Hydrogen Utopia Intl - Interim Results
30/09/2025 07:00
RNS Number : 4408B
Hydrogen Utopia International PLC
30 September 2025
This is a correction to the announcement published at 07:00 on 30 September 2025 (RNS number 3073B) which incorrectly stated that '… I wish to acknowledge our brokers, Novum Securities, for their generosity and commitment in expressing their willingness to work for shares at £1.625 over the past months and for the year ahead and to be locked in for a year,..'. The correct price is 1.625p. The full corrected announcement is included below.
The information contained within this announcement is deemed to constitute inside information as stipulated under the retained EU law version of the Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. The information is disclosed in accordance with the Company's obligations under Article 17 of the UK MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
30 September 2025
Hydrogen Utopia International PLC
(the "Company" or "HUI")
Interim Results
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 its results for the six months to 30 June 2025.
CEO Shareholders' Letter
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.
Where Europe hesitated, the MENA region welcomed us. Upon announcing our entry into this market, we received extraordinary generosity, particularly from the Kingdom of Saudi Arabia and Oman. On the day of our announcement, our share price surged, and interest from across the Middle East poured in. They saw what Europe had yet to see: the value and potential of Inentec technology, proven for 13 years and now repurposed for hydrogen production at the moment the market is ready. This is the breakthrough HUI has pursued with diligence and patience.
Our focus must remain true to the core purpose of Hydrogen Utopia.Europe miscalculated. Hydrogen for transport was introduced prematurely, hydrogen stations are closing, and bus and heavy-duty vehicles projects are stalling. The real opportunity lies in decarbonising heavy industry, steel, cement, and construction, while simultaneously addressing the waste problem. With Inentec's TRL9 technology, HUI is positioned to lead in this space with practical, scalable solutions.
I would like to express my heartfelt gratitude to our long-term Shareholders for their unwavering support. My deepest thanks also go to Howard White for standing by me in securing the option for the Inentec technology and for investing alongside me with conviction. Additionally, I wish to acknowledge our brokers, Novum Securities, for their generosity and commitment in expressing their willingness to work for shares at 1.625p over the past months and for the year ahead and to be locked in for a year, a gesture of trust and belief for which I am profoundly grateful. I would further like to thank our corporate advisors, Alfred Henry, whose tireless dedication has been invaluable to us.
It is equally important to underline that our Board has worked without remuneration for more than a year, choosing to preserve every pound for the matters that truly shape our future. This is not a lifestyle company. We are not here for comfort or convenience. We are here to fight, to build, and to deliver. Every member of this Board believes wholeheartedly in our vision, and together we stand united in our mission to make Hydrogen Utopia a success. We have achieved so much with so little.
With united and continued support, we will deliver on the vision that has always defined us: to turn waste into a resource, hydrogen into strength, and ambition into tangible, world-changing results, which will result in receiving substantial royalty streams from large-scale developments.
Finally, the pieces fit. We have the right TRL 9 technology, in the right region, at the right time. We are no longer knocking on closed doors. We are walking through open ones.
Aleksandra Binkowska
Chief Financial Executive
29 September 2025
Chairman's Statement
I write this statement with a heavy heart, having stepped into the shoes of Simon Mann, who passed away suddenly. On the very day of his death, Simon was full of energy, preparing to "dash" to an HUI-related meeting. His loss is deeply felt by us all. Simon was not only a dear friend of mine and an ally of the CEO who appointed him, but also a gateway to a world that was, until then, less familiar to us as our primary focus had been Europe. His vision and courage paved the way for new thinking, and we are determined to carry his legacy forward. As Simon so often reminded us, "HUI must work because it's right", a principle that remains the cornerstone of everything we do. His influence is evident in our strategy today, particularly our growing expansion into the Middle East, which we are following with determination and purpose as we build on the foundations he laid.
