UK-based Hydrogen Utopia International Pls (AQSE:HUI) today unveiled an agreement with an Irish company as a step towards delivering its first operational full scale waste plastic-to-hydrogen facility in Europe.
The agreement is with Trifol Resources Ltd, which has planning permission for a plastic-to-wax pyrolysis operation. The site it occupies in County Tipperary is large enough to also accommodate a waste plastic-to-hydrogen facility of HUI.
Under the deal, HUI will invest EUR 500,000 (USD 544,000) in Trifol in exchange for a minimum equity stake of 3.33% in the Irish company. The companies, whose processes both use pyrolysis, see the investment as potentially providing mutual synergies and opportunities.
The site at Lanespark, Littleton, County Tipperary was a former railway locomotive repair shop and so possesses the needed utilities, including a potential 3-MW power supply, to bring a facility in operation relatively fast, HUI explained.
In addition, thanks to Trifol, HUI has held preliminary meetings with a potential investment-grade waste plastic supplier for the contemplated facility and a potential substantial customer for its expected hydrogen and syngas production.
HUI and Trifol will try to sign a full development and collaboration agreement within the next 90 days. HUI is also in talks with a third party about a joint venture to build its facility in Ireland.
(EUR 1 = USD 1.089)
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