HUI signs MOU with waste co-ordinator in KSA

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.

23 April 2026

Hydrogen Utopia International PLC 

 (the "Company" or "HUI") 

HUI signs MOU with waste co-ordinator in KSA

Hydrogen Utopia International PLC (LSE: HUI), a pioneering company transforming non-recyclable waste plastic into hydrogen, clean fuels and advanced materials, and which holds exclusive rights to the InEnTec PEM melter system in the MENA region, is pleased to announce that its wholly owned subsidiary, Hydrogen Utopia International KSA LLC ("HUI KSA"), has signed a non-binding Memorandum of Understanding ("MoU") with RECYCLEE (commercial registration number 1009118138), a Saudi Arabia-based company operating a technology-enabled waste management and recycling platform, to establish a long-term strategic collaboration for the supply of waste feedstock in the Kingdom.

Under the terms of the MoU, RECYCLEE will take out and aggregate unrecyclable plastics and end-of-life tyres from across its operational network in Saudi Arabia, creating a structured and reliable feedstock stream for conversion into clean energy and low-carbon fuels. The parties intend that RECYCLEE will supply, and HUI KSA will offtake, up to 200,000 tonnes per annum of qualifying waste material for use at a planned waste-to-energy and Sustainable Aviation Fuel ("SAF") production facility in Jubail Industrial City, utilising InEnTec technology.

The MOU establishes a framework for negotiations toward a definitive long-term feedstock supply agreement. The intended project is designed to convert hard-to-recycle waste streams into hydrogen and SAF, supporting the development of a domestic circular fuel ecosystem within the Kingdom of Saudi Arabia.

This initiative aligns with the Kingdom's clear strategic ambition to significantly improve national waste management outcomes, reduce landfill dependency, and enhance the environmental integrity of its rapidly expanding industrial base. Saudi Arabia's increasing focus on cleaning and modernising its waste infrastructure provides a strong structural backdrop for the deployment of advanced conversion technologies capable of transforming residual waste into strategic energy products.

The MoU reflects the parties' shared intention to support Saudi Arabia's wider industrial diversification and environmental objectives by enabling the conversion of unrecyclable waste into valuable fuels while strengthening domestic circular economy infrastructure. Feedstock specifications, pricing mechanisms and detailed commercial terms remain subject to further negotiation and due diligence, and no binding supply or offtake obligations arise from the MoU at this stage.

The parties will now progress technical, commercial and regulatory workstreams with a view to finalising a definitive agreement. The MoU remains non-binding in nature, with the exception of customary confidentiality provisions, and either party may withdraw from discussions in accordance with its terms. There can be no guarantee that definitive binding agreements will be entered into by the parties.

Eng. Rakan AlRogi, CEO of RECYCLEE, commented: "This MoU reflects RECYCLEE's essential role in building the foundational infrastructure of digitally managed waste. By aggregating sorted hard-to-recycle materials across the Kingdom, we are enabling a more effective circular economy.

This collaboration is a vital step toward establishing a consistent and reliable feedstock stream that supports Saudi Arabia's broader vision for sustainability, resource efficiency, and industrial innovation. We look forward to working with HUI KSA to support the development of a robust circular fuel ecosystem."

Aleksandra Binkowska, Chief Executive Officer of HUI, commented: "Today's announcement represents a highly strategic step forward for HUI and for our wholly owned Saudi subsidiary, HUI KSA. Securing access to a scalable and reliable stream of unrecyclable waste feedstock is fundamental to the successful deployment of our technology and the delivery of commercially viable projects in the region. Our collaboration with RECYCLEE demonstrates the strength of our model, combining advanced conversion technology with established local infrastructure to unlock value from materials that would otherwise go to landfill. Saudi Arabia is moving decisively to modernise its waste and energy systems, and we believe HUI, through HUI KSA, is well-positioned to play a meaningful role in that transformation.

This MoU lays the groundwork for what we expect to become a long-term, mutually beneficial partnership, supporting the production of hydrogen and Sustainable Aviation Fuel while contributing to the Kingdom's circular economy ambitions. We look forward to progressing discussions and advancing this opportunity toward a definitive agreement.

We would also like to thank all the parties in Saudi Arabia who have supported us in reaching this important milestone."

Hydrogen Utopia International PLC 

Aleksandra Binkowska  

+44 7795 235181

Alfred Henry Corporate Finance Limited (LSE Corporate Adviser) 

Nick Michaels/Maya Klein Wassink  

+44 20 8064 4056 

AlbR Capital Limited (Broker)  

Jon Belliss/Colin Rowbury  

+44 20 7399 9400 

About Hydrogen Utopia International PLC  

HUI aims to become one of the leading new companies specialising in converting 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 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.