This has been a year of both challenge and achievement for Hydrogen Utopia International. Despite external headwinds and the difficult realities facing the wider European policy environment, where the European Union is falling short of its stated ambitions on green transition, we have been resolute in pursuing the right opportunities for growth and impact. Through prudent, perseverant financial management and a spirit of sacrifice at the leadership level, we have created what can only be described as a small miracle. Our CEO has lent her own shares to provide a cushion for the Company; the CEO and myself have invested our own capital rather than drawing down on the Company's reserves. By combining frugality with focus, we have been able to secure an option to deploy a TRL9 technology in MENA, an extraordinary milestone for HUI.
Our commitment to efficiency is further reflected in the fact that the Board draws no salary. Every member contributes not for personal gain but for the long-term success of the Company. This lean, disciplined approach has allowed us to preserve resources, while at the same time accelerating operations rather than slowing them down. Our accounts demonstrate how negligible our cash burn has been in comparison to what we have accomplished, particularly when measured against the dilution and scale of fundraising typical in our sector.
This year we also welcomed two highly capable Directors to the Board. Mr Naser Nuredini, former Minister of Environment and Physical Planning of North Macedonia, brings invaluable expertise in advancing climate policy across the Balkans, a region with a clear trajectory toward EU accession. At the same time, the appointment of Mr Richard Fish marks a particularly significant development for HUI. Richard is one of the world's most respected experts in plasma technology, with a long and distinguished career in scaling and commercialising advanced energy solutions. I first had the privilege of working with him many years ago during the early days of AFC Energy, where his insights and technical leadership left a lasting impression on me. His decision to join our Board is both an endorsement of HUI's strategy and a powerful addition to our capability. As we look toward deploying InEnTec's TRL9 system in the Middle East, Richard's expertise will be central in ensuring that the technology is not only implemented effectively but also optimised for commercial scale and long-term success. His knowledge and standing in the industry significantly strengthen HUI's credibility, both with partners and with the market at large.
In addition, we have engaged consultants with proven track records in the Middle East, specifically in the Kingdom of Saudi Arabia and Oman. These markets represent the front line of global energy transition, and our technology is ideally suited to contribute to their ambitious decarbonisation agendas.
I would also like to take this opportunity to highlight the remarkable support we continue to receive from our long-term shareholders, who have stood by us over many years, remain fully engaged and supportive of our strategy. Their confidence in HUI is both a validation of what we have achieved and a foundation for what lies ahead.
In closing, I would emphasise that our Board today is stronger, more focused, and more determined than ever before. We have combined experience, vision, and efficiency with a commitment to building and commercialising InEnTec's TRL9 system in the Middle East and hopefully beyond
Howard White
Non-Executive Chairman
29 September 2025
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
+44 20 3811 8770
Alfred Henry Corporate Finance Limited (LSE Corporate Adviser)
Nick Michaels/Maya Klein Wassink
+44 20 8064 4056
Novum Securities Limited (Broker)
Jon Belliss/Colin Rowbury
+44 20 7399 9400
Interim Management Report
Commercial, technological and business development
When HUI began its journey, the landscape for funding new technologies appeared limitless. Yet, just as we launched our first fundraising round, the Omicron wave struck and markets effectively shut down. Despite this, we were fortunate to secure support from a group of early believers, primarily friends and family, alongside Novum Securities, who backed us through those difficult first steps.
Since then, the investment climate has shifted dramatically. The never-ending waves of COVID, geopolitical conflicts that haven't been resolved until now, rising inflation, and higher interest rates have all reshaped investor appetite, leaving little room for risk. Unproven technologies, especially in the climate space, became particularly hard to finance. While we secured a number of EU grants, regulatory and structural challenges prevented us from fully realising them. The lesson was clear: success requires proven, technology.
That is why HUI has secured the exclusive right to negotiate licenses for InEnTec's PEM Melter technology, an established solution with more than 70 patents, a 13-year commercial operating track record, and multiple systems successfully deployed worldwide. The exclusive rights are for MENA, a region with significant demand for scalable hydrogen solutions.
