Proposed Joint Development with Romgos Grupa in Poland
17 January 2023
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Hydrogen Utopia International PLC ("HUI" or the "Company")
Hydrogen Utopia International PLC, a company specialising in turning non-recyclable mixed waste plastic into hydrogen and other carbon-free fuels, new materials or distributed renewable heat, announces that it has signed a memorandum of understanding (“MOU”) with Romgos Gwiazdowscy sp. z o.o. (“Romgos Grupa”) under which the parties have agreed to work together to deploy HUI facilities in Poland and Europe.
Romgos Grupa has extensive experience and expertise in the development and construction of energy and industrial resources infrastructure such as gas transmission pipelines and electrical power lines and has expanded into renewable energy through the building of solar farms, wind farms and energy storage facilities.
Romgos Grupa has agreed to provide funding amounting in total to PLN 3 million through contributing an appropriate property interest upon which to construct an HUI facility and to provide cash investment funding to cover the costs of obtaining the relevant environmental consents or permits or construction permits for a special purpose vehicle (“SPV”) established for the purpose of constructing an initial HUI facility.
Romgos Grupa has also agreed to manage the process on behalf of both itself and HUI of obtaining national or EU grant funding for an SPV established for the purpose of constructing an initial HUI Facility and any subsequent HUI facilities agreed between the parties. Providing or obtaining the balance of any funding required for an SPV will be on a 50:50 basis between Romgos Grupa and HUI.
Romgos Grupa and HUI have also agreed to work together to identify potential sites for HUI facilities, to negotiate and obtain appropriate property interests in those sites, to secure the necessary additional grants, loans or equity funding necessary to finance SPVs, in the planning, permitting, development and construction of HUI facilities and in the identification of potential feedstock suppliers and the identification of potential customers for the hydrogen, syngas, heat or other outputs of HUI facilities.
Aleksandra Binkowska, CEO of HUI, commented:
"It is my greatest privilege to start our journey with Romgos Grupa. The story of their business is impressive and their faith in new technologies such as HUI's is exceptionally heart-warming. In 10 years, they have created a business hiring over 700 people and building pipelines for big players on the Polish market. Their motto written on the wall in their office is: ‘Innovation is about seeing what everyone can see, yet discern something that nobody else managed’.”
Mishel Gwiazdowski, President of Romgos Grupa, commented:
“We deeply believe in the hydrogen future, and we are very excited to start our cooperation with Hydrogen Utopia in deploying their innovative plastic waste to hydrogen technology.”
For more information about Romgos Grupa, please refer to: https://www.romgos.pl
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)
Jon Isaacs
+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 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.