StockMarketWire.com - PowerHouse Energy Group has received a grant worth £1.25m from the Cheshire and Warrington Local Enterprise Partnership for its development partner, Waste2Tricity (W2T).

The grant is to fund the purchase of a thermal conversion chamber, which is a core element of W2T's DMG technology to extract hydrogen from plastic waste.

The grant is subject to the DMG development near Ellesmere Port in Cheshire achieving planning approval and funding by the end of March 2020.

The award was made following a successful application to the £4.1m Energy Fund competition, run by the local enterprise partnership to fund projects that can support its energy and clean growth strategy.

David Ryan, CEO of PowerHouse Energy, said: 'We congratulate W2T and Peel on securing this award from Cheshire and Warrington Local Enterprise Partnership, representing confidence in our DMG process as an important technology to deliver clean energy from unrecyclable waste plastic.

'Furthermore we are delighted and encouraged to be recognised as a component in the North West Region's strategy to provide clean growth.'

Tim Yeo, chairman of W2T, said: 'This grant offer recognises the importance of the DMG technology and the impact it may have on assisting Cheshire and Warrington and potentially the country to the target of net zero emissions through the creation of hydrogen fuel from waste plastic. Cheshire and Warrington's energy and clean growth strategy shows leadership in this area, one that the rest of the country should look to.'


At 9:05am: [LON:PHE] PowerHouse Energy share price was +0.08p at 0.6p



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