Hydrogen Utopia has re-agreed terms for a 50/50 joint venture with Powerhouse Energy Group (PHE) for the development of a waste plastics to hydrogen plant at a facility in County Longford in the Republic of Ireland. The Longford Project JV was originally agreed in March 2023. This new agreement is an important step for HUI towards getting its first plant up and running, with the combined skillsets of the companies helping to bring this project to fruition.

Separately, HUI has recently provided updates on initial sales at Ohrid Organics and an exciting potential acquisition of a bio-fuels business. JV terms amended. Although most of the terms are similar to the original agreement (Longford JV agreed with Powerhouse Energy, 22 March 2023), there is a slight change to the payments.

The initial agreement was for a £400,000 payment. HUI has already received a payment of £100k, and will receive further £100k payments on the signing of the Subscription and Shareholder Agreement and once planning permission has been granted. The partners will fund the development on a 50/50 basis with initial funding by way of shareholder loans (for a maximum of 200k each).