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Power Metal Resources #POW – Botswana Molopo Farms Complex Commercial Update – Kalahari Key Restructuring Progressing Well and Intention to Seek Listing
Power Metal Resources PLC (LON:POW) the AIM listed metals exploration and development company is pleased to announce a commercial update in respect of Kalahari Key Mineral Exploration Pty Ltd and the Molopo Farms Complex Project.
Paul Johnson, Chief Executive Officer of Power Metal Resources, commented:
“We are delighted to see the MFC Project structuring discussions progressing so efficiently and we continue to work with our partners to implement this as quickly as possible.
The decision to create a new UK plc to hold the remaining 60% interest in the MFC Project is an important step. We believe the planned UK listing will enable fuller recognition of the MFC Project’s value, particularly given the notable exploration success already achieved and the level of interest being shown in the Project. We also welcome Richard’s appointment as Newco CEO and note that as expected he is already pursuing matters with some determination.
For Power Metal we are pleased to support the listing of the new vehicle, which will enable our holding in Kalahari Key to have demonstrable value, further building our working capital with additional listed equity.
In the interim we continue to push on with technical work at the MFC project and further updates are anticipated in the near term.”
Background
As announced on 22 April 2021 Power Metal has earned-in to a 40% direct interest in the MFC Project, which is targeting prospective magmatic intrusion-hosted massive nickel sulphide and platinum-group element (“PGE”) mineralisation in Botswana. The balancing 60% direct interest is held by Kalahari Key.
It is the intention of Power Metal to retain ownership of its 40% direct MFC Project interest at this time.
Restructuring Process
To reflect the new ownership structure a number of steps are planned as follows:
1. Kalahari Key will remain a single project holding company and continue to manage the MFC project, and a new local board will be established including at least one director from Power Metal.
2. The share capital of Kalahari Key will be restructured to reflect a new ownership structure for the MFC Project with 60% of Kalahari Key shares held by existing Kalahari Key shareholders and 40% of shares held by Power Metal.
3. The above 60% Kalahari Key shareholding will be held through a newly formed UK plc (“Newco”) in which existing Kalahari Key shareholders (including Power Metal) will have the same percentage ownership interest as currently held in Kalahari Key.
Proposed Listing of Newco
The intention is for Newco to list on a recognised stock exchange on the London capital markets during 2021 and for it to become a proactive resource exploration vehicle. Newco operations will principally include advancement of the MFC Project and the acquisition of additional opportunities, with a focus on Botswana.
Newco Management
A new Chief Executive Officer, Richard Nolan, has been appointed to manage Newco operations and the proposed listing process. Richard has over 20 years’ international experience in banking and management including equity research, mergers & acquisitions and private equity. He has held board level positions with several natural resource focused companies both private and publicly listed.
Additional Newco board appointments will be announced in due course.
Financing of Newco
Following settlement of any outstanding costs within Kalahari Key, the proceeds from a recent rights issue (raising circa US$259,000 and in which Power Metal took up its rights), when settled by participants, will be applied to initially fund Newco. Thereafter it is expected that Newco will seek additional funding through further private funding rounds or through an IPO on a recognised stock exchange.
Power Metal Interest in the MFC Project
Currently, before the restructuring above, Power Metal holds 18% of Kalahari Key and therefore with its 40% direct project interest has an overall effective economic interest in the MFC Project of 50.8%.
Following the restructuring and upon settlement of the Kalahari Key rights issue in which Power Metal has participated the Company will hold 21.7% of Newco, meaning its overall effective economic interest in the MFC Project will increase to 53.02%.
Latest Exploration Information
Latest exploration results from the MFC Project including assays from diamond drilling displaying significant nickel intersections were published on 8 April 2021 and may be viewed through the following link:
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“MAR”), and is disclosed in accordance with the Company’s obligations under Article 17 of MAR.
For further information please visit https://www.powermetalresources.com/ or contact:
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Power Metal Resources plc |
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Paul Johnson (Chief Executive Officer) |
+44 (0) 7766 465 617 |
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SP Angel Corporate Finance (Nomad and Joint Broker) |
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Ewan Leggat/Charlie Bouverat |
+44 (0) 20 3470 0470 |
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SI Capital Limited (Joint Broker) |
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Nick Emerson |
+44 (0) 1483 413 500 |
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First Equity Limited (Joint Broker) |
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David Cockbill/Jason Robertson |
+44 (0) 20 7330 1883 |
Notes to Editors:
Power Metal Resources plc (LON:POW) is an AIM listed metals exploration and development company seeking a large scale metal discovery.
