6th Feb 2023 17:52
(Alliance News) - Hydrogen Utopia International PLC welcomed on Monday the European Commission's Green Deal Industrial Plan, saying it would significantly enhance and accelerate support for clean technology businesses.
The aim of the GDIP is to ensure that the European Union does not lose ground in clean technology development to the US and China. It follows the passing of the US Inflation Reduction Act last year which provided USD369 billion of subsidies for the US clean products industry, Hydrogen Utopia noted.
The London-based developer of mixed plastic waste-to-fuel technology said it would benefit from simpler rules and fast-tracked permits to build production facilities in Europe.
As a result, it hopes to be able to commission its first plant more quickly and ensure a faster rollout of subsequent facilities.
Hydrogen Utopia's aim is to roll out as many plants as possible to help Europe with its detrimental waste plastic problem and ensure a quicker transition towards a hydrogen economy. It already has a pipeline of projects in Europe with more under discussion.
Chief Executive Aleksandra Binkowska commented: "Over regulation is holding up the development of numerous infrastructure projects that, when built, will help reduce pollution or address climate change.
"I hope the European Union will act in the best interests of the planet and society and prioritise clean technologies' progress over paperwork."
Shares in Hydrogen Utopia International closed 0.8% higher at 14.86 pence each in London on Monday.
By Jeremy Cutler, Alliance News reporter
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