The acquisition is subject to approvals from regulators and shareholders, with a view to finalising a formal sale and purchase deal in the first quarter of this year.

It follows a collaboration agreement between Waste2Tricity, Powerhouse Energy and Peel Environmental to develop 11 waste plastic to hydrogen facilities, representing an investment of more than £150 million, across the UK.

A planning application has been submitted for the first facility at Peel Environmental’s 54-hectare Protos site near Ellesmere Port in Cheshire for the Distributed Modular Gasification (DMG) technology, expected to be commissioned by the end of 2020.