Stock Market News
Powerhouse Energy signs MOU with hydrogen-powered bus maker
Waste-to-energy firm Powerhouse Energy announced a partnership memorandum of understanding with hydrogen-powered bus manufacturer Wrightbus, which the firm expects will lead to it supplying the bus maker with its Distributed Modular Gasification system for the low cost and environmentally responsible production of hydrogen.
The MOU, negotiated in collaboration with Powerhouse's commercial partner Waste2tricity, was not binding, and although there was no guarantee that a binding agreement would be entered into, the board of the Bingley-based waste-converter was confident that it would lead to a definitive agreement.
The AIM-quoted group said the "first-of-its-kind turnkey solution" would be marketed to local authorities and public transport providers in the UK and abroad, focussing primarily in city centres, where the lack of emissions generated by hydrogen fuel cell buses can bring about important environmental and quality-of-life benefits.
Keith Allaun, chief executive of Powerhouse, said, "We're delighted to announce this MOU with an alternative energy leader like Wrightbus - an innovator in clean public transport. Together, we believe we have the potential to offer a cost-effective turnkey solution in which we will produce hydrogen using our DMG process to produce the road fuel for Wrightbus's zero emission hydrogen buses."
"This is the model by which we can begin to change the environment. Together we offer a compelling proposition for transport providers such as a local authority in which they would be able to offer a zero-emission bus service at the same cost as diesel transportation, with zero emissions, and converting waste into hydrogen and electricity. Given our shared corporate objectives to make a positive difference to our world profitably, PowerHouse and Wrightbus are an ideal match," he added.
As of 0920 GMT, shares had declined 5.35% to 0.478p.
The MOU, negotiated in collaboration with Powerhouse's commercial partner Waste2tricity, was not binding, and although there was no guarantee that a binding agreement would be entered into, the board of the Bingley-based waste-converter was confident that it would lead to a definitive agreement.
The AIM-quoted group said the "first-of-its-kind turnkey solution" would be marketed to local authorities and public transport providers in the UK and abroad, focussing primarily in city centres, where the lack of emissions generated by hydrogen fuel cell buses can bring about important environmental and quality-of-life benefits.
Keith Allaun, chief executive of Powerhouse, said, "We're delighted to announce this MOU with an alternative energy leader like Wrightbus - an innovator in clean public transport. Together, we believe we have the potential to offer a cost-effective turnkey solution in which we will produce hydrogen using our DMG process to produce the road fuel for Wrightbus's zero emission hydrogen buses."
"This is the model by which we can begin to change the environment. Together we offer a compelling proposition for transport providers such as a local authority in which they would be able to offer a zero-emission bus service at the same cost as diesel transportation, with zero emissions, and converting waste into hydrogen and electricity. Given our shared corporate objectives to make a positive difference to our world profitably, PowerHouse and Wrightbus are an ideal match," he added.
As of 0920 GMT, shares had declined 5.35% to 0.478p.
Related share prices |
---|
Powerhouse Energy Group (PHE) share price |
Stock News headlines are gathered from financial news sources around the web. Views and opinions on each item are from their respective authors and website. They are not opinions of LiveCharts.co.uk
Get a free widget for your website with our latest headlines.
You can now add our live prices and new headlines to your website.The news widget features quotes for Oil prices, spot Gold price and Indices plus a choice of news channel for healines.
Top Shares pages
- Share price quotes
- Share charts
- Share watch list
- Company Results Calendar
- Top Large UK Shares
- UK Market Sectors
- Stock market news
- Company news
- Share tips
- A-Z company search
More share features
POPULAR Share Prices
- Royal Mail share price
- Lloyds share price
- HSBC share price
- Barclays share price
- Prudential share price
- Santander share price
- NEXT share price
- Diageo share price
- BP share price
- Vodafone share price
- British Airways
- Centrica share price
- Tesco share price
- Taylor Wimpey Share Price
- National Grid
- GKP Share Price
- Marks and Spencer
- Rolls Royce
- Rio Tinto
- THG Share Price
- Aviva Share Price
- Boil Share price
- Easyjet Share Price
- Genedrive Share Price
- SSE Share Price
- IAG Share Price
- Boohoo share price
- HE1 share price
- AVCT share price
- BOOM share price