TIDMHUI
RNS Number : 9062M
Hydrogen Utopia International PLC
17 January 2023
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17 January 2023
Hydrogen Utopia International PLC
(the "Company" or " HUI")
Proposed Joint Development with Romgos Grupa in Poland
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 ,
announces that it has signed a memorandum of understanding ("MOU")
with Romgos Gwiazdowscy sp. z o.o. ("Romgos Grupa") under which the
parties have agreed to work together to deploy HUI facilities in
Poland and Europe.
Romgos Grupa has extensive experience and expertise in the
development and construction of energy and industrial resources
infrastructure such as gas transmission pipelines and electrical
power lines and has expanded into renewable energy through the
building of solar farms, wind farms and energy storage
facilities.
Romgos Grupa has agreed to provide funding amounting in total to
PLN 3 million through contributing an appropriate property interest
upon which to construct an HUI facility and to provide cash
investment funding to cover the costs of obtaining the relevant
environmental consents or permits or construction permits for a
special purpose vehicle ("SPV") established for the purpose of
constructing an initial HUI facility.
Romgos Grupa has also agreed to manage the process on behalf of
both itself and HUI of obtaining national or EU grant funding for
an SPV established for the purpose of constructing an initial HUI
Facility and any subsequent HUI facilities agreed between the
parties. Providing or obtaining the balance of any funding required
for an SPV will be on a 50:50 basis between Romgos Grupa and
HUI.
Romgos Grupa and HUI have also agreed to work together to
identify potential sites for HUI facilities, to negotiate and
obtain appropriate property interests in those sites, to secure the
necessary additional grants, loans or equity funding necessary to
finance SPVs, in the planning, permitting, development and
construction of HUI facilities and in the identification of
potential feedstock suppliers and the identification of potential
customers for the hydrogen, syngas, heat or other outputs of HUI
facilities .
Aleksandra Binkowska, CEO of HUI, commented:
"It is my greatest privilege to start our journey with Romgos
Grupa. The story of their business is impressive and their faith in
new technologies such as HUI's is exceptionally heart-warming. In
10 years, they have created a business hiring over 700 people and
building pipelines for big players on the Polish market. Their
motto written on the wall in their office is: 'Innovation is about
seeing what everyone can see, yet discern something that nobody
else managed'."
Mishel Gwiazdowski, President of Romgos Grupa, commented:
"We deeply believe in the hydrogen future, and we are very
excited to start our cooperation with Hydrogen Utopia in deploying
their innovative plastic waste to hydrogen technology."
For more information about Romgos Grupa, please refer to:
https://www.romgos.pl
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 (AQSE 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.
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END
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