27th Feb 2024 11:32
(Alliance News) - Hydrogen Utopia International PLC on Tuesday announced its proposed acquisition by Helmond Holding Group Corp.
This confirmed its announcement on Monday that it was considering a reverse takeover worth GBP500 million from an unnamed company.
Hydrogen Utopia is a London-based operator of facilities that turn non-recyclable mixed waste plastic into hydrogen and other carbon-free fuels, while Helmond is a "substantial and profitable" international bio-energy company incorporated in the British Virgin Islands, according to Hydrogen Utopia.
Hydrogen Utopia said it expects the development of its waste plastic to hydrogen technology combined with Helmond's "established biofuels production business will lead to the re-admitted company becoming a dominant player not only in the biofuels but also in the hydrogen market."
Shares in Hydrogen Utopia were down 24% to 9.20 pence each in London on Tuesday morning.
By Greg Rosenvinge, Alliance News senior reporter
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