REG - Hydrogen Utopia Intl - Update - Joint Venture for the Longford Project

Hydrogen Utopia InternationalAnnouncement

30/10/2023 07:15

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RNS Number : 6250R  Hydrogen Utopia International PLC  30 October 2023

 

30 October 2023

 

 

Hydrogen Utopia International PLC

 (the "Company" or "HUI")

 

 

Update - Joint Venture for the Longford Project

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, notes that Powerhouse Energy PLC
in view of its project prioritisation decided to defer its investment in the
proposed development of a waste plastic to hydrogen facility site at
Longford, County Longford in the Republic of Ireland (the "Longford
Project") at this time.

The heads of terms with PHE were signed and announced on 21 March 2023. Since
then and as announced on 21 June 2023, HUI signed an option to acquire a
substantial minority stake in a medical cannabis cultivator in Macedonia
expected to generate substantial cashflows. As a result, HUI is confident
that, if the option is exercised, it can fund the development of pipeline
projects including the Longford Project without a joint venture partner and
without a fundraise through an issue of shares which would dilute existing
shareholders.

 

For more information about the Company, please refer to our website:
www.hydrogenutopia.eu (http://www.hydrogenutopia.eu)

For further information , please contact:

Hydrogen Utopia International PLC

Aleksandra Binkowska

+44 20 3811 8770

 

Alfred Henry Corporate Finance Limited (AQSE 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 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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