Last checked at 19 Mar 2024 07:00
19 March 2024
Hydrogen Utopia International PLC
(the 'Company' or 'HUI')
Longford Project joint venture re-energised
Hydrogen Utopia International PLC, a company specialising in converting non-recyclable mixed waste plastic into hydrogen and other carbon-free fuels, new materials or distributed renewable heat, is pleased to inform shareholders that HUI has re-agreed terms for a 50/50 joint venture with Powerhouse Energy Group (PHE) for the development of a waste plastics to hydrogen plant at a facility in County Longford in the Republic of Ireland. Separately, HUI has recently provided updates on initial sales at Ohrid Organics and an exciting potential acquisition of a bio-fuels business.
The report by Progressive Equity Research Limited was paid by the Company and can be accessed in this link: https://progressive-research.com/wp-content/uploads/data-sync/research/HUI%2020240318.pdf
For further information, please contact:
Hydrogen Utopia International PLC
Aleksandra Binkowska
+44 20 3811 8770
Alfred Henry Corporate Finance Limited (LSE Corporate Adviser)
Nick Michaels/Maya Klein Wassink
+44 20 3772 0021
Novum Securities Limited (Broker)
Jon Belliss/Colin Rowbury
+44 20 7399 9400
About Hydrogen Utopia International PLC
HUI aims to become one of the leading new European companies specialising in turning non-recyclable mixed waste plastic into 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.
The pressing need to deal with growing amounts of waste plastic combined with a real momentum in the use of hydrogen from renewable sources may pave the way for a rapid deployment of and investment in HUI facilities.