REG - Hydrogen Utopia Intl - North Macedonia Land Purchase

Hydrogen Utopia InternationalAnnouncement

06/02/2024 07:00

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RNS Number : 0918C  Hydrogen Utopia International PLC  06 February 2024

6 February 2024

 

 

Hydrogen Utopia International PLC

 (the "Company" or "HUI")

 

North Macedonia land purchase for a waste plastic to hydrogen facility

 

Hydrogen Utopia International PLC, a company specialising in the conversion of
non-recyclable mixed waste plastic into hydrogen and other carbon-free fuels,
new materials, or distributed renewable heat, is delighted to announce that a
wholly owned subsidiary of King Fild DOO ("King Fild") namely, King Fild LLC
Ohrid ("King Fild LLC") has reached an agreement for the acquisition of 13,567
square meters of land adjacent to King Fild's medical cannabis facilities.

 

As announced on 2 January 2024, HUI exercised its option to acquire 49% of
Ohrid Organics Ltd ("Ohrid Organics"). Ohrid Organics owns 95% of King Fild
which in turn owns 100% of King Fild LLC.

 

The total cost for the land is EUR 324,816.00. A down payment has been made
and the remainder of the purchase price will be paid in instalments over the
next 3 years. It is expected that an area exceeding 10,000 square meters will
be used to roll out a HUI waste plastic to hydrogen facility subject to
obtaining among others, necessary authorisations and permits and financing
through grants, loans or, following the intended acquisition by HUI of 49% of
Ohrid Organics, dividends from Ohrid Organics. Approximately 1,000 square
meters of the land is to be used to expand King Fild's current medical
cannabis facilities.

 

North Macedonia is a very fast-growing country. It has the ambition to become
an EU member state and this requires North Macedonia to take active steps
 towards the EU's net zero goals. The government in North Macedonia has
recently approved projects for the establishment of a 800 MW
gas/hydrogen-fired power plant in Negotino and a 250-300 MW gas/hydrogen-fired
power plant in Bitola. North Macedonia aims to transition existing coal- and
fuel oil-fired power units into hydrogen-ready gas-fired power units and phase
out coal by 2030.

 

Aleksandra Binkowska, CEO of HUI, commented:

 

"We are actively searching for a government that is supportive of waste
plastic to hydrogen facilities. The rapid development of the King Fild medical
cannabis facilities prove that North Macedonia embraces progressive, novel
projects and further, that projects can be completed relatively fast.
Following the anticipated acquisition of 49% of Ohrid Organics, it is expected
that the cashflows from Ohrid Organics will substantially contribute to
rolling out a waste plastic to hydrogen facility, likely in North Macedonia,
and prove that the concept works."

 

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
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.

 

 

 

 

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