The Company has a global portfolio of project interests including precious and base metal exploration in North America, Africa and Australia. Project interests range from early stage greenfield exploration to later stage prospects currently subject to drill programmes.
The Board and its team of advisors have expertise in project generation, exploration and development and have identified an opportunity to utilise the Company’s position to become a leader in the London market for investors wishing to gain exposure to proactive global metals exploration.
Power Metal Resources #POW – Botswana Molopo Farms Complex – Drilling Update
Power Metal Resources plc (LON:POW) the AIM listed metals exploration and development company is pleased to provide a further update from the Kalahari Key Mineral Exploration Pty Ltd (“Kalahari Key”) Molopo Farms Complex Project (the “Project” or “MFC Project”), which is targeting prospective massive nickel sulphide and platinum-group metal (“PGM”) mineralisation in Botswana.
Paul Johnson Chief Executive Officer of Power Metal Resources commented:
“Identification of additional visible sulphides deeper in hole KKME 1-6 gives further encouraging signals to the prospect of discovering significant mineralisation within the Molopo Farms Complex.
So far we are encouraged by the indications from core logging, and await assay results and mineralogical studies to confirm the sulphide minerals present. To be absolutely clear we make no assumption as to which sulphide minerals are present and await the assay results, and those results will likely guide the next exploration steps.
The identification of up to 14 new targets for ground exploration in the feeder zone from the Aster Mapping also adds to the evidence of district scale prospectivity.
Substantial new data continues to be generated on a relatively untested environment, advancing a journey of discovery in a geological setting where there is the clear potential for large scale metal deposits.”
Highlights:
- The second diamond drill hole at the MFC Project, KKME 1-6, has been continued from 547m to a final depth of 598 metres in ultramafic rocks. The extra hole depth will provide further core from the geophysical target depth and will assist in further geophysical interpretation.
- Core from KKME 1-6 and from the first drill hole at KKME 1-14 has been transported to Lobatse where it is being cut by the Botswana Geoscience Institute. Selected half core samples will be sent to a South African assay laboratory for base and precious metal analysis, this week.
- Logging KKME 1-6 cut core has identified disseminated sulphide mineralisation below 500m drill hole depth, notably in the section marked as a target by the geophysics. This is further to disseminated sulphide mineralisation identified around 308-313m drill hole depth from the initial KKME 1-6 core inspection (announced 11 January 2021).
- An agreement has been signed with the University of Witwatersrand in Johannesburg and selected quarter core samples will be sent to the University’s Geology Department this week for mineralogical and thin section analysis.
- A report received from Aster Funds Ltd (“Aster”) based in Toronto entitled ‘Satellite-Based Long Wave Infrared (LWIR), Short Wave Infrared (SWIR) and Synthetic Aperture Radar (SAR) Mapping, Molopo Farms Exploration Licences has identified about 14 new targets in the feeder zone, with priority targets recommended to be ranked for follow-up ground exploration.
- Down-hole geophysics data is expected to be acquired in the next phase of the current programme, this should help identify any massive sulphide mineralisation proximal to the disseminated sulphides encountered at around 308-313m drill hole depth and below 500m drill hole depth, in angled hole KKME 1-6.
OWNERSHIP STRUCTURE – MOLOPO FARMS COMPLEX PROJECT
Power Metal currently has an 18.26% shareholding in Kalahari Key and has elected to earn in (“Earn-In”) to a 40% direct interest in the MFC Project by funding US$500,000 of exploration expenditure by 30 April 2021, notably the diamond drilling of selected targets (the “Drill Programme”). To date Power Metal have paid US$392,641 leaving a balance remaining of US$107,359 (approximately £76,801) which is fully covered by Power Metal cash resources.
THE DRILL PROGRAMME
The Drill Programme was for an initial planned 2,505m across four diamond core drill holes with planned target hole depths varying from 525m to 710m. Ultimate meterage to be drilled will be determined in due course.
