Hydrogen Utopia establishes Saudi Arabia subsidiary

(Alliance News) - Hydrogen Utopia International PLC on Friday said it has established a wholly-owned subsidiary in Saudi Arabia, which it hailed as an "important step" for deploying its waste-to-hydrogen technology in the region.

The London-based developer of technology to convert non-recyclable waste said the subsidiary, HUI KSA, has secured endorsements from the Ministry of Investment of Saudi Arabia, the Saudi Investment Recycling Co and the Saudi Arabia's Research, Development & Innovation Authority.

Hydrogen Utopia said Iman Ramani has been appointed as vice president of HUI KSA.

"I look forward to working closely with regional stakeholders to support the deployment of the InEnTec technology and to help establish HUI KSA as a long-term partner in the Kingdom and wider MENA region," Ramani said.

Chief Executive Aleksandra Binkowska said: "We have obtained the license to InEnTec's groundbreaking technology with the intention of deploying it in the MENA region, particularly in the Kingdom of Saudi Arabia, knowing that this technology is an ideal fit with the Kingdom's extraordinary Vision 2030.

"I am delighted that we have managed to establish a legal entity in the Kingdom, which is another important stepping stone on our path."

Shares in Hydrogen Utopia rose 4.6% to 3.40 pence on Friday afternoon in London.

By Roya Shahidi, Alliance News reporter

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