Powerhouse Energy (LON: PHE) shares are on the rise on Wednesday after the company said that Peel NRE, part of Peel L&P, has submitted a planning application to develop its second waste plastic to hydrogen facility using Powerhouse technology.
The site will be located at the Rothesay Dock on the north bank of the River Clyde, West Dunbartonshire.
The 13,500-tonne facility will be the second in the UK to use DMG technology, which is developed by Powerhouse, after plans for a similar facility at Peel NRE’s Protos site in Cheshire were approved in 2019.
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Peel NRE has submitted a planning application to West Dunbartonshire Council.
Tim Yeo, Executive Chairman of Powerhouse, said: “We welcome the submission of the planning application for a second site for our recycling technology which will transform plastics and waste into clean energy. We hope this pioneering technology 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.
“A planned hydrogen refuelling station at this site will help bolster the region’s infrastructure and help accelerate the clean energy transition, improving our environment for future generations in the region.”
Powerhouse Energy Daily Chart, Source: IG
Powerhouse’s share price has climbed to 3.829, up 5.99%.
Should you invest in Powerhouse Energy shares?
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 PHE shares the best buy? Our stock market analysts regularly review the market and share their picks for high growth companies
Sam is a trader and lead stock market writer at AskTraders. After starting his career in the forex market, Sam now focuses on stocks, specifically consumer staples.
