HUI , and PHE30 Sep 2025 22:31
Dear Shareholders,
I write to you today with a sense of gratitude, reflection, and a pinch of frustration.
On the cover of the Forbes Middle East edition, Mr Ali Al Dhaheri of Tadweer Group is quoted as saying: "The waste sector is underrated… If we look at what can be done with it, it becomes a resource." That statement resonates deeply with the vision we at Hydrogen Utopia International have been pursuing for years. And yet, such recognition has been largely absent from European leadership. For too long, we have faced significant barriers, even with world-class partners, Electron, Linde, and Sweco, working alongside us, as Europe repeatedly hesitated to deploy technologies capable of transforming unrecyclable waste into hydrogen.
The EU's declarations of decarbonisation have often remained aspirational rather than actionable. The Just Transition Fund and Mechanism, intended to support decarbonisation and job creation, have fallen short. Hydrogen costs in Europe, ranging between €5 and €15 per kilogram, remain unsustainably high. While Europe speaks of abandoning fossil fuels and scaling hydrogen, practical pathways have yet to be followed.
Meanwhile, the Gulf States, often misunderstood as "petrol economies," are driving rapid and meaningful progress. In the GCC, waste-to-hydrogen is embraced as "super green hydrogen," and innovation is rewarded rather than blocked by strangling bureaucracy. Europe has yet to recognise what the Gulf already understands: this is the future.
The situation in Europe is stark. Incinerators continue to be built, illegal landfills proliferate, Poland alone has an estimated 400-750, and recycling facilities are closing under operational and economic pressures. Blue Cycle in the Netherlands, Biffa in the UK, Veolia in Germany, all shutting down. Borealis, Dow, Neste are abandoning projects. Recycling, as it has been practiced, has proven insufficient. The only way forward is a true circular economy, where waste hydrocarbons are being transformed into clean energy and destroyed efficiently, cleanly, and economically. Europe will inevitably rely on hydrogen imports from the Middle East and North Africa, bound by the consequences of inaction.
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