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4 July 2023
Hydrogen Utopia International PLC
(the "Company" or "HUI")
Successful EU Grant Application
Hydrogen Utopia International PLC, a company specialising in turning non-recyclable mixed waste plastic into hydrogen and other carbon-free fuels, new materials or distributed renewable heat, is pleased to announce that its Irish subsidiary, Alister Future Technologies (AFT) Limited ("AFT"), has been notified that it has been successful in its application for an EU 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.
The consortium of which AFT is part brings together organisations across the entire European Atlantic region and comprises 7 partners from 4 countries: 3 universities, 1 public regional body, 1 Not-for-profit private organization, and 2 specialized SMEs, of which AFT is one.
The grant will be provided as part of the Interreg Atlantic Area 2021-2027 European Development Fund, which covers the western part of the Atlantic Ocean and includes all regions of Ireland and Portugal, as well as several French and Spanish regions close to or on the Atlantic Ocean. The Interreg Atlantic programme budget for 2021-2027, which was formally approved by the European Commission on 8th September 2022, is EUR 113 million and provides funding for up to 75% of investments through the European Regional Development Fund (ERDF).
Aleksandra Binkowska, CEO of HUI, commented:
"I would like to thank our partner, Universitad de Cantabria (Spain) for embracing our technology, including us in this prestigious project and recognising the potential of turning plastic into a clean source of energy - hydrogen. I believe that the combined efforts of academics and entrepreneurs will lead to the development of a HUI facility despite the challenging times we are facing. It is encouraging to know that there is belief in what we do. As an EU citizen I have always believed that HUI's plastic to hydrogen technology will attract an EU grant. I believe in the ability of the EU to build a better future. Our efforts are finally being rewarded."
Guy Peters, Executive Chairman of HUI, commented:
"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."
"Equally gratifying for us is that this funding comes as part of an EU funded project to address marine plastic pollution and the blue and green environment move to a greener Europe and a circular and resource efficient economy, all of which totally align with our objectives."
For more information about the Company, please refer to our website: www.hydrogenutopia.eu
For further information please contact:
Hydrogen Utopia International PLC
Aleksandra Binkowska/Guy Peters
+44 20 3811 8770
Alfred Henry Corporate Finance Limited (LSE Corporate Adviser)
Nick Michaels
+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 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.