Published on: June 22, 2023
Proposed Option and Future Funding
Hydrogen Utopia (HUI), the waste plastic to hydrogen company, has announced that it has signed a Heads of Terms for an option to acquire a 49% stake in Carbon Capture and Sequestration (CCS) which it hopes will provide cash flow, via a dividend stream, to help HUI fund the roll out of its plants across Europe. CCS is wholly owned by Howard White, a significant shareholder and executive director of HUI. CCS has agreed to buy a medical cannabis cultivator in North Macedonia. HUI expects to exercise its option if this cultivator becomes profitable. Assuming that the profitability of the cultivator is as forecast, the dividend stream should provide a source of cashflow to allow HUI to build up its waste plastic to hydrogen portfolio.