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Powerhouse Energy (LON: PHE) said on Tuesday that Peel NRE, part of Peel L&P, is planning to develop its second waste plastic to hydrogen facility, using Powerhouse technology, resulting in PHE's share price rallying 10%
The 13,500-tonne facility at the Rothesay Dock on the north bank of the River Clyde, West Dunbartonshire, will be the second in the UK to use DMG technology developed by Powerhouse after plans for a similar facility at Peel NRE’s Protos site in Cheshire were approved in 2019.
Tim Yeo, Executive Chairman of Powerhouse Energy, said: “We are delighted Powerhouse technology is to be deployed in Scotland, helping the region improve air quality and provide a solution to end-of-life plastic.
“This new facility will play an important role in supporting the objective of both Holyrood and Westminster to make hydrogen a key element of Scotland’s decarbonisation strategy. We welcome plans to co-locate a re-fuelling station at the site which will help increase uptake of hydrogen fuel in the region and add to Scotland’s growing hydrogen economy.
“All eyes are on Scotland ahead of the important COP26 meeting in Glasgow later this year, so we are delighted our pioneering, clean energy technology will help put Scotland on the path to net-zero.”
Powerhouse Energy's share price has climbed over 10% so far in the session, to 6.5p.
Powerhouse Energy shares are traded on the London stock exchange's AIM market (the alternative investment market), which is the submarket specifically for smaller companies. AIM stocks are attractive to investors as they have tax advantages and smaller companies have the potential to benefit from rapid growth. But are Powerhouse Energy shares the best buy? Our stock market analysts regularly review the market and share their picks for high growth companies
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