The Drill Programme is designed to intersect four high priority targets prospective for massive nickel sulphide mineralisation, delineated by both Time Domain Electromagnetic (“EM”) and Natural Field Audio Magneto Telluric (“NF-AMT”) geophysics surveys.
DRILL HOLE KKME 1-14
The first drill hole KKME 1-14 at the MFC Project attained a target depth of 515.8m. The hole was completed safely and securely and achieved near 100% core recovery.
KKME 1-14 was sited in the Jwaneng-Makopong Shear/Feeder zone to the east of the main Molopo Farms Complex intrusion.
KKME 1-14 supports the geological proposition that the geology at Molopo Farm is that of a feeder zone.
DRILL HOLE KKME 1-6
Hole KKME 1-6, the second hole, attained a target depth of 597.8m. The hole was designed to intercept the upper side of a conductive body modelled from geophysical survey data to commence around 500m down-hole depth.
KKME 1-6 is located in the project’s Tshepo (Hope) Central Target Area, approximately 20km west-southwest of the programme’s first drill hole KKME 1-14 and along strike on the shear zone interpreted as the Molopo Farms Complex Feeder Zone.
The Tshepo (Hope) Central Target Area lies within the centre of the interpreted feeder zone inside the near-surface sub-crop of the Molopo Farms Complex in Licence PL311/2016.
FURTHER INFORMATION
Kalahari Key have signed agreements with Aster Funds Ltd (“AFL”) and Bell Geospace Ltd (“Bell”) to integrate innovative exploration survey and processing techniques with the existing Kalahari Key airborne, AMT ground and downhole geophysical datasets with a view to accelerating and refining the exploration targeting process for future drill testing.
AFL employ satellite-based Aster Thermal Imagery to provide target mapping through longwave infra-red (“LWIR”) and shortwave infra-red (“SWIR”) Spectral Analysis and electromagnetic (“EM”) conductivity analysis based on Synthetic Aperture Radar. These systems complement Kalahari Key’s geophysical datasets and will help in the rapid determination of both the near-surface geology and alteration minerals which could be linked to underlying mineralised systems.
The collaboration with Bell will facilitate the integration and analysis of the KKME airborne and ground geophysical data with Bell’s high-resolution Zeppelin airship-supported gravity data collected over the three Kalahari Key Molopo Farms Complex licence areas (PL202/2018, PL310/2016, PL 311/2016).
COMPETENT PERSON STATEMENT
The technical information contained in this disclosure has been read and approved by Mr Nick O’Reilly (MSc, DIC, MIMMM, MAusIMM, FGS), who is a qualified geologist and acts as the Competent Person under the AIM Rules – Note for Mining and Oil & Gas Companies. Mr O’Reilly is a Principal consultant working for Mining Analyst Consulting Ltd which has been retained by Power Metal Resources PLC to provide technical support.
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“MAR”), and is disclosed in accordance with the Company’s obligations under Article 17 of MAR.
For further information please visit https://www.powermetalresources.com/ or contact:
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Power Metal Resources plc |
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Paul Johnson (Chief Executive Officer) |
+44 (0) 7766 465 617 |
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SP Angel Corporate Finance (Nomad and Joint Broker) |
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Ewan Leggat/Charlie Bouverat |
+44 (0) 20 3470 0470 |
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SI Capital Limited (Joint Broker) |
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Nick Emerson |
+44 (0) 1483 413 500 |
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First Equity Limited (Joint Broker) |
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David Cockbill/Jason Robertson |
+44 (0) 20 7330 1883 |
Notes to Editors:
Power Metal Resources plc (LON:POW) is an AIM listed metals exploration and development company seeking a large scale metal discovery.
The Company has a global portfolio of project interests including precious metal exploration in North America and Australia together with base and strategic metal exploration in Africa. Project interests range from early stage greenfield exploration to later stage prospects currently subject to drill programmes.
The Board and its team of advisors have expertise in project generation, exploration and development and have identified an opportunity to utilise the Company’s position to become a leader in the London market for investors wishing to gain exposure to proactive global metals exploration.