The PEM Melter operates at 2,500°C, delivering ultra-clean syngas through a two-stage process: first, an oxygen-blown gasifier, followed by plasma polishing. This robust technology has been operating across 11 global sites and has demonstrated consistent performance across a wide variety of feedstocks, including unsorted plastics, shredded tyres, PFAs, wind turbine blades, and other hard-to-recycle materials.
From a single modular 125-ton-per-day unit, the system can produce around 4,000 tons of hydrogen annually. When scaled to 10 front-end PEM Melter systems using shared cleanup and hydrogen extraction infrastructure, output increases to 40,000 tons of hydrogen per year, delivered at highly competitive prices. The scale of this technology makes it capable of fuelling some of the world's most energy-intensive industries, such as steel and cement.
As CEO of HUI, I want to make it clear that we are not giving up on HUI's primary technology. Its deployment will take time, as it depends on the further development of the automotive hydrogen market, which ultimately must happen. Our smaller HUI systems will be ideally placed to serve local and municipal heavy-duty vehicle fleets once that demand emerges. The world's reserves of oil, coal, and natural gas are finite. Beyond them, hydrogen is not just an alternative; it is the inevitable future.
I would also like to extend my gratitude to Mr Richard Fish, who has recently joined the HUI Board. A seasoned expert in plasma gasification, Mr Fish brings unparalleled experience and insight that are already proving invaluable to our work with InEnTec. Importantly, he has also taken an active interest in HUI's own proprietary technology, for which I am deeply grateful. His support strengthens both our immediate project and our long-term vision.
At HUI, we are determined to stand at the forefront of the energy transition. With proven technology ready to scale today, and pioneering systems prepared for tomorrow, we are building a bridge between immediate opportunity and long-term necessity. Our mission is not only to deliver hydrogen at competitive prices, but to help power industries, cities, and nations towards a cleaner, more resilient, and sustainable future.
Related party transactions
Ohrid Organics Limited ("OOL") is a company with a majority ownership by Howard White, who is also a director of HUI PLC. HUI PLC provided an initial loan to OOL in 2023.
Outlook
The outlook for the Group remains very positive and the Board looks forward to the second half of the
year with a high degree of confidence in the ongoing execution of its strategy. Despite the macro-economic backdrop, the Group is moving forward with current and future projects as expected.
Financial Performance
· Admin expenses for the half year of £186k (H1 2024: £496k)
· Gross Loss for period decreased to £202k (H1 2024: £419k)
· Cash at bank as at 30 June 2025 of £373k (H1 2024: £239k)
Principal risks
The Directors consider that the principal risks and uncertainties which could have a material effect on the Group's performance identified in the Annual Report 2024 are also applicable for a period of six months from 31 December 2024.
The Directors continue to monitor the risks associated with currency fluctuations and believe that the strategy put in place reduces this risk significantly.
