Hydrogen Utopia International PLC on Friday said it has signed heads of terms with US-based InEnTec Inc to secure access to 10 exclusive licences for its waste-to-hydrogen plasma technology in the Middle East and North Africa, or MENA.
Hydrogen Utopia shares rose more than threefold to 3.72 pence, in London at midday on Friday.
The London-based specialist in converting non-recyclable plastic into hydrogen said the agreement could pave the way for large-scale projects across MENA, starting in Saudi Arabia and the UAE.
InEnTec’s Plasma Enhanced Melter system has operated commercially for over 13 years and can convert plastic, tyres and hazardous waste into clean hydrogen.
The parties aim to reach a binding agreement within 120 days, subject to conditions and milestone achievements. Hydrogen Utopia said it would not provide capital for the projects but instead earn management fees and hold minority equity stakes in special purpose vehicles. Each project is expected to cost between $50 million and $100 million, and could be operational within 24 months.
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