Final Results
30 April 2025
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Hydrogen Utopia International PLC
(the 'Company' or 'HUI')
Final Results for the period ended 31 December 2024
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 its results for the period ended 31 December 2024.
Financial KPIs
• Other income generated £100,000
• R & D related activity, excluding CAPEX, of £48,788
• Reduction in administrative expenses by 42% to £861,712
• Reduction in group net assets to £1,410,597 due to operating expenses
Simon Mann, Non-Executive Chairman of HUI commented:
"Fundraising conditions have been tight for a while and, the recent cooling of sentiment toward renewables, following the political change in the US, has further slowed the flow of capital into pioneering projects like ours. Yet, Hydrogen Utopia International continues to press ahead with the same clear objective: to convert unrecyclable plastics into clean hydrogen and power, creating both environmental and economic value. We remain focused, and determined to deliver for our shareholders, and the communities we serve."
Aleksandra Binkowska, Chief Executive Officer of HUI commented:
"As long as governments continue to prioritise form over function, and as long as those in power persist in destroying the world through endless bureaucracy, companies like ours will struggle on all fronts. I write this as France, Spain, and Portugal experience a total blackout. Ask yourselves-why is that? Justice is not served on a silver platter, but one day, those who have deliberately obstructed our technology will be held accountable as we will soldier on."
Non-Executive Chairman's statement
Dear Shareholders,
I am pleased to present the annual chairman’s statement for Hydrogen Utopia International plc for this year. Despite facing challenges in the UK small-cap market, we have remained steadfast in our commitment to innovation and sustainability.
In a market where showcasing products can be challenging, we continue to focus on reducing plastic waste through our pioneering hydrogen technology, which remains a key solution in addressing environmental concerns.
The geopolitical landscape, including the shift in the US under different administrations, emphasizes the importance of our technology and our unwavering determination to make a global impact. While certain projects are confidential at this stage, we are actively working towards building our first facilities.
The rapidly growing European medical cannabis market presents exciting opportunities for us through our exercised option in Ohrid. We are strategically positioned to capitalize on this market boom and are prepared to navigate the complexities of this sector to drive future growth and profitability.
As we venture into new territories and industries, we acknowledge the inherent challenges and uncertainties. Despite facing obstacles along the way, we are confident in our ability to overcome hurdles, improve our cash flow position, and achieve sustainable growth.
Looking ahead, we see a myriad of technological and corporate opportunities on the horizon that hold the potential to transform our business. While details on these ventures are limited at this stage, we encourage shareholders to remain vigilant and await further developments.
In conclusion, Hydrogen Utopia International plc remains resilient and focused on leveraging our expertise to drive innovation, sustainability, and growth. I would like to express my gratitude to our shareholders, employees, and stakeholders for their continued support and dedication.
Thank you for your trust in Hydrogen Utopia International plc.
Simon Mann
Non-Executive Chairman
29 April 2025
Chief Executive Officer's statement
Dear Shareholders,
This has undeniably been the most challenging year for both the Company and myself. Despite our most realistic projections, the plastic waste-to-energy market, along with the broader market environment, has proven far less favourable than anticipated. While I would prefer to provide a more comprehensive update on the unsuccessful RTO, which has taken over half a year, I am unfortunately bound by confidentiality agreements and unable to discuss the specifics.
I founded HUI with optimism, hoping that common sense would prevail among governments, funding bodies, and institutions-both past and present- across various countries, where I have been pursuing projects. Unfortunately, the reality has been disappointing, with little action taken to address the pressing issue of plastic waste. In many instances, it seems as though the problem is being ignored altogether by the Central and local government's making it impossible to proceed. This will end one day, but the day is still to come.
The challenge before us remains clear: the production of plastic is set to continue growing at an alarming rate. According to a 2021 report by the Ellen MacArthur Foundation, global plastic production could reach 1,200 million metric tons per year by 2050 if current trends continue. Similarly, the World Economic Forum projects that plastic production will double over the next 20 years due to growing populations, urbanisation, and increasing consumption in emerging markets. Alongside this, plastic waste is expected to grow significantly. The OECD estimates that plastic waste could increase by nearly 40% by 2040, rising from approximately 300 million metric tons in 2019 to 460 million metric tons. Alarmingly, global recycling rates remain low, with only 9% of plastic waste being recycled, and 22% of plastic waste mismanaged, often ending up in landfills or the environment. Just in Poland criminals are making millions on illegal landfills with the government's ignorance to pursue a real change and turn the blind eye on the reality.
Given these figures, it is difficult to understand how a clear and viable business model based on addressing plastic waste and its environmental impacts is not readily apparent. If this doesn't demonstrate the urgency and a magnificent business potential of a solution, I'm at a loss for words.
I would also like to address the lack of recent announcements. We have made a conscious decision to pause updates on potential opportunities we are pursuing. There is nothing more detrimental than offering hope to stakeholders, only to fall short of delivering after yet another setback. As such, we have refrained from making public statements until we are confident in the viability of our projects.
The RTO with Ohrid Organics is moving forward, but progress has been slower due to the new regulations introduced by the FCA and the merger of both the Premium and Standard markets, which are beyond our control.
In the context of today's global situation, where world leaders like President Trump advocate for increased fossil fuel production with his "Drill, baby, drill" rhetoric, and the Azerbaijani President praises his country's oil and gas resources at COP29, it is clear that fossil fuels remain deeply embedded in the global energy discourse. While we recognise that plastic has made our lives safer, easier, and more affordable, we have yet to find a sustainable, economically viable solution to address its environmental impact. Nobody seems to comprehend it.
As much as I wish to provide words of hope, I cannot ignore the reality that many world leaders appear either unaware of-or unwilling to confront-the scale of the plastic waste crisis. In the current market, the hydrogen sector-along with numerous other energy-related stocks-is facing substantial challenges. Many companies are experiencing significant financial difficulties, and we are no exception. I have personally provided a loan facility to ensure the continued operation of the Company, while taking necessary steps to reduce expenditures to the absolute minimum, having nobody to count on in this market.
The road ahead remains uncertain, but we are committed to continuing our efforts and seeking a solution to the global plastic waste issue. Thank you for your continued support and understanding during this difficult time.
A Binkowska
Chief Executive Officer
29 April 2025
The full interim results are available via this link: Final Results - 07:00:10 30 Apr 2025 - HUI News article | London Stock Exchange
For further information please contact:
Hydrogen Utopia International PLC
Aleksandra Binkowska
+44 20 3811 8770
Alfred Henry Corporate Finance Limited (LSE Corporate Adviser)
Nick Michaels/Maya Klein Wassink
+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 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.