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Hydrogen Utopia International PLC - London-based mixed plastic waste-to-fuel technology - Raises GBP3.0 million gross in initial public offering on Aquis Stock Exchange, as Novum Securities Ltd places 40.0 million shares at 7.5 pence each. At the IPO price, Hydrogen Utopia has a market capitalisation of GBP28.8 million. The company aims to become one of the leading new European companies specialising in turning non-recyclable mixed waste plastic into carbon-free fuels, new materials, or distributed renewable heat. Its initial strategic focus is to work with AIM-listed Powerhouse Energy Group PLC to create a project pipeline of HUI facilities.
"We are pioneering the use of technology to turn non-recyclable waste plastics into hydrogen - addressing the major environmental threat posed by waste plastic and providing alternative energy sources which are not dependent upon the use of coal, natural gas, oil and fossil fuel derived electricity," says Executive Chair Guy Peters.
The company was started 15 months ago by Chief Executive Officer Aleksandra Binkowska, who says: "HUI's mission from the very beginning was to free our society from plastic waste in an ecologically friendly and economical manner."
Current stock price: 14.30 pence, up 91% from IPO price
By Tom Waite; thomaslwaite@alliancenews.com
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