REG - Hydrogen Utopia Intl - KSA Waste Plastics-to-SAF: Illustrative Model

Hydrogen Utopia InternationalAnnouncement

03/02/2026 07:00

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RNS Number : 4062R  Hydrogen Utopia International PLC  03 February 2026

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3 February 2026

Hydrogen Utopia International PLC

 

 (the "Company" or "HUI")

 

KSA Waste Plastics-to-SAF: Illustrative Model

Hydrogen Utopia International PLC ("HUI"), a pioneer in transforming
non-recyclable mixed waste into clean hydrogen, carbon-free fuels, advanced
materials, and distributed renewable heat, has published a preliminary,
indicative business model for large scale sustainable aviation fuel from waste
plastics in the Kingdom of Saudi Arabia.  The preliminary, indicative
business model for large scale sustainable aviation fuel from waste plastics
in the Kingdom of Saudi Arabia is reproduced below and will also be available
on the website in due course.

 

 

Preliminary Indicative Business Model for Large-Scale Sustainable Aviation
Fuel (SAF) from Waste Plastics in Saudi Arabia

 

Hydrogen Utopia International PLC

Important Notice / Disclaimer

This Preliminary Indicative Business Model for Large-Scale Sustainable
Aviation Fuel ("SAF") from Waste Plastics in Saudi Arabia (the "Document") has
been prepared internally by Hydrogen Utopia International PLC  for
informational purposes only. This Document does not constitute (i) an offer to
sell or a solicitation of an offer to buy any securities or financial
instruments, (ii) investment advice, a recommendation, or an invitation to
engage in any transaction, or (iii) a commitment, promise, or undertaking by
Hydrogen Utopia International PLC to proceed with any transaction or project.

The information contained in this Document has not been independently
verified. While Hydrogen Utopia International PLC has prepared this Document
in good faith using information believed to be reliable, no representation or
warranty (express or implied) is made by Hydrogen Utopia International PLC (or
any of its directors, officers, employees, advisers, or agents) as to the
accuracy, completeness, fairness, or reasonableness of the information or
assumptions contained herein. No reliance should be placed on this Document or
its contents. Hydrogen Utopia International PLC expressly disclaims any
liability arising from the use of, or reliance on, this Document.

This Document includes preliminary, indicative, and illustrative cost
estimates, product sale assumptions, carbon capture assumptions and financial
metrics (including EBITDA and sensitivities). These are provided solely to
illustrate a potential conceptual pathway and do not represent forecasts or
guarantees. Actual outcomes may differ materially due to changes in gate fees,
feedstock composition and availability, technology performance, scale-up and
integration results, availability and pricing of power, market pricing for SAF
and co-products, policy and regulatory frameworks, permitting, availability of
carbon transport and storage, counterparties' credit and offtake terms,
financing structure, and other factors beyond Hydrogen Utopia International
PLC's control.

Any references to market prices (including SAF and co-products), gate fees,
operating costs, and other commercial terms are assumptions for modelling
purposes only and may not be achievable. Nothing in this Document should be
construed as an assurance that any price, volume, cost, margin, certification,
incentive, credit, or regulatory treatment will be obtained.

Forward-Looking Statements

This Document contains forward-looking statements, including statements
regarding expected plant performance, production volumes, technology
readiness, project structure, funding approach, market demand, revenues,
costs, EBITDA, and sensitivities. Forward-looking statements are based on
current expectations and assumptions and are subject to risks and
uncertainties that could cause actual results to differ materially. No
obligation is undertaken to update or revise any forward-looking statements,
whether as a result of new information, future events, or otherwise, except as
required by applicable law.

No Investment Advice

Nothing in this Document is intended to be, or should be construed as,
financial, investment, legal, tax, or other professional advice. Recipients
should seek independent advice from their own advisers. This Document is not a
prospectus, offering memorandum, or similar disclosure document and has not
been prepared in accordance with any securities laws or regulatory disclosure
requirements.

