Michigan survey ahead; Applied Digital surges; gold dips - what’s moving markets
LONDON - Hydrogen Utopia International PLC (AQUIS:HUI), a company specializing in converting non-recyclable mixed waste plastic into hydrogen and other carbon-free products, has secured an option to deploy TRL9 technology in the Middle East and North Africa (MENA) region, according to its interim results statement.
The company reported that while facing challenges in the European market, it has found more receptive partners in the Gulf States, where waste-to-hydrogen is embraced as "super green hydrogen." HUI specifically mentioned receiving interest from Saudi Arabia and Oman following its announcement of entry into the MENA market.
In a correction to its earlier announcement, the company clarified that its brokers, Novum Securities, had expressed willingness to work for shares at 1.625 pence per share over the past months and for the year ahead, with a one-year lock-in period.
The interim results revealed that HUI’s board has operated without remuneration for more than a year to preserve financial resources. The company also announced two new board appointments: Naser Nuredini, former Minister of Environment and Physical Planning of North Macedonia, and Richard Fish, described as an expert in plasma technology.
Howard White, who stepped in as Non-Executive Chairman following the death of Simon Mann, stated that the company has combined "frugality with focus" to secure the technology option while maintaining minimal cash burn.
CEO Aleksandra Binkowska expressed frustration with European regulatory barriers despite having partnerships with Electron, Linde, and Sweco. She contrasted this with the Gulf States’ approach, where she said innovation is "rewarded rather than blocked by strangling bureaucracy."
The company aims to focus on decarbonizing heavy industry sectors such as steel, cement, and construction while addressing waste management issues using Inentec’s technology.
This article is based on information from HUI’s interim results press release.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.