PowerHouse Energy has signed an agreement to buy Waste2Tricity, a UK technology company that is developing a way of producing hydrogen from waste plastic.
The acquisition is subject to approvals from regulators and shareholders, with a view to finalising a formal sale and purchase deal in the first quarter of this year.
It follows a collaboration agreement between Waste2Tricity, Powerhouse Energy and Peel Environmental to develop 11 waste plastic to hydrogen facilities, representing an investment of more than £150 million, across the UK.
A planning application has been submitted for the first facility at Peel Environmental’s 54-hectare Protos site near Ellesmere Port in Cheshire for the Distributed Modular Gasification (DMG) technology, expected to be commissioned by the end of 2020.
John Hall, Managing Director of Waste2Tricity said: “This acquisition means the combined business can focus on the worldwide marketing of this revolutionary technology and we believe there is potential for several 1000s of systems producing electricity in South East Asia and Japan alone.
“Importantly DMG offers a solution to cleaning up the world’s oceans of unrecyclable plastic. By monetising scrap plastic DMG can divert plastic for destruction rather than ending up in rivers, as well as processing recovered ocean plastic. Poorly disposed of plastic is one of the world’s great challenges and a number of major international companies can already see how DMG can offer an opportunity to reverse the plastic problem, both on land and in the Ocean.”