Final Results for the period ended 31 December 2022
28 April 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, is pleased to announce its results for the period ended 31 December 2022.
HIGHLIGHTS OF 2022
Business Development:
Admission to trading on the standard segment of the Official List of the Financial Conduct Authority and to trading on the main market of the London Stock Exchange finalised – trading became effective on 9 January 2023
Agreement of an option for a long lease of a greenfield site in Longford, Ireland which is expected to become HUI's first operational full-scale waste plastic to hydrogen facility in Europe
Further development of project pipeline in Poland
Partnership with Powerhouse Energy Group PLC (AIM: PHE) in Konin, Poland and in Longford, Ireland - our two flagship projects - to increase the pace of our progress
Organisation and Growth:
Recruitment and appointment of Howard White as an additional Director to the Board
James Nicholls-May recruited as full-time CFO
Duncan Snelling engaged as an Engineering Consultant
Financial Highlights:
Net assets at period end of £3.355 million, including just under £2.9 million of cash after payment of or provision for the full costs of the main market listing
In line with expectations, as HUI’s business is still developing, the group did not generate any revenue for the reporting period and the loss amounted to £1.492 million after a £272k share based payments charge in relation to share options for Directors, employees and consultants
Borrowings of £570,175 comprise a convertible loan provided by a significant shareholder, the final repayment or conversion date of which is 31 December 2025
Positive cash outflow from operating activities of £281,625 after a very significant working capital credit in relation to shares issued in the fundraising undertaken in connection with the Company’s January 2022 IPO
Net increase in cash for the period of close to £300,000 after cash outflow from investing activities of £555,452 and cash inflow from financing activities, comprising the convertible loan mentioned above
Guy Peters, Executive Chairman of HUI commented:
“In the course of the last year we have moved our listing to the Main Market of the London Stock Exchange, after initially conducting an IPO on AQSE, against a backdrop of very challenging geopolitical and economic circumstances. We have built our project pipeline further, agreed an option to lease a site which is expected to become HUI's first operational full-scale waste plastic to hydrogen facility in Europe and agreed partnerships for both our flagship projects.
This moves us far closer to helping to tackle the worldwide plastic waste issue and to accelerating a circular and net zero economy, recovering energy from that waste and turning it into clean fuel. Without the help and support of our shareholders none of that would have been possible and we would like to thank them for all of their support.”
Aleksandra Binkowska, Chief Executive Officer of HUI commented:
"We are progressing with our technology, and we are extending our project pipeline at lightning speed under very difficult market conditions. We continue to believe that our shareholders will reap the benefits of HUI’s investments in the future. It’s our firm view that science never fails once it's given enough time and patience to prove itself."
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.