Interim Results - 6 month period ended 30 june 2022
30 September 2022
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, OR SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT.
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 its unaudited interim results for the six months ended 30 June 2022.
Highlights
Commercial, Technological and Business Development
The period covers the first six months post IPO during which time the Company spent most time working on potential business opportunities, progressing its technology and expanding the executive team and the Company’s network of consultants. This has culminated in the signing of a number of agreements post period as detailed below.
Work continues on building a pipeline of HUI facilities in Europe, with the intention of establishing a first plant as soon as practicable. Planning discussions regarding the proposed site in Ireland are progressing and a further update will be provided as soon as possible. On the European Continent, our consultants, SWECO, are responding to a few further queries raised last month in relation to the environmental impact assessment application for the Konin site in Poland. In addition, there are a number of ongoing discussions elsewhere in Germany, the Netherlands and Poland in particular.
Following the period end it was announced that Electron Technologies B.V. (“Electron”), the designer of HUI’s unique thermal processing system for the conversion of waste plastic into syngas, had completed the first design phase of the system and a testing programme for the low temperature reactor phase of the process was due to commence. Following that testing, which is expected to take place shortly, the system documentation will undergo a full design review in the light of the results and testing of the high temperature reactor phase of the process will precede moving into the detailed design and manufacture stage.
In July we announced that we had agreed heads of terms with Powerhouse Energy Group plc (“PHE”) for the joint development of a site in the Midlands in Ireland on a 50:50 basis. This project is anticipated to lead to HUI’s first operational full scale waste plastic to hydrogen facility in Europe. The joint development agreement, which is subject to the joint venture vehicle obtaining an acceptable title to the site and the completion of relevant project documentation, involves PHE making to HUI a £400,000 cash payment and providing it with a £600,000 loan subject to a satisfactory agreement for the land being finalised. In addition, in recognition of the fact that this joint venture supersedes any pre-existing arrangements between us, HUI and PHE have agreed that the existing exclusivity and collaboration agreements between the parties will be mutually terminated with no further obligation on either party.
In August we agreed further heads of terms with PHE for the proposed 50:50 joint development of a facility at a site in Konin within the Wielkopolska (Greater Poland) Voivodeship. Under those arrangements, at financial close HUI will receive a fixed sum of €250,000 for the costs HUI has incurred in developing the site together with a premium of €250,000 through an appropriate mechanism to be agreed at the time.
Commencement of trading in the Company’s shares on the US OTCQB market in July 2022 under OTCQB ticker HUIPF, facilitating access to a broader pool of investors.
Financial Performance
No revenue for the half year, in line with expectations, and losses of £583.9k (H1 2021: £335.5k).
Net Assets of £4.15m at 30 June 2022 (H1 2021: £229.8k).
£3.2m cash at bank at 30 June 2022 (H1 2021: £309.9k).
The full interim report for the period ended 30 June 2022 can be viewed here.
Guy Peters, Executive Chairman, commented:
“The first half year since our IPO in January has seen progress on a broad number of fronts: project pipeline, technological development, two proposed joint ventures in Ireland and Poland and the cross trading of our shares in the USA. We continue to build on these foundations with the intention of becoming a leading business in waste plastic to hydrogen in Europe and potentially across the world.”
Aleksandra Binkowska, Chief Executive Officer, commented:
"The world has finally come to a realisation that it needs bold ideas, creative solutions and technologies like ours. The issue we are dealing with is not just the exponentially growing problem of waste plastic, but the disastrous, international energy crisis we are currently facing. I strongly believe that with partners like Linde, Electron and Powerhouse we can make a real mark on the global arena"
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.