IN BRIEF: Powerhouse Energy to provide GBP3.8 million loan for Protos

Powerhouse Energy Group PLC - sustainable hydrogen technology company - Agrees to provide up to ...

Alliance News 12 May, 2021 | 9:19PM
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Powerhouse Energy Group PLC - sustainable hydrogen technology company - Agrees to provide up to GBP3.8 million as a loan to Protoss Plastics to Hydrogen No 1 Ltd, the Peel NRE special purpose vehicle.

Loan will go towards progressing the development of the Protos plant, the first proposed commercial application of Powerhouse's DMG waste plastic to hydrogen technology.

The facility will be available for six months, and the drawdown will be in agreement with the budgeted Protos development cash flow. The loan has been set at the Bank of England base rate plus 2% per annum and will accrue daily.

"Powerhouse is now putting its money where its mouth is. The joint Peel NRE/Powerhouse technical delivery team have done a fantastic job in aligning the chosen suppliers to meet the specification for DMG. We are confident that this loan facility has the great benefit of protecting the delivery schedule for Protos. The plant is modular and the majority of our project fabrication activities are covered in these contracts," says Executive Chair Tim Yeo.

Current stock price: 4.95 pence

Year-to-date change: down 49%

By Dayo Laniyan; dayolaniyan@alliancenews.com

Copyright 2021 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
PowerHouse Energy Group PLC 4.99 GBX 1.84 -

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