Hydrogen Utopia International IPO fundraise to build the first Powerhouse DMG System in Continental Europe
Hydrogen Utopia International is delighted to announce that it has closed it’s PRE-IPO fundraise on the 9th of September 2021. The Company initially was intending to raise 2 mln GBP and it was substantially oversubscribed to 2,2 mln GBP. The intention is to enter the AQUIS GROWTH Market in order to raise another 5-7 mln GBP.
Hydrogen Utopia International will be using the funds to purchase their long lead items in order to build a basic syngas model, which will be essentially a proof of concept of the Powerhouse DMG technology. The funds will also be used to pay SWECO, the leading European engineering management company, who is providing the EIA and other permitting to commission the site. The money will be used for their HUI’s costs as well.
The main objective of HUI is to build the first operating plant in Poland The ambition is to have a multiple of systems running in all of the territories in which HUI has the exclusive licence.
Aleksandra Binkowska, CEO Hydrogen Utopia International said: “This is an exceptionally exciting moment for the Company and for me personally. With a successful IPO, the dream of rolling out the first DMG system on the Continent will accelerate it becoming a reality.”
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Notes to editors
ABOUT HYDROGEN UTOPIA
Hydrogen Utopia International (HUI) was founded in 2020 by Aleksandra Binkowska with the aim to turn Poland and the EU to net positive through using unrecyclable plastic and transforming it into low cost hydrogen and electricity. The UK based technology company is actively working with the EU to gain funding and subsidies for the first waste to energy DMG plant in Konin, Poland. https://www.hydrogenutopia.eu
ABOUT POWERHOUSE ENERGY GROUP
Powerhouse Energy, the sustainable hydrogen company, has developed a technology that provides a solution to non-recyclable plastic and produces a clean energy that can help improve air quality by replacing diesel with hydrogen as a transport fuel.
Powerhouse technology aims to be used at a local level providing a closed loop solution within the community for non-recyclable plastic waste, cleaning up our oceans and helping to accelerate the clean energy transition to reach the target of net zero emissions by 2030.
The Distributed Modular Generation (DMG®) technology can utilise non-recyclable plastic, end-of-life-tyres, and other waste streams to efficiently and economically convert them into syngas from which valuable products such as chemical precursors, hydrogen, electricity and other industrial products may be derived.
Powerhouse's technology is one of the world's first proven, distributed, modular, hydrogen from waste (HfW) process.
The Powerhouse (DMG®) process can generate up to 2 tonnes of road-fuel quality hydrogen and more than 58MWh of exportable electricity per day.
Powerhouse's process produces low levels of safe residues and requires a small operating footprint, making it suitable for deployment at enterprise and community level. As announced on 11th February 2020 under its Supplemental Agreement with Peel Environmental, Powerhouse will receive an annual license fee of GBP500,000 in respect of each project which is commissioned.
Powerhouse is quoted on the London Stock Exchange's AIM Market under the ticker: PHE and is incorporated in the United Kingdom.
For more information see www.powerhouseenergy.co.uk
Follow developments @PowerHouseEG.