REG - Hydrogen Utopia Intl - Updated Financial Information - Essential Energy

Hydrogen Utopia InternationalAnnouncement

29/05/2024 11:00

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RNS Number : 2848Q  Hydrogen Utopia International PLC  29 May 2024

 

The information contained within this announcement is deemed by the Company
to constitute inside information stipulated under the Market Abuse
Regulation (EU) No. 596/2014 as it forms part of UK domestic law by virtue
of the European Union (Withdrawal) Act 2018.  Upon the publication of this
announcement via the Regulatory Information Service,
this inside information is now considered to be in the public domain.

 

 

 

Hydrogen Utopia International PLC

 (the "Company" or "HUI")

 

Updated Financial Information for Essential Energy Holding Group Corp.

 

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, informs the market that further
financial information has now been provided by Essential Energy to the Company
in relation to Essential Energy Holding Group Corp. (formerly, Helmond Holding
Group Corp.) ("Essential Energy").

 

HUI signed heads of terms with Essential Energy on 23 February 2024 for the
proposed acquisition of the entire issued share capital of Essential Energy
("Proposed Acquisition").

 

The two announcements of 26 February 2024 reported Essential Energy as 'a
substantial and profitable international bio-energy company with revenues in
excess of EUR365m and profits before taxes of EUR40m'. The announcements
reflected the financial information provided to HUI by Essential Energy,
signed by the CEO (UBO) and CFO. Subject to due diligence, a number of
conditions including an independent valuation, the parties agreed a price of
approximately £500m for the Essential Energy group.

 

Financial information now received raises a number of queries. The Company is
making continued enquiries.

 

The further financial information provided is such that it could have a
material effect on the valuation of Essential Energy. The parties are
exploring this further.

 

There can be no guarantee at this stage that the Proposed Acquisition will
complete nor as to the final terms of the Proposed Acquisition.

 

 

The Company will make further announcements, as appropriate.

For further information, please contact:

Hydrogen Utopia International PLC

Aleksandra Binkowska

+44 20 3811 8770

 

Alfred Henry Corporate Finance Limited (LSE Corporate Adviser)

Nick Michaels/Maya Klein
Wassink

+44 20 3772 0021

 
 
 

Novum Securities Limited (Broker)
 

Jon Belliss/Colin
Rowbury

+44 20 7399 9400

About Hydrogen Utopia International PLC

HUI aims to become one of the leading new European companies specialising in
turning non-recyclable mixed waste plastic into hydrogen and other carbon-free
fuels, new materials or distributed renewable heat.

A HUI facility uses non-recyclable mixed waste plastic as feedstock and turns
it into syngas from which new products and energy can be produced. HUI
anticipates that its revenues will be derived from a variety of sources,
dependent upon location and configuration of the HUI facilities, including the
sale of syngas, hydrogen and other gases, electricity and heat sales, and the
payment to it of fees for a given quantity of non-recyclable mixed waste
plastic received at a HUI facility.

HUI will target areas where there is significant private sector interest or
potential, financial backing is accessible and or where substantial EU and/or
government funded sources of grants and loans are or may be available. The
global increase in fossil fuel-based energy prices reinforces the need for
alternative, price competitive energy sources, which HUI's business model can
provide.

 

 

 

 

 

 

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