Unaudited Consolidated Statement of Comprehensive Income for the period ending 30 June 2025
| Six months ended June 30 | Six months ended June 30 | Year ended December 31 | ||
| 2025 | 2024 | 2024 | ||
| £ (Unaudited) | £ (Unaudited) | £ (Audited) | ||
| Administrative expenses | (185,892) | (503,711) | (861,712) | |
| Exceptional items | - | - | 275,846 | |
| Operating loss | (185,892) | (503,711) | (585,866) | |
| Other revenue | - | 100,000 | 100,000 | |
| Investment revenues | 118 | 268 | 2,433 | |
| Finance costs | (15,587) | (14,924) | (29,937) | |
| Loss on ordinary activities before taxation | (201,361) | (418,367) | (513,370) | |
| Income tax income | (322) | (211) | (826) | |
| Loss and total comprehensive income for the period | (201,683) | (418,578) | (514,196) | |
| Basic and Diluted Earnings per share from continuing operations (pence) | (0.05) | (0.11) | (0.13) |
| 30 June 2025 | 30 June 2024 | 31 December 2024 | ||
| £ (Unaudited) | £ (Unaudited) | £ (Audited) | ||
| Non-Current assets | ||||
| Intangible assets | 606,125 | 606,125 | 606,125 | |
| Property, plant and equipment | 839 | 1,224 | 1,032 | |
| Investment in Financial Assets | 459,744 | 183,898 | 459,744 | |
| 1,066,708 | 791,247 | 1,066,901 | ||
| Current assets | ||||
| Trade and other receivables | 1,053,118 | 1,152,545 | 1,102,945 | |
| Cash and bank balances | 373,197 | 238,795 | 266,994 | |
| 1,426,315 | 1,391,340 | 1,369,939 | ||
| Current liabilities | ||||
| Trade and other payables | 135,616 | 101,663 | 156,061 | |
| Borrowings | 927,283 | 613,606 | 870,182 | |
| 1,062,899 | 715,269 | 1,026,243 | ||
| Net current assets | 363,416 | 676,071 | 343,696 | |
| Net assets | 1,430,124 | 1,467,318 | 1,410,597 | |
| Equity | ||||
| Share capital | 399,806 | 385,520 | 385,520 | |
| Share premium | 5,451,568 | 5,248,679 | 5,248,679 | |
| Other reserves | 345,079 | 185,560 | 341,044 | |
| Retained earnings | (4,766,329) | (4,352,441) | (4,564,646) | |
| Total equity | 1,430,124 | 1,467,318 | 1,410,597 |
| Share capital | Share premium | Other reserves | Retained profits | Total equity | ||
| £ | £ | £ | £ | £ | ||
| Balance at 1 January 2024 (audited) | 385,520 | 5,248,679 | 273,865 | (4,050,450) | 1,857,614 | |
| Loss for the six months ended 30 June 2024 | - | - | - | (418,578) | (418,578) | |
| Share based payment expense | - | - | 28,282 | - | 28,282 | |
| Balance at 30 June 2024 (unaudited) | 385,520 | 5,248,679 | 302,147 | (4,469,028) | 1,467,318 | |
| Loss for the six months ended 31 December 2024 | - | - | - | (95,618) | (95,618) | |
| Share based payment expense | - | - | 38,897 | - | 38,897 | |
| Balance at 31 December 2024 (audited) | 385,520 | 5,248,679 | 341,044 | (4,564,646) | 1,410,597 | |
| Loss for the six months ended 30 June 2025 | (201,683) | (201,683) | ||||
| Issue of share capital | 14,286 | 235,714 | 250,000 | |||
| Share issue costs | (32,825) | (32,825) | ||||
| Share based payment expense | 4,035 | 4,035 | ||||
| Balance at 30 June 2025 (unaudited) | 399,806 | 5,451,568 | 345,079 | (4,766,329) | 1,430,124 | |
| Six Months ended 30th June | Six Months ended 30th June | Year ended 31st December | ||
| 2025 | 2024 | 2024 | ||
| £ | £ | £ | ||
| (Unaudited) | (Unaudited) | (Audited) | ||
| Cash flow from operating activities | ||||
| Profit/(loss) for the period | (201,361) | (418,578) | (513,370) | |
| Other income | - | (100,000) | (100,000) | |
| Investment Income | (118) | (268) | (2,433) | |
| Finance costs | 15,587 | 14,924 | 29,937 | |
| Disposal of property, plant and equipment | - | - | - | |
| Depreciation, amortisation and impairment | 192 | 193 | 386 | |
