FINAL RESULTS
30 April 2024
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Hydrogen Utopia International PLC ("HUI" or the "Company")
The information contained within this announcement is deemed by the Company to constitute inside information stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018. Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.
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 2023.
HIGHLIGHTS OF 2023
Business Development, Organisation and Growth:
• Joint venture with Powerhouse Energy Group PLC in Longford, Ireland - our flagship project in Europe
• Further building of a project pipeline in Poland
• Award of a grant permitting the reimbursement of 75% of expenditure of up to EURO 450,000 to be incurred in Ireland
• Exercise of an option to acquire a substantial minority interest in a medical cannabis facility with the prospects of substantial cashflows and a potential opportunity for a rollout of a proof of concept outside Europe namely in North Macedonia
• Heads of terms with a multinational biofuels group for the potential reverse acquisition of the group by reverse takeover - providing opportunities for a rollout of a waste plastic to hydrogen facility
• Appointment of Simon Mann as Non-Executive Chairman
• Incorporation of a Dutch subsidiary to aid expansion into Europe
Financial Highlights:
• Other income generated of £100,000
• R&D related activity, excluding CAPEX, of £179,446
• Reduction in administrative expenses by 9% to £1,358,657
• R&D tax refund of £123,099 relating to prior periods
• Reduction in group net assets to £1,857,614 due to operating expenses and an impairment charge on investments
Simon Mann, Non-Executive Chairman of HUI commented:
"We are pleased with our achievements in Europe during the period. We entered into a joint venture with Powerhouse Energy Group PLC (AIM:PHE) for the development of a waste plastic to hydrogen plant in Ireland. We also obtained a grant for the reimbursement of expenditure up to EUR450,000 in Ireland. Outside Europe, we are now exploring two avenues to fund, in whole or in part, a waste plastic to hydrogen project. Either through the acquisition of a substantial minority stake in a medical cannabis cultivator in North Macedonia expected to generate substantial cashflows, or by virtue of the potential acquisition by reverse takeover of a substantial and profitable international bio-energy company.
We continue to see strong support for the energy transition from governments around the world which should lead to an increase in the size and scale of hydrogen projects and further exciting opportunities for HUI."
Aleksandra Binkowska, Chief Executive Officer of HUI commented:
"To quote Francis Bacon, 'Fortitude is the marshal of thought, the armor of the will, and the fort of reason.' This sentiment resonated deeply with us in 2023, as we navigated HUI through challenging times. Now, as we look forward, I am optimistic that calmer waters await, steering us towards smoother sailing. I express my gratitude to all the shareholders for being our pillar of fortitude in the past years."
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 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 converting 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.