Hydrogen Utopia International (HUI), a company specialising in converting non-recyclable mixed waste plastic into carbon-free fuels and materials, has announced that it’s its Irish subsidiary, Alister Future Technologies (AFT), has successfully secured an EU grant as part of a transnational European consortium focused on combating ocean-borne plastic pollution in the Atlantic regions of Europe.
The EU grant will cover 75% of AFT's expenses, up to EUR 450,000, for developing a solution to process plastic waste into syngas and hydrogen in Ireland. AFT is one of seven partners in the consortium, representing a range of organisations across the European Atlantic region.
The grant has been made possible through the Interreg Atlantic Area 2021-2027 European Development Fund, which supports regions along the western part of the Atlantic Ocean. The program, formally approved by the European Commission on 8th September 2022, has a budget of EUR 113 million and provides funding for up to 75% of investments through the European Regional Development Fund.
Aleksandra Binkowska, CEO of HUI, commented: "I would like to thank our partner, Universitad de Cantabria (Spain) for embracing our technology, including us in this prestigious project and recognising the potential of turning plastic into a clean source of energy - hydrogen. I believe that the combined efforts of academics and entrepreneurs will lead to the development of a HUI facility despite the challenging times we are facing.
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Another milestone reached for Hydrogen Utopia, with the successful EU grant application moving it closer to tackling the worldwide plastic waste issue and accelerating to a circular economy.
Plastic waste is intensifying globally, particularly in lthe wake of the Covid-19 pandemic which led to an increase in demand for single-use plastics. Single-use plastic legislations were withdrawn or postponed to sustain the enormous demand for PPE during the pandemic, including face masks, gloves, and face shields. A recent report also estimated that 1.56 million face masks entered the oceans in 2020. The intensifying issue of plastic pollution, compounded with government efforts to transition to carbon-neutral energy sources, will see an increased demand for Hydrogen Utopia’s services.
Clean hydrogen as a fuel is particularly valuable, with a recent report concluding that by 2050, hydrogen could help abate seven gigatons of CO2 emissions annually, which is about 20 percent of human-driven emissions. Hydrogen will be a particularly crucial source of energy in the 2020-2040 period, providing baseload backup in the event of insufficient renewable generation.
Hydrogen Utopia has been gaining good momentum since its IPO, admitted to AQSE in January 2022. In its 2022 final results, the company highlighted a positive cash outflow of £281,625 from operating activities, largely attributed to a substantial working capital credit linked to shares issued during the fundraising in connection with the company's IPO.
In January this year, Hydrogen Utopia announced that it was moving its shares to trade on the London Stock Exchange’s Main Market, which is part of the company’s aim to attract international investors to accelerate growth.
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