Third-Party Information

Certain information may be derived from third-party sources, industry
publications, market commentary, or counterparties. Hydrogen Utopia
International PLC has not independently verified such information and makes no
representation as to its accuracy or completeness.

Executive Summary

This Document sets out a proposed route for deploying
waste‑plastic‑to‑SAF production in Saudi Arabia using plasma‑assisted
waste‑to‑syngas, high‑spec gas clean‑up and
Fischer-Tropsch upgrading. The reference case assumes approximately
200,000 tonnes per year of mixed waste plastics and high‑CV RDF feedstock,
a gate fee of around US$50 per tonne, industrial power pricing of
approximately US$0.06 per kWh, and a total operating cost of approximately
US$35 million per year. Target SAF production is 400,000 to 600,000 barrels
per year, with additional diesel, naphtha and wax co‑products. Carbon
capture of approximately 95% from relevant process streams is assumed,
with neutralised CO₂ handling cost. The project structure assumes
Saudi‑backed capital with Hydrogen Utopia International PLC retaining a
20% free‑carry interest.

 

The Board expects, subject to, among others, due diligence, finalisation of
required agreements, and receipt of all necessary permits and approvals, that
a project could reach a shovel-ready stage within approximately 15 months
under a Saudi-backed capital structure.

 

Strategic Context

 

Global SAF deployment is currently dominated by HEFA pathways, which are
structurally constrained by feedstock availability. Long‑term
aviation decarbonisation targets require scalable non‑biogenic and
circular feedstocks. Waste plastics and high‑CV refuse derived fuel offer
baseload, year‑round availability without land‑use impact. Saudi Arabia
may provide a competitive platform due to low‑cost power, mature
industrial infrastructure and national circular‑economy policy
alignment.

 

Technology Concept

 

The proposed configuration uses oxygen‑blown plasma‑assisted gasification
followed by plasma polishing to destroy residual hydrocarbons and tars. Deep
syngas clean‑up removes sulphur, halogens, metals and nitrogen species
prior to catalytic upgrading. Partial water‑gas shift is applied only to
achieve the required Fischer-Tropsch hydrogen‑to‑carbon monoxide ratio,
preserving maximum carbon for liquid fuel production. Technology
configuration and performance are assumptions only.

 

Fischer-Tropsch and SAF Maximisation

 

The Fischer-Tropsch section is configured to maximise wax production
followed by hydrocracking and isomerisation to optimise the sustainable
aviation fuel cut. Diesel, naphtha and specialty wax
fractions remain available as saleable co‑products, improving revenue
stability and overall project economics. Actual products and yields will
depend, among others, on feedstock composition.

 

Carbon Capture and Regulatory Positioning

 

Approximately 95% carbon dioxide capture from water‑gas shift and process
streams is assumed. The resulting high‑purity CO₂ stream could be directed
to permanent storage or qualified industrial use, supporting alignment with UK
and EU sustainability frameworks for SAF export.

 

Reference Plant Scale and Mass Balance

 

The reference case considers approximately 200,000 tonnes per year of waste
plastics and high‑CV RDF with an average lower heating value
of approximately 30 to 33 MJ per kilogram. Target SAF output is 400,000 to
600,000 barrels per year. Order‑of‑magnitude captured CO₂ volume is
approximately 500,000 tonnes per year, subject to final configuration and
operating severity. Values are indicative only.

 

Operating Cost Framework - Saudi Case

 

Total annual operating expenditure is assumed at approximately US$35
million. This includes power at approximately US$0.06 per kWh, oxygen supply
from merchant or captive air separation, utilities, maintenance, catalyst
replacement, labour and site services. A positive gate fee of approximately
US$50 per tonne of feedstock is assumed. Cost assumptions are based on
preliminary estimates and will depend on, among others, site selection,
logistics and utilities.

 

Revenue Structure

 

Primary revenue is derived from SAF sales to domestic and export
markets. Secondary revenue streams are generated from diesel, naphtha and
wax co‑products sold at prevailing market prices. This diversified product
slate is expected to improve project resilience compared with single‑product
SAF configurations. Revenue outcomes are subject to, among others, gate fees,
market prices, offtake terms.

