Memorandum of Understanding

RNS Number : 2579C

Hydrogen Utopia International PLC

10 October 2022

 

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 10 October 2022

Hydrogen Utopia International PLC

 (the "Company" or"HUI")

Memorandum of Understanding with Elkard Sp. Z.o.o. Sp.K. in Torun in Poland to develop a plastic waste to hydrogen system

Hydrogen Utopia International PLC (AQSE:HUI), a company pioneering non-recyclable waste plastics to hydrogen technology, is pleased to announce that it has through its Polish subsidiary, Hydropolis United ("Hydropolis"), agreed a memorandum of understanding ("MOU") with Elkard Z.o.o. Sp.K. ("Elkard"), a company based in Torun in north-central Poland, in relation to the development of a plastic waste processing plant designed to produce hydrogen, electricity and heat (an "HUI Plant").

Elkard has been engaged in designing and installing power and electrical systems for public utilities, industry and residential purposes since 2014. Elkard and Hydropolis have agreed under the MOU that they will immediately commence work on planning for and creating an HUI Plant through, amongst other things, identifying a suitable site, co-operating in seeking European or national grants or subsidies for the building of the plant and preparing environmental reports and ancillary documentation. It is intended that Elkard and Hydropolis will share the costs of this exercise and HUI anticipates that the parties will establish a special purpose vehicle for the financing and operation of the HUI plant in due course.

Mariusz Karkosik - President of Elkardsp z.o.o. , commented:

"This agreement is a vital steppingstone in our relationship with Hydrogen Utopia International and a recognition of the passion of Aleksandra Binkowska and her team as we start to cooperate in an exciting new field. Our future endeavours will show what can be accomplished   when a new, world class  technology  meets years of experience on the Polish market."

"I am excited that the new technologies to be delivered   by HUI will be available in the near future in Poland. Our cooperation will increase  Polish energy independence, reduce CO2 emissions and will deliver a real solution to non- recyclable plastics, in consequence   creating a better life for Polish citizens."

Aleksandra Binkowska, CEO of HUI, commented:

" Entering into this agreement with Elkard is a great privilege for us - we are dealing with the second generation of one of the most powerful and successful families in Poland - which provides huge encouragement for HUI in its mission to build the first plastic waste to hydrogen facility on the Continent. Mariusz Karkosik grew up amongst the greatest entrepreneurs in the chemical industry in Poland. He already owns many businesses, but he firmly believes in building a better world therefore new technologies such as ours are extremely important to him."

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 

[phone] 

Alfred Henry Corporate Finance Limited (AQSE Corporate Adviser)

Jon Isaacs 

[phone] 

Novum Securities Limited (Broker)                                                                  

Jon Belliss/Colin Rowbury 

[phone]

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.

 

END

 

 

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