- Hydrogen Utopia International Announces £500M Acquisition of Bio-Energy Company
Hydrogen Utopia International PLC, a company specialising in converting non-recyclable mixed waste plastic into hydrogen and other carbon-free fuels, new materials or distributed renewable heat, confirms that it has signed heads of terms regarding the potential acquisition, by way of a reverse take-over, of a substantial and profitable international bio-energy company involved in the production and business of biofuels and its bi-products, with revenue in excess of EUR 365m and profits before taxes in excess of EUR 40m according to the latest unaudited consolidated accounts to 31 December 2022.
There can be no certainty that an acquisition will be completed. The company will provide further updates as appropriate.
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 hydrogen and other 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.
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