(Alliance News) - Shares in Hydrogen Utopia International PLC were up on Monday, after the company noted the recent success of Ohrid Organics Ltd.
Hydrogen Utopia is a London-based company, which specialises in the conversion of waste plastic into hydrogen and other carbon-free fuels.
Shares in the company were up 21% at 10.25 pence each in London on Monday morning.
This came after the company noted recent operational progress made by Ohrid Organics, a medical cannabis producer operating in North Macedonia, in which Hydrogen Utopia agreed to acquire a 49% stake in December.
Hydrogen said that the acquisition would provide it with the cashflow necessary to develop its first waste plastic-to-hydrogen facility in County Longford, Ireland.
Ohrid has completed the harvesting of its first two commercial crops, resulting in a total of around 300 kilograms of dried flower, currently undergoing testing at a government-run laboratory in Skopje.
Ohrid said that its internal testing of the crops confirmed higher than expected THC potency of between 21% and 25%.
The company has also completed a number of facility upgrades, including the installation of a new drying facility, which it said will allow it to process around five times its previous capacity.
New strains are also being developed by Ohrid, scheduled for commercial growing in the third quarter of 2024.
Ohrid said: "With just 10% of our licensed capacity currently utilised, we are well-prepared to cater to the expanding European medicinal cannabis market and beyond."
Hydrogen Utopia Chief Executive Officer Aleksandra Binkowska said: "Whilst we are considering other opportunities, Ohrid Organics UK remains a very attractive option. Ohrid Organics North Macedonia could be a great partner on our path of achieving our goal, namely the building of the first waste plastic to hydrogen facility."
By Hugh Cameron, Alliance News reporter
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Hydrogen Utopia (HUI)