Power Metal Resources #POW raises a further £135,537 from warrant exercises
Power Metal Resources PLC (LON:POW) the AIM listed metals exploration and development company is pleased to announce it has received notices to exercise warrants over 14,606,326 new ordinary shares of 0.1 pence each in the Company (“Warrant Shares”).
The Warrant Shares are being issued pursuant to the exercise of 10,395,800 warrants at an exercise price of 1.0 pence per ordinary share of 0.1 pence each in the Company and the exercise of 4,210,526 warrants at an exercise price of 0.75 pence per ordinary share of 0.1 pence each in the Company.
Subscription monies of £135,537 have been received by Power Metal in respect of these exercises.
ADMISSION AND TOTAL VOTING RIGHTS
Application will be made for the 14,606,326 Warrant Shares to be admitted to trading on AIM which is expected to occur on or around 15 January 2021 (“Admission”). The Warrant Shares will rank pari passu in all respects with the ordinary shares of the Company currently traded on AIM.
Following Admission, the Company’s issued share capital will comprise 1,004,685,868 ordinary shares of 0.1p each. This number will represent the total voting rights in the Company and may be used by shareholders as the denominator for the calculation by which they can determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority’s Disclosure and Transparency Rules.
For further information please visit https://www.powermetalresources.com/ or contact:
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Power Metal Resources plc |
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Paul Johnson (Chief Executive Officer) |
+44 (0) 7766 465 617 |
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SP Angel Corporate Finance (Nomad and Joint Broker) |
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Ewan Leggat/Charlie Bouverat |
+44 (0) 20 3470 0470 |
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SI Capital Limited (Joint Broker) |
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Nick Emerson |
+44 (0) 1483 413 500 |
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First Equity Limited (Joint Broker) |
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David Cockbill/Jason Robertson |
+44 (0) 20 7330 1883 |
Notes to Editors:
Power Metal Resources plc (LON:POW) is an AIM listed metals exploration and development company seeking a large scale metal discovery.
The Company has a global portfolio of project interests including precious metal exploration in North America and Australia together with base metal exploration in Africa. Project interests range from early stage greenfield exploration to later stage prospects currently subject to drill programmes.
The Board and its team of advisors have expertise in project generation, exploration and development and have identified an opportunity to utilise the Company’s position to become a leader in the London market for investors wishing to gain exposure to proactive global metals exploration.
Alan Green looks at 2021, discussing markets plus stocks including #ECR, #GGP, #PHE, #EQT and more on UK Investor Magazine podcast
2021 Outlook: Gold, ESG, Oil, Brexit and shares to watch in the new year
Alan Green looks at 2021, discussing markets plus stocks including ECR Minerals #ECR, Greatland Gold #GGP, Powerhouse Energy #PHE, EQTEC #EQT and more on UK Investor Magazine podcast
Alan Green presents the investment case for Power Metal Resources #POW and EQTEC #EQT on StockBox Media Research Talks
Alan Green presents the investment case for Power Metal Resources #POW and EQTEC #EQT on StockBox Media Research Talks
Power Metal Resources #POW – Botswana Molopo Farms Complex – Environmental Management Plan Approval Received
Power Metal Resources PLC (LON:POW) the AIM listed metals exploration and development company is pleased to provide an update in respect of the Kalahari Key Mineral Exploration Pty Ltd (“Kalahari Key” or “KKME”) Molopo Farms Complex Project (the “Project” or “MFC Project”), which is targeting prospective massive nickel sulphide mineralisation in Botswana.
OWNERSHIP STRUCTURE – MOLOPO FARMS COMPLEX PROJECT
Power Metal has an 18.26% shareholding in Kalahari Key and has elected to earn in (“Earn-In”) to a 40% direct interest in the MFC Project by expending US$500,000 on exploration expenditure, notably target drilling, in 2020. On completion of the Earn-In, Power Metal will have an effective economic interest of 50.96% in the MFC Project.
ENVIRONMENTAL MANAGEMENT PLAN APPROVAL
Power Metal advises that Kalahari Key has received written confirmation from the Department of Environmental Affairs (“DEA”) in Botswana, that the Environmental Management Plan (“EMP”) submitted to the DEA has now been approved.
The EMP covers planned drilling operations at the MFC Project and represented the last formal regulatory step prior to commencement of drilling.
