TIDMHUI
RNS Number : 0629R
Hydrogen Utopia International PLC
27 February 2023
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27 February 2023
Hydrogen Utopia International PLC
(the "Company" or " HUI")
Estonia Collaboration Agreement
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 that it has entered into a collaboration
agreement (the "Collaboration Agreement") with Rocquaine Management
Limited ("RML") to explore opportunities for the development of HUI
waste plastic to hydrogen plants in Estonia and elsewhere.
RML has for some time supplied services unrelated to HUI's
business to the owners of a port near Tallinn, the capital city of
Estonia, on the Baltic Sea. RML believes, having had preliminary
discussions with the port owners' project manager, that there is an
opportunity to develop a waste plastic to hydrogen plant at a new
technology park being developed alongside the port to supply local
consumers and to power commercial heavy goods transportation of LNG
(liquefied natural gas) and other cargo to the surrounding Baltic
regions.
Under the Collaboration Agreement, RML will introduce HUI to
relevant parties and HUI and RML will work together to explore
potential waste plastic to hydrogen plant development opportunities
in Estonia and elsewhere. The Collaboration Agreement initially
provides that HUI will reimburse the reasonable travel and other
expenses of RML in relation to the Tallinn project. Upon the
achievement of further specified milestones in relation to that
project, it provides for additional payments to be made to RML and
for potential equity participation in any waste plastic to hydrogen
plant constructed.
The Directors of HUI believe that Estonia would be a very
attractive place to site an HUI plant. Estonia, as one of the three
Baltic states, is a developed, democratically governed country with
a high income advanced economy and is a member of the EU, NATO and
the OECD.
Mr Antony Gardner-Hillman, who became Non Executive Chairman of
Powerhouse Energy Group PLC ("PHE") in January 2023, is a director
and a significant controller of RML. In August 2022 HUI announced a
proposed joint venture with PHE for the joint development of a site
in Konin in Poland within the Wielkopolska (Greater Poland)
Voivodeship.
Aleksandra Binkowska, CEO of HUI, commented:
" The former President of Estonia, Kersti Kaljulaid, said 'Small
nations have no time for small goals - they have to think big in
order to become contributors.' Estonia is renowned for being a
leader in digital transformation and for implementing brave,
innovative ideas. HUI's goal is to expand widely in the EEA.
Estonia is another big step in this direction as we believe it
could be an important gateway to Nordic Countries. It is my
pleasure to embark on this journey with Rocquaine, a
well-established company in the region and key to HUI's expansion
in the North ."
Andrew Terry, a Director of RML, commented:
" Rocquaine is delighted to have this opportunity to add value
for HUI by using Rocquaine's contacts and experience in the region.
We look forward to helping HUI explore and further the undoubted
opportunities for its business to expand into Northern Europe,
commencing in Estonia."
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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