TIDMHUI
RNS Number : 5872T
Hydrogen Utopia International PLC
21 March 2023
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21 March 2023
Hydrogen Utopia International PLC
(the "Company" or " HUI")
Joint Venture with Powerhouse Energy Group PLC for a Waste
Plastic to Hydrogen facility in Longford, Ireland
On 13 March 2023, Hydrogen Utopia International PLC announced
that it had been granted an option (the "Option") to take a 25 year
lease of a greenfield site at Fisherstown Energy Park in County
Longford, Ireland (the "Longford Site") to build a waste plastic to
hydrogen plant (the "L ongford Project"). HUI is now pleased to
announce that it has agreed payment and heads of terms ("HoTs")
with Powerhouse Energy Group PLC (AIM:PHE) for the joint
development of the Longford Project.
Under the HoTs, HUI and PHE have agreed to use a joint venture
vehicle incorporated in Ireland and to be owned equally by each
company for the Longford Project, with development costs being
contributed to on a 50:50 basis (the "JV").
PHE has agreed to pay HUI a non-returnable payment of up to
GBP400,000 in cash in recognition of HUI's contribution to
identifying the Longford Project, securing the Option and
progressing the project. This cash payment comprises an initial
payment of GBP100,000 on signing the HoTs and a further payment of
GBP100,000 upon finalisation of the project documentation between
HUI and PHE, principally comprising a development agreement and a
shareholder agreement, which is expected to occur within the next
three months. PHE has agreed to make a further payment of
GBP200,000 in cash to HUI once planning permission has been granted
for the Longford Project on the Longford Site.
The HoTs supersede most of the pre-existing arrangements between
HUI and PHE and the parties have agreed that the existing heads of
terms in relation to a proposed project in Tipperary, the
exclusivity agreement between PHE and HUI's UK operating subsidiary
and the existing collaboration agreement between the same parties
will each be mutually terminated without any further obligation on
either party. In addition to the joint venture for the Longford
Project, HUI and PHE will also continue to work together on the
proposed joint development of a waste plastic to hydrogen facility
at a site in Konin, Greater Poland, as announced on 23 August
2022.
Longford, a county in the Irish Midlands, is anticipated to be
one of the prime beneficiaries of the EU Just Transition Fund in
Ireland. On 29 November 2022 Irish Government approval was given
for Ireland's Territorial Just Transition Plan and its associated
programme for the period to 2027, which will provide EUR 169
million of funding in the Irish Midlands; the Irish Government plan
was adopted by the European Commission on 15 December 2022.
Fisherstown Energy Park has its own electrical grid connection,
an electrical substation and the potential for the Longford Project
to utilise the existing waste water treatment facilities on site,
which previously serviced a very large denim manufacturing
business. Fisherstown Energy Park also has good road access and is
within easy reach of the M4 and M6 motorways, which provide access
to Dublin and Galway.
Under the Option, HUI's wholly owned Irish subsidiary has been
granted an option for a period of up to three years to acquire a 25
year lease of the Longford Site. HUI paid an option premium to the
freeholder for the first 12 months of the Option, with the Option
providing for further quarterly payments thereafter for the
duration of the Option period.
As previously announced, having entered into the Option, HUI is
now commencing planning, environmental and operational permitting
applications for the Longford Site, working with its professional
advisers in Ireland.
Guy Peters, Executive Chairman of HUI, commented:
" This deal enables us to jointly pioneer a waste plastic to
hydrogen plant in an attractive EU jurisdiction with allocated JTF
funding. Utilising the skills, technological expertise and the
relationships of both companies' teams should enable us to deliver
a plant that will act as a circular economy showcase to the
world."
Aleksandra Binkowska, CEO of HUI, commented:
"Converting non-recyclable mixed waste plastic into hydrogen is
a vision we have shared with PHE for a long time. I believe this
technology to be instrumental in changing our world for the better.
I am convinced that realising this project jointly with PHE will
turn this vision into an operating, revenue generating hydrogen
plant. As I said before "Together we stand, divided we fall".
Ireland is the perfect place to cooperate as it is a country which
is politically part of the EU but historically and geographically
close to the UK. A perfect blend."
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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