Kalahari Key is now finalising drilling plans and is looking to commence work as soon as possible.
CHIEF EXECUTIVE OFFICER’S COMMENTS
Paul Johnson, Chief Executive Officer of Power Metal Resources PLC, commented:
” The receipt of EMP approval is a major step forward for Kalahari Key and Power Metal. We have the funds reserved in a USD account to cover the cost of drilling and are working with Kalahari Key on finalising drill plans, with a view to mobilisation at the earliest opportunity.
“Power Metal has a diverse portfolio of interests, but undeniably the launch of a drill programme targeting prospective large-scale massive nickel sulphide mineralisation must be one the key moments in a junior exploration company’s life cycle.
“As part of the preparatory work Kalahari Key, and their geophysical consultants, have been completing the Audio Magneto-tellurics survey (“AMT Survey”) to further refine drill targets, which was announced recently. The AMT Survey is well advanced and the initial results in terms of target confirmation are positive.
“I look forward to providing further information with regard to the AMT Survey and drilling plans in the near future.”
COMPETENT PERSON STATEMENT
The technical information contained in this disclosure has been read and approved by Mr Nick O’Reilly (MSc, DIC, MAusIMM, FGS), who is a qualified geologist and acts as the Competent Person under the AIM Rules – Note for Mining and Oil & Gas Companies. Mr O’Reilly is a Principal consultant working for Mining Analyst Consulting Ltd which has been retained by Power Metal Resources PLC to provide technical support.
The information contained within this announcement is considered to be inside information prior to its release, as defined in Article 7 of the Market Abuse Regulation No.596/2014 and is disclosed in accordance with the Company’s obligations under Article 17 of those Regulations.
For further information please visit https://www.powermetalresources.com/ or contact:
| Power Metal Resources plc | |
| Paul Johnson (Chief Executive Officer) | +44 (0) 7766 465 617 |
| SP Angel Corporate Finance (Nomad and Joint Broker) | |
| Ewan Leggat/Charlie Bouverat | +44 (0) 20 3470 0470 |
| SI Capital Limited (Joint Broker) | |
| Nick Emerson | +44 (0) 1483 413 500 |
| First Equity Limited (Joint Broker) | |
| David Cockbill/Jason Robertson | +44 (0) 20 7330 1883 |
Notes to Editors:
Power Metal Resources plc (LON:POW) is an AIM listed metals exploration and development company seeking a large scale metal discovery.
The Company has a global portfolio of project interests including precious metal exploration in North America and Australia together with base metal exploration in Africa. Project interests range from early stage greenfield exploration to later stage drill ready prospects.
The Board and its team of advisors have expertise in project generation, exploration and development and have identified an opportunity to utilise the Company’s position to become a leader in the London market for investors wishing to gain exposure to proactive global metals exploration.
Fish waste-based alternative to plastic wins Dyson Award
A biodegradable bioplastic made from red algae and waste products from the fishing industry has won the UK section of the 2019 James Dyson Award.
Created by Sussex University Graduate Lucy Hughes, MarinaTex is an alternative to the single-use plastics such as those used in sandwich packets.
BBC Click’s Lara Lewington reports in Video here.
A bio-plastic made of organic fish waste that would otherwise end up in landfill, with the potential to replace plastic in everyday packaging, has landed its UK graduate designer a James Dyson award.
Lucy Hughes, 23, a recent graduate in product design from the University of Sussex, sought to tackle the dual problems of environmentally harmful single-use plastics and inefficient waste streams by harnessing fish offcuts to create an eco-friendly plastic alternative.
Her solution, a biodegradable and compostable material called MarinaTex, can break down in a soil environment in four to six weeks and be disposed of through home food waste collections.
Hughes, from Twickenham, in south-west London, used red algae to bind proteins extracted from fish skins and scales, creating strong overlapping bonds in a translucent and flexible sheet material. Although it looks and feels like plastic, initial testing suggests it is stronger, safer and much more sustainable than its oil-based counterpart.
It is estimated people in the UK use 5m tonnes of plastic every year, nearly half of which is packaging. Only 51% of local authorities in England have separate food waste collections and even where recycling schemes are in place, the majority of bio and compostable plastics are not generally suited to existing waste treatment infrastructures.
