Shares in Powerhouse Energy Group experienced a decline as the company announced that it would be deferring its commitment to the non-recyclable plastic waste-to-hydrogen facility in Ireland. This decision was made in order to reassess the final position in its negotiations with Hydrogen Utopia International.
At 0929 GMT, shares were down 0.07 pence or 19% at 0.31 pence.
The U.K. technology company explained that its board had determined that the capital contributions currently proposed for the joint-development project were not in the best interest of the company.
Powerhouse Energy Group also mentioned that it had several potential projects in progress and needed to prioritize among them, taking into account the effect each project would have on its existing cash resources.
In March, the company had announced its collaboration with Hydrogen Utopia International to jointly develop the Longford project in Ireland.
"Our ongoing review of the Longford Project since the Heads of Terms were signed in March, along with developments in other areas of our business, have all had to be taken into account. This has led us to the conclusion that, given the current circumstances, it is not the right time to commit to the Longford Project and make significant capital contributions. However, we remain hopeful that the situation will change," said Powerhouse Energy Group.