 

Project Structure and Financing

 

The reference structure assumes a Saudi‑anchored project company in which
Saudi partners provide construction capital through a combination of equity
and interest‑free shareholder loans. Hydrogen Utopia International PLC
retains a 20% free‑carry interest. This structure is expected to improve
equity returns and accelerates cash generation.Any final project structure and
financing would be subject to definitive documentation, regulatory
considerations, and approvals as required.

 

Development Pathway to Final Investment Decision

 

A realistic development sequence includes site and utility integration
studies, feedstock aggregation agreements, airline or strategic offtake
memoranda, front‑end engineering and lifecycle assessment, carbon storage
alignment, government and strategic investor approvals and final investment
decision. Timing and sequencing are indicative only and may change depending
on, among others, stakeholder requirements, approvals and permitting.

 

Competitive Positioning

 

Compared with HEFA, alcohol‑to‑jet and power‑to‑liquids pathways,
waste‑to‑Fischer-Tropsch in Saudi Arabia benefits from scalable
feedstock, baseload operation and potentially lower operating cost. The
principal technical challenge is syngas cleanliness, mitigated through plasma
polishing and high‑specification clean‑up systems. Comparative statements
are indicative and depend, among others, on assumptions, location, scale,
feedstock pricing, and market conditions.

 

Strategic Value for Hydrogen Utopia International PLC

 

The programme could support Hydrogen Utopia International PLC' s positioning
within a Saudi based platform of national scale, with the potential to create
a repeatable project deployment model and support the establishment
of direct relationships with airline and sovereign counterparties.

 

Key Risks and Mitigation

 

Key risks include syngas quality, feedstock variability, certification
complexity and first of a kind perception. Mitigation measures include
conservative clean up design, centralised feedstock aggregation, early
lifecycle assessment integration and sovereign backed project participation.

 

Conclusion

 

A Saudi waste‑plastic‑to‑SAF platform led by Hydrogen Utopia
International PLC is under evaluation and may be technically and
commercially viable and strategically aligned with national
circular‑economy objectives. Low‑cost power, positive gate fees, high
carbon capture rates and a  Saudi‑anchored financing structure could
support low‑cost scalable SAF competitive unit economics relative to certain
alternative SAF pathways, subject to final design, certification, market
conditions and financing terms.

 

Financial Indicative Outline - subject to FEED validation

 

Hydrogen Utopia International PLC (HUI) - KSA Waste‑to‑SAF Project

 

Executive Summary

 

HUI is assessing a potential 200,000 tonne per annum waste‑plastic and RDF
to SAF facility in the Kingdom of Saudi Arabia. The base case assumes
400,000-600,000 barrels per year of SAF using oxygen‑blown plasma
gasification, deep syngas clean‑up and Fischer‑Tropschsynthesis with
downstream upgrading.

 

The project is configured to target capture of approximately 95% of process
CO₂ and generate additional revenues from renewable diesel, naphtha and
wax co‑products.

 

Indicative preliminary modelling suggests annual revenues of USD 105-155
million and EBITDA of USD 80-130 million.

 

Base Case Technical Configuration and Throughput

 

Total projected capex: USD 800m

Annual feedstock throughput: 200,000 - 250,000 tonnes

Feedstock type: mixed waste plastics and RDF

Gasification: oxygen‑blown plasma‑assisted system

Hydrogen source: internal syngas processing only (no electrolysis)

Carbon capture rate: target of approximately 95% of process CO₂

CO₂ captured: approximately 500,000 tonnes per annum (high‑purity
stream)

 

All throughput and yield estimates are indicative

 

Production Volumes

 

SAF production range: 400,000 - 600,000 barrels per annum

Renewable diesel and naphtha: approximately 18,000 - 25,000 tonnes per annum
(combined)

Wax and heavy fractions: approximately 3,000 - 5,000 tonnes per annum

 

All throughput and yield estimates are indicative

 

Commercial Assumptions

 

Gate fee: USD 50 per tonne of feedstock

Annual gate fee revenue: USD 10.0 million

Electricity price: USD 0.06 per kWh

Total annual operating expenditure (OPEX): USD 35 million

Includes utilities, oxygen supply, labour, maintenance, catalysts, consumables
and site services

 

Assumptions are subject, among others, to site selection, strategy, logistics
and counterparties.