An estimated 492,020 tonnes of fish waste are produced by the fish processing industry every year in the UK and it is considered a huge and inefficient waste stream with low commercial value.
Unwanted offcuts include offal, blood, crustacean and shellfish exoskeletons and fish skin and scales, all of which ends up in landfill or incineration. Through research carried out on the Sussex coast, Hughes found fish skins and scales were the most promising sources for the plastic alternative, due to their flexibility and strength-enabling proteins. A single Atlantic cod could generate the organic waste needed for 1,400 bags of MarinaTex, she found.
“Plastic is an amazing material, and as a result we have become too reliant on it as designers and engineers,” Hughes said. “It makes no sense to me that we’re using plastic, an incredibly durable material, for products that have a life cycle of less than a day. For me, MarinaTex represents a commitment to material innovation and selection by incorporating sustainable, local and circular values into design. As creators, we should not limit ourselves to designing to just form and function, but rather form, function and footprint.”
PowerHouse Energy (PHE) Placing and Issue of Equity
PowerHouse Energy Group plc (AIM: PHE), the UK technology company pioneering hydrogen production from waste plastic and used tyres, is pleased to announce an equity fund raising by way of a placing of 130,000,000 Ordinary shares of 0.5p each in the Company (“Ordinary Shares”) at 0.5p per Ordinary Share (the “Placing Price”) to raise £650,000 before expenses.
PowerHouse has undertaken this placing to provide it with the capital to ensure the continuity and expansion of its commercial and engineering efforts for the foreseeable future.
This placing, was carried out exclusively by Turner Pope Investments, with the majority of their clients looking to take advantage of the EIS relief for which the Company has recently received HMRC advanced assurance, and that should be available on the newly issued shares.
In addition to the placing, a holder of PHE warrants has chosen to exercise those warrants at 0.5p which will provide the Company with an additional £50,000 of capital from the exercise. That holder has committed to hold the 10,000,000 Ordinary Shares arising from the exercise for a period of at least 18 months.
Keith Allaun, CEO of the Company, said: “With this money secured, we are confident that we will be able to achieve our on-going commercial objectives as well as expand our testing and engineering capability with new personnel and with newly acquired, highly-specialised, equipment. We also intend to further enhance our IP protection related to the DMG® System and EcoSynthesis Gas© production.”
Application will be made for the admission of 140,000,000 Ordinary Shares to trading on AIM and it is expected that this will occur on or around 10 December 2018. These shares will rank pari passu in all respects with the Company’s existing issued Ordinary Shares.
Subsequent to the issue of Ordinary Shares, the Company will have 1,856,431,621?Ordinary Shares in issue. PowerHouse has no shares in Treasury, therefore this figure may be used by Shareholders, from Admission, as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA’s Disclosure and Transparency Rules.
For more information, contact:
PowerHouse Energy Group plc
Keith Allaun, Chief Executive Officer
Tel: +44 (0) 203 368 6399
WH Ireland Limited (Nominated Adviser)
James Joyce / Chris Viggor
Tel: +44 (0) 207 220 1666
Turner Pope Investments (TPI) Ltd (Sole Broker)
Andy Thacker
Tel: +44 (0) 203 621 4120
Ikon Associates (Media enquiries)
Adrian Shaw
Tel: +44 (0) 1483 271291
Mob: +44 (0) 7979 900733
About PowerHouse Energy
PowerHouse Energy has developed a proprietary process technology – DMG® – which can utilise waste plastic, end-of-life-tyres, and other waste streams to efficiently and economically convert them into EcoSynthesis Gas© from which valuable products such as chemical precursors, hydrogen, electricity and other industrial products may be derived. The PowerHouse technology is one of the world’s first proven, modular, hydrogen from waste (HfW) processes.
The PowerHouse DMG® process can generate in excess of 1 tonne of road-fuel quality H2, and more than 28MW/h of exportable electricity per day with its low-carbon technology.
The PowerHouse process produces low levels of safe residues and requires a small operating footprint, making it suitable for deployment at enterprise and community level.
PowerHouse is quoted on the London Stock Exchange’s AIM Market under the ticker: PHE, and is incorporated in the United Kingdom.
