Update - Joint Venture for the Longford Project

Source: www.gulfoilandgas.com 10/30/2023, Location: Europe

Hydrogen Utopia International PLC, a company specialising in turning non-recyclable mixed waste plastic into hydrogen and other carbon-free fuels, new materials or distributed renewable heat, notes that Powerhouse Energy PLC in view of its project prioritisation decided to defer its investment in the proposed development of a waste plastic to hydrogen facility site at Longford, County Longford in the Republic of Ireland (the "Longford Project") at this time.

The heads of terms with PHE were signed and announced on 21 March 2023. Since then and as announced on 21 June 2023, HUI signed an option to acquire a substantial minority stake in a medical cannabis cultivator in Macedonia expected to generate substantial cashflows. As a result, HUI is confident that, if the option is exercised, it can fund the development of pipeline projects including the Longford Project without a joint venture partner and without a fundraise through an issue of shares which would dilute existing shareholders.


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