Company Results for the period ended 31 December 2021

30 Jun

Written By Hydrogen Utopia International

30 June 2022

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Hydrogen Utopia International PLC (the 'Company' or ‘HUI’)

Hydrogen Utopia International PLC (AQSE:HUI), a company pioneering non-recyclable waste plastics to hydrogen technology, is pleased to announce its results for the period ended 31 December 2021.

HIGHLIGHTS OF 2021

Business Development:

AQSE Growth Market IPO finalised – trading commenced 6 January 2022
Electron Technologies BV engaged to develop with HUI a carbon neutral cutting edge pyrolysis and gasification reactor, the chemical conversion chamber, to run on green electricity
Framework agreement encompassing hydrogen extraction and gas clean-up equipment, design and engineering services signed with Linde Engineering at COP 26
Creation of substantial project pipeline in Poland, Greece and Ireland and exploring further opportunities across Continental Europe

Organisation and Growth:

Recruitment and appointment of a Board with a broad range of skills, experience, expertise and connections in business development, financial structuring and fundraising, sophisticated engineering and waste solutions, project management and alternative and renewable energy
Recruitment of a full-time CFO
Establishment of a network of contacts and consultants in target locations across Europe

Financial Highlights:

Net assets at period end of £4.6 million, including just under £4.7 million of cash after payment of or provision for IPO costs
In line with expectations as HUI’s business is developing, the group did not generate any revenue for the reporting period and the loss amounted to £1.036 million
Cash outflow from operating activities amounted to £980,000

Guy Peters, Executive Chairman of HUI commented:

“In the very short period of time covered by these results, HUI has transitioned from concept to a fully fledged business poised to help tackle the worldwide plastic waste issue and to recover energy from that waste and turn it into clean fuel. None of that would have been possible without the help and support of our shareholders, whom we would like to thank for all of their support.”

Aleksandra Binkowska, Chief Executive Officer of HUI commented:

“I would like to express my gratitude to our long-term shareholders for their continued support. It is difficult to articulate what a challenge HUI has undergone in planning to build a first of a kind facility which destroys plastic waste and turns it into valuable gases. This incredible undertaking wouldn’t be possible without the help of our well-established partners such as Linde and Electron and the efforts of the team we have built. The world is going through a turbulent time. Following the train of thought of a renowned Slovenian philosopher, Slavoj Žižek, the world is currently facing “Four riders of the Apocalypse: Pandemic, War, Famine and Death”. Our technology and other technologies like ours can help create a more sustainable world. We aim to work in close cooperation with major international businesses, national and local government and public and private institutions. Jointly we can roll out our systems globally, improve them and subsequently create an entirely new approach to plastic waste. This is my ambition and primary goal for the years to come.”

The annual report and accounts for the year ended 31 December 2021 will be sent to shareholders shortly and are available to view here.

For more information about the Company, please refer to our website.