6 February
2024
Hydrogen Utopia International
PLC
(the
"Company" or
"HUI")
North Macedonia land purchase for a waste
plastic to hydrogen facility
Hydrogen Utopia International PLC, a
company specialising in the conversion of non-recyclable mixed
waste plastic into hydrogen and other carbon-free fuels, new
materials, or distributed renewable heat, is delighted to announce
that a wholly owned subsidiary of King Fild DOO ("King Fild")
namely, King Fild LLC Ohrid ("King Fild LLC") has reached an
agreement for the acquisition of 13,567 square meters of land
adjacent to King Fild's medical cannabis facilities.
As announced on 2 January 2024, HUI
exercised its option to acquire 49% of Ohrid Organics Ltd ("Ohrid
Organics"). Ohrid Organics owns 95% of King Fild which in turn owns
100% of King Fild LLC.
The total cost for the land is EUR
324,816.00. A down payment has been made and the remainder of the
purchase price will be paid in instalments over the next 3 years.
It is expected that an area exceeding 10,000 square meters will be
used to roll out a HUI waste plastic to hydrogen facility subject
to obtaining among others, necessary authorisations and permits and
financing through grants, loans or, following the intended
acquisition by HUI of 49% of Ohrid Organics, dividends from Ohrid
Organics. Approximately 1,000 square meters of the land is to be
used to expand King Fild's current medical cannabis
facilities.
North Macedonia is a very
fast-growing country. It has the ambition to become an EU member
state and this requires North Macedonia to take active steps
towards the EU's net zero goals. The government in North
Macedonia has recently approved projects for the establishment of a
800 MW gas/hydrogen-fired power plant in Negotino and a 250-300 MW
gas/hydrogen-fired power plant in Bitola. North Macedonia aims to
transition existing coal- and fuel oil-fired power units into
hydrogen-ready gas-fired power units and phase out coal by
2030.
Aleksandra Binkowska, CEO of HUI,
commented:
"We are actively searching for a
government that is supportive of waste plastic to hydrogen
facilities. The rapid development of the King Fild medical cannabis
facilities prove that North Macedonia embraces progressive, novel
projects and further, that projects can be completed relatively
fast. Following the anticipated acquisition of 49% of Ohrid
Organics, it is expected that the cashflows from Ohrid Organics
will substantially contribute to rolling out a waste plastic to
hydrogen facility, likely in North Macedonia, and prove that the
concept works."
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 converting
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.