The information contained within this announcement
is deemed by the Company to
constitute inside information stipulated under the
Market Abuse Regulation (EU) No. 596/2014 as it forms part
of UK domestic law by virtue of the European
Union (Withdrawal) Act 2018. Upon the publication of
this announcement via
the Regulatory Information Service,
this inside information is now considered to be in
the public domain.
Hydrogen Utopia International
PLC
(the
"Company" or
"HUI")
Updated Financial Information
for Essential Energy Holding Group Corp.
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, informs the market that further
financial information has now been provided by Essential Energy to
the Company in relation to Essential Energy Holding Group Corp.
(formerly, Helmond Holding Group Corp.) ("Essential
Energy").
HUI signed heads of terms with
Essential Energy on 23 February 2024 for the proposed acquisition
of the entire issued share capital of Essential Energy ("Proposed
Acquisition").
The two announcements of 26 February
2024 reported Essential Energy as 'a substantial and profitable international
bio-energy company with revenues in excess of EUR365m and profits
before taxes of EUR40m'. The announcements reflected the
financial information provided to HUI by Essential Energy,
signed by the CEO (UBO) and CFO. Subject to due diligence, a number
of conditions including an independent valuation, the parties agreed a price of approximately
£500m for the Essential Energy group.
Financial information now received
raises a number of queries. The Company is making continued
enquiries.
The further financial information
provided is such that it could have a material effect on the
valuation of Essential Energy. The parties are exploring this
further.
There can be no guarantee at this
stage that the Proposed Acquisition will complete nor as to the
final terms of the Proposed Acquisition.
The Company will make further
announcements, as appropriate.
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 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.
