Joint Proposed Development, Walbrzych, Poland
23 January 2023
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Hydrogen Utopia International PLC ("HUI" or the "Company")
Hydrogen Utopia International PLC, a company specialising in turning non-recyclable mixed waste plastic into hydrogen and other carbon-free fuels, new materials or distributed renewable heat, announces that its wholly owned Polish subsidiary, Hydropolis United sp z.o.o. ("Hydropolis"), has signed a letter of intent ("LOI") with the City of Walbrzych in the Lower Silesian Voivodeship in south western Poland, under which the parties have agreed to develop an HUI facility in the municipality, subject to formal contract.
Hydropolis and the City of Walbrzych have agreed under the LOI to commence preparation of the necessary technical, environmental and legal documentation to facilitate the planning and permitting of an HUI facility in the municipality of Walbrzych for the processing of mixed waste plastic. This agreement has come about after months of consultation and co-operation between the City of Walbrzych and MZUK Sp. z o.o., the municipal utility company responsible for waste management in the Walbrzych area, with a view to ensuring that an HUI facility would have access to a suitable waste stream as feedstock.
The City of Walbrzych will help select a suitable site and ensure the availability of sufficient plastic waste to fuel the facility, which will produce a high calorie synthesis gas which can be used to generate electricity or from which pure hydrogen can be extracted. The facility would also generate heat which could be fed into a district heating system.
Aleksandra Binkowska, CEO of HUI, commented:
"Wałbrzych has an impressive history behind it: Princess Daisy of Pless, who lived and died there, brought international investment and social life, which developed a certain mind set in the local population. Recently Wałbrzych has suffered in its transformation from a coal mining city to an industrial hub with a strong focus on the circular economy and a hydrogen future but it has great potential, with an ambitious City Hall led by one of the most dynamic Mayors in Poland. At HUI we intend to work with our partners in Konin, Powerhouse Energy Group plc, to determine the most appropriate system to be installed in Walbrzych."
Dr Roman Szelemej, Mayor of Walbrzych, commented:
"I have served as Mayor of Walbrzych since 2011 and in that time dozens of companies have offered plastic waste solutions, but after in-depth analysis our technical experts were never satisfied. My focus is on the circular economy and this initiative with Hydropolis appears to us to be the perfect solution. Climate change is a truly terrifying problem and as long as I am in charge I will do everything to help improve the lives of my citizens. Whilst I had intended to implement a zero-plastic policy, I now realise that eliminating plastic altogether is impossible and we need a way to tackle the issue."
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.