(Alliance News) - Hydrogen Utopia International PLC on Monday said it signed a collaboration agreement with Rocquaine Management Ltd to explore opportunities for the development of waste plastic to hydrogen plants in Estonia and "elsewhere."
Hydrogen Utopia is a London-based company specialising in turning non-recyclable mixed waste plastic into hydrogen and other carbon-free fuels, new materials or distributed renewable heat.
Under the agreement, Rocquaine will introduce Hydrogen Utopia to relevant parties, while both will work together to explore relevant opportunities.
Hydrogen Utopia said Rocquaine has supplied services to owners of a port near Tallinn "for some time" and unrelated to Hydrogen Utopia business.
Following preliminary discussions with the port owners' project manager, Hydrogen Utopia said Rocquaine believes there is an opportunity to develop a waste plastic to hydrogen plant at a new technology park being developed alongside the port
This would beneficial towards supplying local consumers and powering commercial heavy goods transportation of liquefied natural gas and other cargo to the surrounding Baltic regions, Hydrogen Utopia said.
Hydrogen Utopia said the collaboration agreement initially entails it reimbursing reasonable travel and other expenses to Rocquaine in relation to the Tallinn project.
Upon the achievement of further specified milestones, it also provides for additional payments to be made to Rocquaine and for potential equity participation in any waste plastic to hydrogen plant constructed.
Hydrogen Utopia said it believes Estonia would be a very attractive place to site one of its plants, as it is a "developed, democratically governed country with a high income advanced economy and is a member of the EU, NATO and the OECD."
Hydrogen Utopia Chief Executive Officer Aleksandra Binkowska said: "The former president of Estonia, Kersti Kaljulaid, said 'Small nations have no time for small goals - they have to think big in order to become contributors.' Estonia is renowned for being a leader in digital transformation and for implementing brave, innovative ideas. Hydrogen Utopia's goal is to expand widely in the EEA.
"Estonia is another big step in this direction as we believe it could be an important gateway to Nordic countries. It is my pleasure to embark on this journey with Rocquaine, a well-established company in the region and key to Hydrogen Utopia's expansion in the north."
Shares in Hydrogen Utopia were up 2.0% to 15.05 pence each in London on Monday afternoon.
By Greg Rosenvinge, Alliance News reporter
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Hydrogen Utopia (HUI)
