Hydrogen Utopia International PLC has reported that its Irish subsidiary, Alister Future Technologies (AFT) Limited, has secured an EU grant. The grant supports a transnational European consortium devoted to combating plastic pollution in the Atlantic regions of Europe. It is anticipated that AFT will be reimbursed for 75% of up to EUR 450,000 in expenses, incurred as they develop a solution to convert plastic waste into syngas and hydrogen.
The consortium unites organizations across the European Atlantic region, consisting of 7 partners from 4 countries. This includes 3 universities, 1 public regional body, 1 not-for-profit private organization, and 2 specialized SMEs, one of which is AFT.
This grant is part of the Interreg Atlantic Area 2021-2027 European Development Fund. The fund covers the western part of the Atlantic Ocean, including all regions of Ireland and Portugal, and several French and Spanish regions adjacent to or on the Atlantic Ocean. The Interreg Atlantic programme budget for 2021-2027, which was formally approved by the European Commission on 8th September 2022, stands at EUR 113 million. It offers funding for up to 75% of investments through the European Regional Development Fund (ERDF).
About Hydrogen Utopia International PLC
Hydrogen Utopia International PLC 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.
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