Shares of UK hydrogen technology company Powerhouse Energy (LON: PHE) are climbing on the news that its partner, Peel NRE, has signed a Letter of Intent to supply hydrogen from its planned rollout of plastic to hydrogen facilities to Element 2’s proposed network of hydrogen refuelling stations.
Peel NRE is Powerhouse’s exclusive development partner for the technology in the UK.
Under the deal between Peel NRE and Powerhouse, Peel NRE will look to develop a hydrogen refuelling station which will take hydrogen produced by Powerhouse's technology, from the consented plastic to hydrogen facility at Protos, Cheshire.
They also plan to develop a hydrogen refuelling station at Peel NRE’s planned plastic to hydrogen facility in North Clyde, near Glasgow.
However, Powerhouse warned that while they are encouraged by the developments, there is no guarantee that the facilities will be completed.
“We welcome Peel’s plans to supply hydrogen to Element 2 at Protos with the hydrogen being produced by Powerhouse technology. This would be a significant step in kickstarting the UK’s infrastructure for the hydrogen economy, helping accelerate the country’s clean energy transition,” commented Tim Yeo, Executive Chair of Powerhouse.
Powerhouse Energy's share price is up 5% shortly after the open at 5.04p. However, they are down 48.57% in 2021, losing 20% in the last three months.
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