Following its recent acquisition of a 25-year lease on a greenfield site at Fisherstown Energy Park in County Longford, Ireland, Hydrogen Utopia International (HUI) yesterday announced that it had agreed payment and heads of terms with Powerhouse Energy Group (PHE) for a 50:50 joint venture to develop the Longford project. With this agreement, HUI has taken another important step towards building its first waste plastic to hydrogen facility.
Longford JV agreed with Powerhouse Energy
Hydrogen Utopia International (HUI), the waste plastic to hydrogen company, has announced that it has agreed and entered into an option to lease a 2.5-acre site in the Fisherstown Energy Park in County Longford, Ireland. The company had announced in November 2022 that it was starting discussions on this option. This is an important milestone as HUI can now move ahead with the planning and permitting that is expected to lead to its first full-scale commercial plant.
Longford lease option completed
Petro Matad, the Mongolia-based E&P company, had a difficult year in 2022. China’s Covid lockdowns meant that the company was unable to get the required oil services across the border from China to Mongolia, hampering operational progress. However, the restrictions have eased and operating conditions appear to be getting back to normal. The company has also raised US$6m gross to provide funds to drill the Velociraptor prospect in Block V, which could prove transformational. Petro Matad will also use these funds to participate in Mongolia’s new licensing round and to build a renewable energy business. With these developments, we are optimistic that Petro Matad is well-placed to make significant progress in 2023.
Activity set to pick up in 2023
On 1 February, the EU laid out its Green Deal Industrial Plan (GDIP), which enhances and accelerates support for Europe’s clean technology businesses. This plan should be beneficial to Hydrogen Utopia International (HUI), the waste plastic to hydrogen company, as it should lead to simpler rules and fast-tracked permits to build production facilities. On top of this, the EU will facilitate the use of existing funds for financing clean tech innovation. This should help HUI to accelerate the roll-out of its proposed plants across Europe, while increasing the potential to add further projects.
EU plan should help to accelerate plant roll-out
2022 was an important year for Hydrogen Utopia lnternational (HUI). The company, which gives investors access to an exciting technology that converts waste plastic to hydrogen, concluded a successful IPO in January. Over the course of the year, HUI moved its technology forward and began to put in place a series of deals that will allow the company to start to commercialise its technology. This momentum has continued into 2023, with HUI looking to move further into Poland and Europe. HUI has now listed its shares on the main market of the London Stock Exchange and will be withdrawing its listing on the junior Aquis market.
Momentum continues in 2023
Petro Matad yesterday released an operational update. As was flagged at the interim results, the company is seeing progress impacted by China’s Covid lockdowns and local disputes. However, the company is preparing for a stage where it can start to move its operation forward when these restrictions end. This will encompass bringing the Heron field in Block XX on stream and the drilling of the Velociraptor prospect in Block V. These have the ability to add cash flow and a potential substantial increase in group resources. With numerous signs that China is (in deeds, even if not in words) slowly relaxing its Covid policies, we see these as logical and positive developments for the group.
Recent operational update
Hydrogen Utopia International (HUI) has announced that it has reached an agreement with Fisherstown Property Holdings Limited (FPH) to negotiate a lease at a site at Fisherstown in County Longford, Ireland, where it would build its first full-scale waste plastic to hydrogen facility. This development will replace the proposed plant that HUI had been discussing with Trifol Resources (TRL) in Tipperary, Ireland. Investors should view this as good news since the new site benefits from better infrastructure and transport connections, plus the potential for a higher level of EU funding.
Proposed plant in Longford, Ireland
Petro Matad, the Mongolia-based E&P company, has this morning released its interim results for the six months ending 30 June 2022. The financials would appear to be in line with market expectations. On the operating side, management has made some progress, although this has again been slowed by the impact of China’s Covid lockdowns, as was mentioned in the company’s previous trading update in May. Despite this, management has been working on the Heron-1 well; once the Covid restrictions are resolved, this will enable Petro Matad to move ahead swiftly with completing the well as an oil producer.
Hydrogen Utopia International (HUI) has announced a proposed joint venture with Powerhouse Energy Group (PHE) in the city of Konin, Poland. The joint venture will be a 50:50 partnership to build a non-recyclable waste plastic to hydrogen plant. Following the announcement in July of its first proposed plant in Ireland, this will be HUI’s second major potential project and demonstrates the momentum that is starting to build for the company.
Proposed JV with Powerhouse Energy in Poland
Hydrogen Utopia International (HUI) has announced that it has agreed heads of terms with Powerhouse Energy Group (PHE) for joint development of a proposed waste plastic to hydrogen plant at Lanespark, Tipperary in Ireland. This will be a 50:50 joint venture, aiming to build a plant on the site that HUI expects to acquire through its deal with Trifol in April 2022. This marks a major step forward in HUI establishing its first full scale waste plastic to hydrogen plant in Europe.
Proposed joint venture in Ireland
Hydrogen Utopia International (HUI), the waste plastics to hydrogen company, has released its final results for the year ending 31 December 2021. While the financial results are not too material, the announcement highlights how the company, over the past year, is transforming into a fully-fledged business. HUI is developing its technology and building a potential project pipeline, and the current year should see the company make further progress in both of these areas.
Final results highlight operational progress
Petro Matad has issued an operational update. It would appear that the recent Covid lockdowns in China have had a knock-on impact on the company’s operations in Mongolia. While this is a temporary problem, management is moving ahead with the completion of the Heron-1 discovery well into a producing well, which will allow the company to start generating cash flow once the situation in the region returns to normal.