For more information see www.powerhouseenergy.net
Powerhouse Energy (PHE) Discussions with Toyota Tsusho Corporation
PowerHouse Energy Group plc (AIM: PHE), the UK technology company pioneering hydrogen production from waste plastic and used tyres and developer of the DMG® System is pleased to announce that it has received a formal invitation from Toyota Tsusho Corporation of Japan to engage in advanced commercial discussions regarding the PowerHouse DMG® technology.
This invitation has been made subsequent to an extensive review of the DMG® technology by Toyota Tsusho’s Chemical Business Development Division and subsequent to PHE having achieved its recent “Statement of Feasibility” by DNV-GL, a leading provider of technical assurance world-wide.
Following Toyota Tsusho’s review of the PHE Basic Engineering Package and the DNV-GL technical qualification process, PHE now welcome the news that Toyota Tusho have positively reviewed the DMG®technology and consider that DMG® and its application within Japan and Asia offers significant potential.
Mr. Takashi Torigoe, General Manager, Chemical Business Development stated:
“We have been reviewing Power House Energy’s DMG technology over the last few months and take great interest in it. We are excited and looking forward to a potential partnership in Japan and possibly worldwide.”
Discussions with Toyota Tsusho have been led by our UK Project Development Team, Waste2Tricity Ltd. with support from our technical team. It is expected that the next level of work for Toyota Tsusho by PHE will include further technical and commercial application engineering for the Toyota Tusho/W2T Project teams to secure regional early adopters to enhance the project pipeline in a variety of geographies.
Keith Allaun, CEO of PowerHouse commented:
“Whilst there can be no certainty these negotiations will result in a formal agreement, I’m extremely enthusiastic about this opportunity to explore how our DMG® technology can be exploited in Japan – an ideal market for our Systems.
“Toyota is taking a leading role globally in the use of hydrogen in transport and appears to recognise the value proposition that our distributed system has with it’s small foot-print, its efficiency, and its ability to deliver road-quality hydrogen, at a competitive price, as and when its needed.”
Toyota Tsusho is one of the 17 members of the Toyota Group. On its website, Toyota Tsusho is described, “As the Toyota Group’s sole general trading company, we gather information and promote the development of new business from a global perspective. As automotive professionals with unique capabilities and know-how, we strive to lead the Toyota Group in the challenge to develop the evolution of next-generation mobility to contribute to the development of both society and the Toyota Group.”
For more information, contact:
PowerHouse Energy Group plc Tel: +44 (0) 203 368 6399
Keith Allaun, Chief Executive Officer
WH Ireland Limited (Nominated Adviser) Tel: +44 (0) 207 220 1666
James Joyce / Chris Viggor
Turner Pope Investments Ltd (Joint Broker) Tel: +44 (0) 203 621 4120
Ben Turner / James Pope
Ikon Associates(Media enquiries) Tel: +44 (0) 1483 271291
Adrian Shaw Mob: +44 (0) 7979 900733
About PowerHouse Energy
PowerHouse Energy has developed a proprietary process technology – DMG® – which can utilise waste plastic, end-of-life-tyres, and other waste streams to efficiently and economically convert them into EcoSynthesis gas from which valuable products such as chemical precursors, hydrogen, electricity and other industrial products may be derived. The PowerHouse technology is one of the world’s first proven, modular, hydrogen from waste (HfW) processes.
The PowerHouse DMG® process can generate in excess of 1 tonne of road-fuel quality H2, and more than 28MW/h of exportable electricity per day.
The PowerHouse process produces low levels of safe residues and requires a small operating footprint, making it suitable for deployment at enterprise and community level.
PowerHouse is quoted on the London Stock Exchange’s AIM Market under the ticker: PHE, and is incorporated in the United Kingdom.
For more information see www.powerhouseenergy.net
About Waste2tricity Ltd
Established in 2008, Waste2Tricity is a structured solutions provider to the energy-from-waste (EfW) sector, an industry supplying increasing amounts of electricity using feedstock diverted from landfill. Waste2Tricity works with clients and partners to develop, fund and support EfW deployment projects that use proven technology, are profitable and progressive. In the case of PHE these projects will use high temperature gasification and internal combustion engines to efficiently convert waste plastic to energy and in the future can produce hydrogen to support the growth of the hydrogen economy.
