TIDMHUI TIDM0HUI
RNS Number : 2850J
Hydrogen Utopia International PLC
26 April 2022
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26 April 2022
Hydrogen Utopia International PLC
(the 'Company' or 'HUI')
Proposed HUI waste plastic to hydrogen facility in Ireland and
investment in complementary waste plastic to wax business
Hydrogen Utopia International PLC (AQSE:HUI), a company
pioneering non-recyclable waste plastics to hydrogen technology, is
pleased to announce that it has reached an agreement (the
"Agreement") with Trifol Resources Limited ("TRL") in the Republic
of Ireland which it anticipates will lead to its first operational
full scale waste plastic to hydrogen facility in Europe. The
Agreement encompasses a suitable site in an EU Just Transition Fund
region, potential access to an investment grade plastic feedstock
supplier and the potential to agree offtake for the facility's
anticipated hydrogen and syngas outputs with a substantial customer
whose covenant would be regarded as of a very high quality.
As part of the Agreement, HUI will invest EUR500,000 in TRL, a
company in Co. Tipperary, Ireland in the Irish Midlands, with
patented waste plastic to wax technologies that process plastic
feedstock using an innovative pyrolysis process under low pressure
to transform post-consumer plastic into high grade new slack wax
and a fuel. The wax can be used in various applications such as
rust proofing, moisture proofing, polishes and emulsions and is
used around the world. HUI's hydrogen production process uses
pyrolysis of plastics and the parties believe that the investment
offers potential synergies and opportunities for both
companies.
TRL occupies a site in Co. Tipperary, Ireland comprising
approximately 2.64 hectares (c.6.5 acres) which is held on a long
lease, with an option for the tenant to acquire the freehold. The
site was a former railway locomotive repair shop and therefore has
the necessary utilities, including a potential 3MW power supply, to
get a facility operating with the minimum of delay. It is also
sufficiently large to accommodate both an HUI waste plastic to
hydrogen facility and the operation of TRL's business. TRL's
landlord has formally agreed that it would consent to the grant of
a sub-lease of the site to HUI. The site has planning permission
for TRL's plastic to wax pyrolysis business. HUI will apply for any
necessary regulatory permissions required for its facility.
HUI and TRL have had extensive discussions regarding the site,
the proposed HUI facility and TRL's business, including discussions
with TRL's landlord. TRL, and its founder, Pat Alley, in
particular, has connections in the waste industry in Ireland. As a
consequence, HUI has had preliminary meetings with a potential
investment grade waste plastic supplier that could provide all of
the feedstock necessary to run an HUI facility and a potential
substantial customer that could utilise the facility's anticipated
hydrogen and syngas output and whose covenant would be regarded as
of a very high quality . HUI anticipates that this could lead to
long term supply and offtake agreements at a suitable juncture.
Pursuant to the Agreement, HUI has agreed to subscribe
EUR500,000 for new shares in TRL which will give it a minimum
equity stake of 3.33% in TRL on a fully diluted basis and a seat on
TRL's board. HUI and TRL have each committed to use their best
endeavours to negotiate and enter into a full development and
collaboration agreement ("DCA") within the next 90 days, subject to
TRL having procured all consents necessary for it to enter into the
DCA on terms acceptable to HUI. The DCA will provide a detailed
framework for developing both the HUI waste plastic to hydrogen
facility and TRL's wax business, the grant of a license, sub-lease
of the site or other appropriate use agreement acceptable to HUI,
or a special purpose vehicle set up to own the HUI facility, with
step-in rights to TRL's lease and the right to acquire the
freehold. The Agreement also provides for HUI to provide TRL with
further funding in the form of equity and a secured loan
facility.
HUI is in discussions with a third party in relation to a joint
venture to build the HUI facility in Ireland. It has also had
indications of funding support for the shorter term funds likely to
be required to move the project in Ireland forward.
Aleksandra Binkowska, CEO of HUI, commented:
" My biggest ambition was to expand our plastic waste to
hydrogen technology to as many European markets as possible, with
the additional goal of delivering our first facility in the
shortest possible time. Partnership with Trifol Resources in
Ireland is an ideal stepping stone in turning this ambition and
that goal into a reality. Trifol's motto 'Giving Old Plastic A New
Future' and its ethos certainly chimes with Hydrogen Utopia's own
aims ."
Pat Alley, Chairman and Founder of Trifol Resources Limited,
commented:
"HUI's investment is the initial part of a planned investment
programme for the re-commissioning of Trifol's plant at our newly
established facility at Lanespark, Littleton, Co. Tipperary and the
establishment of a centre of excellence for the global outreach of
our patented technologies".
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)
Jon Isaacs
+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
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.
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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