Hydrogen Utopia unveils plan for production site in North Macedonia
UK-based Hydrogen Utopia International PLC (LON:HUI) has announced plans for a waste plastic to hydrogen facility in North Macedonia and has entered into a services and management agreement with a locally incorporated company, TF Capital Dooel, to help it in the process.Under the agreement, TF Capital will deliver a roadmap for obtaining permits and licenses, conducting feasibility studies for various potential locations in the Balkan country, developing a comprehensive business plan, financial model and market entry strategy. It is also expected to identify potential customers and investors, including establishing governmental partnerships, preparing a report on securing state aid and subsidies, and managing the overall execution of the project, a press statement says.For its services, TF Capital will receive a monthly fee of EUR 5,000 (USD 5,245) starting no later than mid-May. The payments will continue until either 18 months from the signing of the agreement or the issuance of a building permit for the proposed facility. In addition, TF Capital will receive 5% of HUI's stake in the company formed to own the proposed facility.“Having avoided the transition to electric buses and currently learning from the challenges faced by other countries in their pursuit of electrification, I believe North Macedonia has a unique opportunity to bypass the conventional shift from diesel to electric buses and leap directly into a hydrogen economy,” HUI’s chief executive Aleksandra Binkowska noted.London-headquartered HUI is developing technology to turn non-recyclable mixed waste plastic into hydrogen and other carbon-free fuels, new materials or distributed renewable heat. It is still in the early stages of its development, tackling challenges, particularly in navigating regulatory complexities and securing funding, as Binkowska had recently noted.HUI is currently focused on launching its first plant in Ireland. In June, the company said that it expects to secure a grant of EUR 300,000 to fund the pilot phase of a project.In addition to waste-to-energy, the company is also doing business in the medical cannabis.(EUR 1 = USD 1.049)
UK-based Hydrogen Utopia International PLC (LON:HUI) has announced plans for a waste plastic to hydrogen facility in North Macedonia and has entered into a services and management agreement with a locally incorporated company, TF Capital Dooel, to help it in the process.
Under the agreement, TF Capital will deliver a roadmap for obtaining permits and licenses, conducting feasibility studies for various potential locations in the Balkan country, developing a comprehensive business plan, financial model and market entry strategy. It is also expected to identify potential customers and investors, including establishing governmental partnerships, preparing a report on securing state aid and subsidies, and managing the overall execution of the project, a press statement says.
For its services, TF Capital will receive a monthly fee of EUR 5,000 (USD 5,245) starting no later than mid-May. The payments will continue until either 18 months from the signing of the agreement or the issuance of a building permit for the proposed facility. In addition, TF Capital will receive 5% of HUI's stake in the company formed to own the proposed facility.
“Having avoided the transition to electric buses and currently learning from the challenges faced by other countries in their pursuit of electrification, I believe North Macedonia has a unique opportunity to bypass the conventional shift from diesel to electric buses and leap directly into a hydrogen economy,” HUI’s chief executive Aleksandra Binkowska noted.
London-headquartered HUI is developing technology to turn non-recyclable mixed waste plastic into hydrogen and other carbon-free fuels, new materials or distributed renewable heat. It is still in the early stages of its development, tackling challenges, particularly in navigating regulatory complexities and securing funding, as Binkowska had recently noted.
HUI is currently focused on launching its first plant in Ireland. In June, the company said that it expects to secure a grant of EUR 300,000 to fund the pilot phase of a project.
In addition to waste-to-energy, the company is also doing business in the medical cannabis.
(EUR 1 = USD 1.049)
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