Proposed HUI waste plastic to hydrogen facility in Longford, Ireland
29 November 2022
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Hydrogen Utopia International PLC ("HUI" or the "Company")
Hydrogen Utopia International PLC (AQSE:HUI), a company pioneering non-recyclable waste plastics to hydrogen technology, is pleased to announce that it has entered into an agreement with Fisherstown Property Holdings Limited (the “Agreement” and “FPH” respectively) in relation to the proposed lease of a 2.5 acre greenfield site in the 78-acre Logeco Logistics & Energy Park at Fisherstown in County Longford, Ireland which it now anticipates will lead to its first operational full scale waste plastic to hydrogen facility in Europe. Longford is a county in the Irish Midlands and is anticipated to be one of the prime beneficiaries of the EU Just Transition Fund in Ireland.
Under the Agreement, HUI and FPH, the freehold owner of the site, have each agreed to use all reasonable endeavours to finalise the grant of an option (the “Option”) within the next three months for HUI or a special purpose vehicle established by it for the purpose (“SPV”) to acquire a long lease of a 2.5 acre greenfield site (the “HUI Site”) on the 78 acre freehold industrial site owned by FPH (the “Longford Site”). Under the Agreement, HUI has made a €50,000 payment to FPH for the exclusive right to negotiate the Option, which will be offset against the option premium payable on grant of the Option. The Option would give HUI the right for a period of up to two years, subject to, inter alia, the receipt of any planning and environmental permissions necessary to build an HUI facility on the site, to acquire a 25 year lease of the HUI Site.
The Longford Site has its own electrical grid connection and an electrical substation and the potential for HUI to utilise the existing waste water treatment facilities on site, which previously serviced a very large denim manufacturing business. FPH also has planning permission to build a solar farm, which could potentially provide power for an HUI facility. FPH anticipates that the Longford Site will become an energy park, including other energy facilities such as a proposed electric battery farm. The Longford Site has good road access and is within easy reach of the M4 and M6 motorways, which provide access to Dublin and Galway.
European Commission approval of Ireland’s Territorial Just Transition Plan and accompanying Programme setting out the activities the fund will support is expected towards the end of 2022.
The proposed HUI Site at Longford offers HUI a site with a better grid connection, potential waste water treatment facilities and good transport connections in an area that is anticipated to receive more EU funding than the proposed Tipperary site HUI was previously discussing with Trifol Resources Limited (“TRL”). Whilst HUI remains fully supportive of TRL and its investment in TRL, it does not now anticipate progressing the construction of an HUI facility on the Tipperary site nor providing TRL with any further equity or debt funding as originally anticipated in its announcement on 26 April 2022. As a consequence of HUI’s decision to focus on the Longford project in Ireland, HUI’s working capital position will be substantially better than previously anticipated.
Guy Peters, Executive Chairman of HUI, commented:
"Earlier this year we identified Ireland as a very attractive EU country in which to pioneer a European waste plastic to hydrogen plant. The Longford deal has very significant attractions that have led us to the conclusion that we should focus on the Fisherstown site in Longford to deliver our first plant in Ireland."
Aleksandra Binkowska, CEO of HUI, commented:
"I have a vision of a pipeline of HUI waste plastic to energy facilities in Europe and all over the world. The task of finding an appropriate location can be challenging and demanding at times. As pathfinders we are moving aggressively in our pursuit of rolling out as many systems as possible across the globe and turning HUI into a multibillion company. I believe the new location in Longford is another milestone in achieving our vision."
The Directors of the Company take responsibility for this statement.
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.