0.45p.
Reporting by Josh White for Sharecast.com.