7th May 2014 10:59
LONDON (Alliance News) - PowerHouse Energy Group PLC has signed an exclusive one-year vendor agreement with Waste2Tricity (International) Thailand Limited.
Under the terms of the deal, PowerHouse has granted W2T a vendor licence to sell its Pyromex technology in Thailand, with performance options to extend the agreement.
PowerHouse has also agreed to grant an exclusive five-year manufacturing licence to W2T to manufacture the Pyromex Ultra High Temperature gasification unit in Thailand for sale in Thailand on terms to be negotiated. This licence will run from the expiry of the vendor licence. It is proposed that such licence would have a minimum order level of two units per year and an aggregate of 10 units in the first three years of the second exclusivity period and if W2T fails to meet these levels, PowerHouse will be entitled to terminate the agreement with effect from the end of the second exclusivity period, said the firm.
"With W2T as our partner in Thailand, we can begin an aggressive campaign to market our products into the ASEAN market. W2T is a well-known project developer in Thailand and brings a wealth of local experience and expertise. This allows us to accelerate our intended growth in an area with significant demand for renewable power," said Keith Allaun, PowerHouse Executive Chairman.
Shres in the company were trading up 40.45% at 2.809 pence per share Wednesday.
By Alice Attwood; [email protected]; @AliceAtAlliance
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