HUI Secures Funding for Waste-to-Hydrogen Project Expansion in MENA Region
Key Ideas
- Hydrogen Utopia International (HUI) raised £250,000 through share placement to finance its partnership with InEnTec Inc. for waste-to-hydrogen technology.
- Access to 10 exclusive licences for InEnTec's TRL9 technology in the MENA region will enable HUI to convert complex waste into clean hydrogen while capturing CO₂.
- Projects in Saudi Arabia and the UAE will focus on distributed hydrogen production for various applications, aligning with their low-carbon strategies.
- Each project is expected to require $50–100 million in capital expenditure and could achieve commercial operation within 24 months.
Hydrogen Utopia International (HUI) has successfully secured £250,000 in funds by issuing 14.3 million shares at £0.0175 each to support its new collaboration with InEnTec Inc. This partnership provides HUI with access to 10 exclusive licenses for InEnTec's innovative TRL9 waste-to-hydrogen technology within the MENA region. HUI plans to leverage InEnTec's Plasma Enhanced Melter (PEM) system to convert a variety of complex waste materials such as plastics, tires, and hazardous substances into clean hydrogen, all while capturing CO₂ emissions.
The implementation of each project utilizing this technology is estimated to necessitate an investment ranging between $50–100 million in capital expenditure. However, these projects hold the potential to achieve commercial operation within a relatively short timeframe of 24 months. The initial focus areas for these projects are set to be in Saudi Arabia and the UAE, in alignment with the countries' strategies towards achieving low-carbon emissions. HUI aims to concentrate on decentralized hydrogen production catering to transportation and municipal needs initially, with prospects for upscaling into industrial-sized deployments and future expansion into the European market.