Hydrogen Utopia International PLC on Thursday said that it is ‘satisfied’ it has enough cash to cover the next 12 months.

London-based Hydrogen Utopia operates facilities that turn non-recyclable mixed waste plastic into hydrogen and other carbon-free fuels, new materials, or distributed renewable heat.

Its shares were up 16% to 5.50 pence each in London on Thursday morning, though they remain down 67% over the past 12 months.

Saying it was responding to ‘adverse media content’ that it didn’t name, Hydrogen Utopia said it is ‘satisfied’ that the company has enough cash reserves for at least the next 12 months without a fund raise.

Back in April, Hydrogen Utopia said it had £3.0 million in cash as of December 31. It didn’t provide an update on its cash position on Thursday.

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