Engineering Consultant Appointment and Grant of Options
9 August 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 the appointment of Duncan Snelling as an Engineering Consultant to the Company with immediate effect.
Duncan is a highly experienced Chartered Engineer with over 25 years of project development and project management expertise gained across a range of engineering projects in industrial gases, hydrogen generation, carbon capture and renewable energy. Most of Duncan’s career was spent at Air Products as part of the global engineering business in locations across the UK, Europe, the Middle East, Africa and Asia. Since 2021 he has run his own consultancy business.
Duncan holds a degree in Electrical Engineering from the University of Queensland, Australia, a Master of Science from Imperial College, London and is a Charted Engineer with the Institute of Engineering and Technology. He has extensive experience in project management tools and techniques and business process analysis.
As part payment for his consultancy services, HUI has agreed to grant Duncan options over up to 600,000 HUI ordinary shares at an exercise price of 9.725p per share. For each month during the first year that he is engaged as a consultant to the Company, options over 50,000 ordinary shares will vest; the options will become exercisable by him at any time between the first anniversary and the fifth anniversary of his appointment.
Keith Riley, Director of HUI, commented:
“Duncan’s appointment as a consultant gives HUI access to substantial additional engineering, project development and project management resource which will be hugely helpful in developing HUI facilities and the projects in our pipeline.”
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.