(Alliance News) - Hydrogen Utopia International PLC on Tuesday said that its Irish subsidiary, Alister Future Technologies Ltd, has been successful in its application for an EU grant.
London-based Hydrogen Utopia operates facilities that turn non-recyclable mixed waste plastic into hydrogen and other carbon-free fuels, new materials, or distributed renewable heat.
It told investors on Tuesday that Alister Future has been successful in its grant as part of a transnational European consortium established to foster the fight against ocean-borne plastic pollution in the Atlantic regions of Europe.
The grant is expected to reimburse AFT for 75% of expenditure of up to EUR450,000 to be incurred by it in Ireland in identifying a solution for creating value from such plastic waste through processing it into syngas and hydrogen.
"Our business strategy from the outset has been to seek third party and EU or other governmental funding for the development of HUI facilities. We are delighted to have been awarded this grant, which I would hope will be the first of many to come," said Hydrogen Executive Chair Guy Peters.
Hydrogen Utopia shares were trading 7.6% higher at 7.80 pence each in London on Tuesday afternoon.
By Holly Beveridge, Alliance News reporter
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Hydrogen Utopia (HUI)