 

Product Pricing Assumptions

 

SAF sales price (base modelling range): USD 200 - 250 per barrel

Renewable diesel and naphtha blended average price: USD 700 - 900 per tonne

Wax blended average price: USD 900 - 1,200 per tonne

CO₂ sales price: excluded from base case

 

Annual Revenue Breakdown - Base Case

 

SAF revenue (low case - 400 kbbl at USD 200/bbl): USD 80.0 million

SAF revenue (high case - 600 kbbl at USD 250/bbl): USD 150.0 million

Co‑product revenue range: USD 25 - 35 million

Gate fee revenue: USD 10.0 million

Total revenue range: USD 105 - 155 million

 

Revenue outcomes are subject, among others, to product specification, gate
fees, market prices, and offtake agreements.

 

Operating Cost Breakdown (Indicative)

 

Power and utilities: USD 10.5 million

Oxygen supply / ASU or merchant supply: USD 6.0 million

Catalysts and chemicals: USD 4.0 million

Operations and maintenance labour: USD 6.5 million

Maintenance and spares: USD 5.0 million

General site and administration: USD 3.0 million

Total OPEX: USD 35.0 million

 

Cost breakdown is indicative and may change materially

 

Indicative EBITDA

 

Low case EBITDA: USD 105m revenue - USD 35m OPEX = USD 70 million

Base case EBITDA: approximately USD 95 million

High case EBITDA: USD 155m revenue - USD 35m OPEX = USD 120 million

 

EBITDA figures are outputs from indicative modelling and are not a profit
forecast, earnings guidance or estimate of future performance

 

Carbon Capture and CO₂ Volumes

 

 

Process CO₂ generated: approximately 525,000 tonnes per annum

Captured CO₂ at 95%: approximately 500,000 tonnes per annum

Transport and storage costs: excluded from base case CO₂ revenue: excluded
from base case

 

CO₂ handling, transport, permitting and storage arrangements would be
required where applicable and could materially affect overall economics

 

Capital Structure and Funding Assumptions

 

Total project CAPEX: not fixed at this stage (pre‑FEED)

Saudi strategic partner contribution: 60% of CAPEX as equity

Shareholder loan: 40% of CAPEX as interest‑free loan for 8 years

Refinancing assumption: loan refinanced or repaid at year 8 at 6% cost of
debt

HUI equity position: 20% free‑carried project equity

 

Illustrative only and; subject, among others, to negotiation and definitive
documentation

 

Illustrative Annual Cash Generation (Project Level)

 

EBITDA low / base / high: USD 70m / 95m / 120m

Assumed sustaining capex and corporate overhead: excluded at this stage

Debt service: nil during first 8 years (interest‑free loan)

 

Illustrative only; project-level cash flows will depend, among others on
CAPEX, working capital and financing terms

 

Sensitivity Analysis - EBITDA Impact

 

SAF price ± USD 20 per barrel:

- At 500 kbbl midpoint, revenue impact ± USD 10.0 million per annum

Co‑product pricing ± USD 5 million per annum directly impacts EBITDA by ±
USD 5 million

OPEX +10% increases operating costs by USD 3.5 million and reduces EBITDA by
the same amount

 

Strategic and Financial Significance to HUI

 

At the base case EBITDA of approximately USD 95 million, HUI's 20%
free‑carried interest corresponds to an attributable EBITDA of approximately
USD 19 million per annum before any corporate costs or upstream structuring
effects.

 

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

 

About Hydrogen Utopia International PLC

 

HUI aims to become one of the leading new international 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 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.

 

 

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