Hydrogen Utopia International
PLC
(the "Company"
or "HUI")
Ohrid Organics - First
Purchase Order
Hydrogen Utopia International PLC, a company
specialising in converting non-recyclable mixed waste plastic into
hydrogen and other carbon-free fuels, new materials or distributed
renewable heat, is pleased to announce that Ohrid Organics Ltd's
("Ohrid Organics") subsidiary, King Fild DOO ("King Fild") had its
first commercial medicinal cannabis harvest in North Macedonia. The
harvest amounted to 200kg of which 50kg was used to test King
Fild's drying equipment. 150kg of finished goods are now available
for sale. A second harvest of approximately 250kg is expected in 2
weeks.
King Fild's first conditional purchase order is with
an English distributor, who is anticipated to become King Fild's
exclusive UK distributor. The purchase order is for a minimum of
10kg at EURO 2.50 per gram with the potential of orders increasing
to 50kg per month depending on King Fild's availability of other
genetics. The purchase order is conditional on a certificate of
analysis being issued by a state owned North Macedonian laboratory
confirming that the product meets, among others, the potency
requirements of the purchaser. The certificate of analysis is
expected by the end of the month.
Further orders by other purchasers are expected this
month.
HUI exercised its option to acquire 49% of Ohrid
Organics on 29 December 2023.
Aleksandra Binkowska, CEO of HUI,
commented: "I
am delighted with Ohrid Organics' first harvest, the interest
received to date for the medicinal cannabis flowers and King Fild's
first purchase order with a UK distributor. Ohrid's business plan
anticipates building strong relationships with different
distributors in various jurisdictions. Ohrid's success will
contribute to the roll out of the first waste plastic to hydrogen
facility which has always been and remains my sole
focus."
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.
