Today the company announced that it has signed a letter of intent (“LOI”) with Mitsubishi Heavy Industries Ltd (“Mitsubishi”) whereby Mitsubishi will review the technology and explore the commercial opportunities for developing waste plastic to hydrogen facilities, incorporating Powerhouse Energy’s DMG® technology, in Japan.
Mitsubishi will have a period of one year to review the technology under the LOI, unless extended by mutual consent. Any decision to deploy the technology would be subject to further detailed agreement(s) between the parties.
Guy Peters, Executive Chairman gives an introduction to the company and what they hope to achieve in 2022.
Hydrogen Utopia International PLC was admitted to the Access segment of AQSE and the commencement of trading on 6 January 2022, under the ticker “HUI” and ISIN number GB00BMFR8J48.
Guy Peters, Executive Chairman of HUI, commented:
“The listing is an important milestone in HUI’s development. We are pioneering the use of technology to turn non-recyclable waste plastics into hydrogen – addressing the major environmental threat posed by waste plastic and providing alternative energy sources which are not dependent upon the use of coal, natural gas, oil and fossil fuel-derived electricity.”
“I would like to thank our new and existing shareholders for their support and I look forward to providing updates on our progress as our business develops.”
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 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, such as but not limited to the EU’s “Just Transition Fund” which was set up to help fossil fuel-dependent communities transition towards climate neutrality. 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.
HUI’s initial strategic focus is to work closely with Powerhouse Energy Group plc to create a project pipeline of HUI facilities. HUI will concentrate its marketing and promotion of HUI facilities on the European Continent in order to unlock significant value for current and future HUI shareholders. HUI also intends to explore opportunities across several industry verticals and, in due course, other non-European jurisdictions (excluding the UK).
The pressing need to deal with growing amounts of waste plastic combined with a real momentum in the use of hydrogen from renewable sources may pave the way for a rapid deployment of and investment in HUI facilities.
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