26th Nov 2018 09:32
LONDON (Alliance News) - PowerHouse Energy Group PLC on Monday said it secured an invitation from Toyota Tsusho Corp of Japan to engage in advanced commercial discussions regarding its DMG technology.
Toyota Tsusho is a part of automotive group Toyota Motor Corp.
PowerHouse Energy shares were trading 14% higher on Monday at 0.59 pence each.
The waste-to-energy technology company said Toyota Tusho has positively reviewed and said that DMG and its applications offer significant potential within Japan and the rest of Asia.
DMG converts a wide spectrum of waste materials into "useful products". These include EcoSynthesis, an alternative to natural gas which can be used to produce liquid chemical precursors, generate heat, extract hydrogen, or generate electricity.
PowerHouse Energy said it expects the next level of work for Toyota Tsusho to include further technical and commercial application engineering for the Toyota Tusho/W2T project teams.
"Whilst there can be no certainty these negotiations will result in a formal agreement, I'm extremely enthusiastic about this opportunity to explore how our DMG technology can be exploited in Japan," said PowerHouse Energy Chief Executive Keith Allaun.
"We have been reviewing Power House Energy's DMG technology over the last few months and take great interest in it. We are excited and looking forward to a potential partnership in Japan and possibly worldwide," added Takashi Torigoe, General Manager of Toyota Tsusho's Chemical business.