Harold Tillman CBE Options to the Value of £1m at 15p
3 April 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, is pleased to announce the appointment of Harold Tillman CBE , one of the most senior and respected figures in the UK and global fashion industry as Ethical Consultant to the Company. The appointment follows the announcement of a strategic partnership with Ethical Fashion Group Limited (“EFG”), co-founded by Harold Tillman CBE, on 20 February 2023 with the intention of creating a ground-breaking ‘Fashion Pollution Solution’ to clothing manufacturers and suppliers.
The clothing industry is the biggest pollutant in the world after the oil and gas sector, producing an estimated 92 million tonnes of textile waste every year. The majority of clothing is now made using refinery-derived products including polyester, polyamides or a combination of the two.
HUI is pioneering an environmentally sustainable technology which could accelerate the development of a circular economy from discarded plastic containing clothes.
Harold Tillman CBE recognises that HUI could provide solutions to help clean up the fashion industry. His role as Ethical Consultant will be to assist HUI in identifying, exploring and developing potential business opportunities with and/or secure direct and indirect investment from his substantial network of contacts in both the fashion industry worldwide and the clothing recycling industry. HUI’s business activities focus on addressing plastic pollution and the creation of carbon-free fuels which make HUI an ideal partner for the fashion and clothing recycling industry. Harold Tillman CBE’s appointment as Ethical Consultant to HUI will further cement the strategic partnership between EFG and HUI and enable it to be more effective.
As part payment for his consultancy services, HUI has agreed to grant Harold Tillman CBE options over up to 6,666,666 HUI ordinary shares at an exercise price of 15p per share exercisable over different periods of time in the 4 years following his appointment.
Aleksandra Binkowska, CEO of HUI, commented:
It is a great honour to have Harold Tillman CBE supporting HUI in its ambitious world-changing goals to build the first plastic hydrogen facility in the world. Harold Tillman CBE is not only a fashion icon with magnificent accomplishments and world-class connections in the industry but also an international advocate for sustainable fashion. In an effort to make a real difference, Harold Tillman CBE recently launched a scholarship fund at the London School of Fashion where he studied in the 60’s and is currently their business and enterprise advisor. He is a leader and a pathfinder, which reminds me of a quote from Nobel prize winner Naguib Mahfouz: ‘Today, the greatness of a civilized leader ought to be measured by the universality of his vision and his sense of responsibility towards all ‘.”
Harold Tillman CBE commented:
“New technology and ways of working have transformed the industry I have been part of for over half a century. The environmental impact of the clothing we buy, wear and dispose of is by far the greatest challenge the sector has faced in my lifetime. I am excited about the opportunity to work with HUI because I believe it can and will play an important part in addressing this challenge.”
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.