Powerhouse Energy confirms discussions with Linde, shares jump

© Reuters.

By Samuel Indyk

Investing.com – Powerhouse Energy has responded to press speculation regarding a possible tie-up with chemicals giant Linde.

Over the weekend, the Mail on Sunday’s This is Money supplement reported that Powerhouse Energy’s (LON:PHEG) business partner, Hydrogen Utopia International (HUI), was close to signing a deal with Linde (DE:LINI) to roll out energy plants across Europe.

Powerhouse Energy, which has developed technology to produce hydrogen from waste plastic, noted those comments and provided an update on the potential agreement.

The company said Linde has finalised a technical feasibility evaluation to deploy the syngas clean-up and hydrogen extraction of Powerhouse Energy’s DMG technology.

HUI, which is a licensee of Powerhouse’s technology, is in discussions with Linde to enter an agreement to develop a plant in Konin, Poland which would use Powerhouse’s technology.

The AIM-listed firm said there can be no guarantee such an agreement would be finalised and any agreement regarding building a facility would be subject to material conditions including financing, permitting, and planning permission.

Powerhouse said they would update the market with any further developments when appropriate.

The Mail on Sunday also noted that HUI is weighing a listing on the London market, after recently appointing brokers.

At 10:35BST, shares in Powerhouse Energy were trading higher by 12.2% at 5.74 pence per share.