12 December 2024
Hydrogen Utopia International
PLC
(the 'Company' or 'HUI')
Services and Management
Agreement with TF Capital Dooel, North Macedonia
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 its
subsidiary, HUI2021 International UK Limited has entered into a
services and management agreement with TF Capital Dooel, a company
incorporated in North Macedonia (unique business entity number
12919815 and tax number 3838871949)("TF Capital") in relation to a
proposed waste plastic to hydrogen facility in North Macedonia
("Services and Management Agreement") ("Proposed HUI
Facility").
TF Capital is tasked with delivering
a roadmap for obtaining permits and licenses, conducting
feasibility studies for various potential locations in North
Macedonia, developing a comprehensive business plan, financial
model, and market entry strategy. Additionally, TF Capital are
expected to identify potential customers and investors, including
establishing governmental partnerships, prepare a report on
securing state aid and subsidies, and manage the overall execution
of the project.
HUI will pay a monthly fee of EUR
5,000 from no later than mid-May until the earlier of (i) the
expiry of 18 months from the date of the Services and Management
Agreement or (ii) until receipt of a building permit for the
Proposed HUI Facility. In addition, TF Capital is entitled to 5% of
HUI's share in the share capital of the legal entity incorporated
for the purposes of owning the Proposed HUI Facility.
Aleksandra Binkowska, CEO of HUI,
commented: "I am thrilled to begin our partnership with TF Capital, as
they offer a fully integrated solution, from sourcing feedstock and
securing land to providing financing and facilitating sales of
synthetic gas and hydrogen. While North Macedonia may be small, it
is rapidly growing, and we are excited to expand our operations not
only within the EU but also beyond its borders. Having avoided the transition to electric buses
and currently learning from the challenges faced by other countries
in their pursuit of electrification, I believe North Macedonia has
a unique opportunity to bypass the conventional shift from diesel
to electric buses and leap directly into a hydrogen economy. This
collaboration represents a major milestone in our strategic growth,
and we look forward to the promising outcomes it will
bring."
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 (0) 20 8064 4056
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.
