Hydrogen Utopia Regulatory News (HUI)

The information contained within this announcement is deemed by the Company to constitute inside information stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018.  Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.

Hydrogen Utopia International PLC

 (the "Company" or "HUI")

Hydrogen Utopia KSA formed and ready for action

 Another major stepping stone in the deployment of InEnTec Technology

HUI, a pioneering company converting non-recyclable mixed waste plastic, tyres and hazardous waste materials into hydrogen and carbon-free fuels, is delighted to announce that it has established a wholly owned subsidiary (national number 7053239070) in the Kingdom of Saudi Arabia ("KSA") ("HUI KSA").

Iman Ramani has assisted HUI in securing endorsements from the Ministry of Investment of Saudi Arabia ("MISA"), the Saudi Investment Recycling Company ("SIRC") and the Research, Development and Innovation Authority ("RDIA"), all of which have been instrumental in supporting the establishment of HUI's subsidiary in the Kingdom.

MISA is responsible for promoting foreign investment and fostering a business-friendly environment in line with KSA's national economic diversification objectives. SIRC is a wholly owned subsidiary of the Public Investment Fund of Saudi Arabia and serves as the national authority for waste management, recycling and circular-economy development, with a mandate to develop waste-related infrastructure and support the transformation of KSA's waste sector under Vision 2030. RDIA is a government agency tasked with supporting and coordinating research, development and innovation activities in the KSA, promoting the national innovation ecosystem and aligning research efforts with strategic Vision 2030 priorities.

Signing an MOU in the KSA is rare and carries considerable significance. The latest MOU, signed with Hydrogen Systems, is regarded as a badge of honour and a recognition of the Company's credibility and potential - a level of acknowledgement not yet fully appreciated in Europe.

In connection with the establishment of the subsidiary, the Company is pleased to announce the appointment of Iman Ramani as Vice President of HUI KSA. In this role, Iman Ramani will oversee coordination between the Company's London operations and its activities in the KSA, engage with private and public sector bodies and assist with fundraising in the KSA. 

CEO of Hydrogen Utopia International PLC "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. On behalf of the HUI Board, I would like to thank Iman for his expertise and support in helping us navigate the business landscape in Saudi Arabia. His contribution has been valuable in supporting HUI's efforts in a new and dynamic ecosystem, and his commitment up until now has been encouraging as we continue to advance our strategic objectives in the region.

Iman Ramani, VP HUI KSA: It is a privilege to take on the role of Vice President, MENA, at HUI KSA. The region, and Saudi Arabia in particular, is moving rapidly to adopt innovative technologies that address waste management, energy security, and decarbonisation. 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.

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About Hydrogen Utopia International PLC

HUI aims to become one of the leading new companies specialising in converting non-recyclable mixed waste plastic into hydrogen and other carbon-free fuels, new materials or distributed renewable heat.

A HUI facility uses non-recyclable mixed waste plastic as feedstock and turns it into syngas from which new products and energy can be produced. HUI anticipates that its revenues will be derived from a variety of sources, dependent upon location and configuration of the HUI facilities, including the sale of syngas, hydrogen and other gases, electricity and heat sales, and the payment to it of fees for a given quantity of non-recyclable mixed waste plastic received at a HUI facility.

HUI will target areas where there is significant private sector interest or potential, financial backing is accessible and or where substantial EU and/or government-funded sources of grants and loans are or may be available. The global increase in fossil fuel-based energy prices reinforces the need for alternative, price-competitive energy sources, which HUI's business model can provide.