Powerhouse Energy Group Plc makes reference to its announcement of 21 March 2023. The announcement advised that the Company had agreed Heads of Terms with Hydrogen Utopia International Plc for the proposed joint development of a non-recyclable plastic waste-to-hydrogen facility site at Longford, County Longford in the Republic of Ireland. The Company has decided to defer further progress towards committing to the Longford Project while it takes stock of the final position in its negotiations with HUI.

The Company has a number of potential projects in its pipeline and needs to prioritise amongst them and assess the impact each of those will have on the Company's existing cash resources. Consequently, the Board has decided the capital contributions currently proposed to be made by PHE for the Longford Project are not in the Company's best interests.