| (Revaluation)/Impairment of intangibles | - | - | (275,846) | |
| Equity settled share based payment expense | 4,035 | 28,282 | 67,179 | |
| (Increase)/decrease in trade and other receivables | (39,503) | 3,690 | 55,671 | |
| Increase/(decrease) in trade and other payables | (9,857) | (111,065) | (41,655) | |
| Tax (paid)/received | (322) | - | (826) | |
| Net cash generated for/(absorbed in) operating activities | (231,347) | (582,822) | (780,957) | |
| Cash flows from investing activities | ||||
| Purchase of unincorporated business | - | - | - | |
| Purchase of Intangible assets | - | - | - | |
| Purchase of property, plant and equipment | - | - | - | |
| Receipts from agreements | - | 100,000 | 100,000 | |
| Investment deposits | 94,000 | (550,916) | (551,319) | |
| Investment in Financial Assets | - | - | - | |
| Interest received | 118 | 268 | 454 | |
| Net cash generated for/(absorbed in) investing activities | 94,118 | (450,648) | (450,865)) | |
| Cash flows from financing activities | ||||
| Proceeds from issue of shares | 217,175 | - | - | |
| Proceeds from shares to be issued | - | - | - | |
| Proceeds from borrowings | 41,844 | - | 241,564 | |
| Interest paid | (15,587) | (14,924) | (29,937) | |
| Net cash generated for/(absorbed in) financing activities | 243,432 | (14,924) | 211,627 | |
| Net increase in cash & cash equivalents | 106,203 | (1,048,394) | (1,020,195) | |
| Cash and equivalent at beginning of period | 266,994 | 1,287,189 | 1,287,189 | |
| Cash and equivalent at end of period | 373,197 | 238,795 | 266,994 |
| Name of company | Country of incorporation | Principal activities |
| Hydrogen Utopia International plc | England and Wales | Holding company |
| HU2021 International UK Limited | England and Wales | SPV |
| Hydropolis United Sp.Z.O.O. | Poland | Energy producer |
| Plastic Gold I.K.E | Greece | Energy producer |
| Alister Future Technologies (AFT) Ltd | Ireland | SPV |
| Eranova Longford Limited | Ireland | Energy producer |
| HU Future B.V. | The Netherlands | SPV |
| Authorised | Nominal value | 30 Jun 25 (Unaudited) | 30 Jun 24 (Unaudited) | 31 Dec 24 (Audited) | |
| £ | £ | £ | |||
| 399,805,714 Ordinary | £0.001 | 399,805 | 385,520 | 385,520 |
| Six months Ended 30 June 2025 | Six months Ended 30 June 2024 | Year ended 31 December 2024 | |
| (Unaudited) | (Unaudited) | (Audited) | |
| £ | £ | £ | |
| Total comprehensive loss | (201,683) | (418,578) | (514,196) |
| Weighted average number of ordinary shares | 386,107,084 | 385,520,000 | 385,520,000 |
| Earnings per share | |||
| Basic and diluted earnings per share (pence) | (0.05) | (0.11) | (0.13) |
| Intangible assets | Computers | Total | ||
| £ | £ | £ | ||
| Cost | ||||
| At 1 January 2024 | 606,125 | 1,928 | 608,083 | |
| Adjustments | (1) | (1) | ||
| At 30 June 2024 | 606,125 | 1,927 | 608,052 | |
| Additions | - | - | - | |
| At 31 December 2024 | 606,125 | 1,927 | 608,052 | |
| Adjustments | - | - | - | |
| At 30 June 2025 | 606,125 | 1,927 | 608,052 | |
| Accumulated depreciation and impairment | ||||
| At 1 January 2024 | - | 510 | 510 | |
| Charge for the period | - | 193 | 193 | |
| At 30 June 2024 | - | 703 | 703 | |
| Charge for the period | - | 192 | 193 | |
| At 31 December 2024 | - | 896 | 896 | |
| Charge for the period | - | 193 | 193 | |
| At 30 June 2025 | - | 1,089 | 1,089 | |
| Carrying amount | ||||
| At 1 January 2024 | 606,125 | 1,418 | 607,543 | |
| At 30 June 2024 | 606,125 | 1,224 | 607,350 | |
| At 31 December 2024 | 606,125 | 1,032 | 607,157 | |
| At 30 June 2025 | 606,125 | 839 | 606,964 |
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