PLAGAZI AB (PUBL) SIGNS A NEW, EXTENDED LETTER OF INTENT WITH KÖPING MUNICIPALITY FOR THE CONSTRUCTION OF "KÖPING HYDROGEN PARK" - EXPECTED TO PRODUCE 12.000 TONNES (51 MW) OF GREEN HYDROGEN ANNUALLY.
Plagazi AB (publ) (“Plagazi” or the “Company”) has signed a new letter of intent (“LOI”) together with Köping Municipality (“Köping”) with the intention to update the parties' LOI from 2019. The new LOI increases the size of the project, accelerates key milestones and clarifies the next steps. The partners' new LOI triples the project's previously agreed size to an estimated annual production of 12.000 tonnes (51 MW) of green hydrogen.
The new letter of intent names the project "Köping Hydrogen Park", where Köping has committed to provide the project with the necessary land for the new hydrogen park. Plagazi, in turn, offers Köping a cost-effective, competitive, and circular technology where non-recyclable waste can be converted into green hydrogen. The project is estimated to have an annual green hydrogen production of up to 12.000 tonnes or (51 MW), but only requires an estimated energy consumption of 10 MW for its production.
Köping Hydrogen Park is planned, according to the company's feasibility study and signed LOI, to consist of three (3) HE-2000 Plagazi plants. The three lines are expected to create additional jobs in the municipality and aim to recycle 66.000 tonnes of waste annually. The recycling of non-recyclable waste is planned to provide Köping with 10MW of district heating, while Plagazi's patented process is expected to extract up to 12.000 tonnes (51 MW) of fuel cell quality green hydrogen, and 150.000 tonnes of liquid CO2 per year. The green hydrogen from Köping Hydrogen Park has many areas of application, where the green hydrogen can be used to reduce the CO2 footprint of various industrial processes, be utilized as a fuel for local and regional transport, and act as an efficient energy carrier. In addition to the green hydrogen produced in the plant, the liquid CO2 can be stored, sold, and directly used in various industrial processes.
The next step in the Köping Hydrogen Park project is, as previously communicated, to complete the municipality's environmental application together with the County Administrative Board of Västmanland. Plagazi will assist Köping with technical advice and expertise during the permit application, with environmental consultations scheduled to take place in early 2022. The goal of the project is to have the three lines operational in 2024.
For further information, please contact:
Torsten Granberg, CEO, Plagazi AB
Email: torsten.granberg@plagazi.com
Phone: +46 70 676 12 34
About Plagazi:
Plagazi AB is a Swedish clean-tech company which is revolutionizing the production of green hydrogen. Plagazi helps society close the circular loop by transforming waste into green hydrogen through plasma gasification, contributing to resolve the significant global issue of non-recyclable waste, renewable energy sources and carbon emissions. With multiple active projects across Europe, the company aims to become the answer to the continents strive to reach its climate goals.
More Information:
Follow Plagazi on LinkedIn:
https://www.linkedin.com/company/plagazigreenhydrogrenfromwaste/
