KSA Waste Plastics-to-SAF: Illustrative Model

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. 

3 February 2026

Hydrogen Utopia International PLC

 (the "Company" or "HUI")

KSA Waste Plastics-to-SAF: Illustrative Model

​

Hydrogen Utopia International PLC ("HUI"), a pioneer in transforming non-recyclable mixed waste into clean hydrogen, carbon-free fuels, advanced materials, and distributed renewable heat, has published a preliminary, indicative business model for large scale sustainable aviation fuel from waste plastics in the Kingdom of Saudi Arabia. The preliminary, indicative business model for large scale sustainable aviation fuel from waste plastics in the Kingdom of Saudi Arabia is reproduced below and will also be available on the website in due course.

Preliminary Indicative Business Model for Large-Scale Sustainable Aviation Fuel (SAF) from Waste Plastics in Saudi Arabia 

Hydrogen Utopia International PLC 

Important Notice / Disclaimer

This Preliminary Indicative Business Model for Large-Scale Sustainable Aviation Fuel ("SAF") from Waste Plastics in Saudi Arabia (the "Document") has been prepared internally by Hydrogen Utopia International PLC for informational purposes only. This Document does not constitute (i) an offer to sell or a solicitation of an offer to buy any securities or financial instruments, (ii) investment advice, a recommendation, or an invitation to engage in any transaction, or (iii) a commitment, promise, or undertaking by Hydrogen Utopia International PLC to proceed with any transaction or project.

The information contained in this Document has not been independently verified. While Hydrogen Utopia International PLC has prepared this Document in good faith using information believed to be reliable, no representation or warranty (express or implied) is made by Hydrogen Utopia International PLC (or any of its directors, officers, employees, advisers, or agents) as to the accuracy, completeness, fairness, or reasonableness of the information or assumptions contained herein. No reliance should be placed on this Document or its contents. Hydrogen Utopia International PLC expressly disclaims any liability arising from the use of, or reliance on, this Document.

This Document includes preliminary, indicative, and illustrative cost estimates, product sale assumptions, carbon capture assumptions and financial metrics (including EBITDA and sensitivities). These are provided solely to illustrate a potential conceptual pathway and do not represent forecasts or guarantees. Actual outcomes may differ materially due to changes in gate fees, feedstock composition and availability, technology performance, scale-up and integration results, availability and pricing of power, market pricing for SAF and co-products, policy and regulatory frameworks, permitting, availability of carbon transport and storage, counterparties' credit and offtake terms, financing structure, and other factors beyond Hydrogen Utopia International PLC's control.

Any references to market prices (including SAF and co-products), gate fees, operating costs, and other commercial terms are assumptions for modelling purposes only and may not be achievable. Nothing in this Document should be construed as an assurance that any price, volume, cost, margin, certification, incentive, credit, or regulatory treatment will be obtained.

Forward-Looking Statements

This Document contains forward-looking statements, including statements regarding expected plant performance, production volumes, technology readiness, project structure, funding approach, market demand, revenues, costs, EBITDA, and sensitivities. Forward-looking statements are based on current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially. No obligation is undertaken to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by applicable law.

No Investment Advice

Nothing in this Document is intended to be, or should be construed as, financial, investment, legal, tax, or other professional advice. Recipients should seek independent advice from their own advisers. This Document is not a prospectus, offering memorandum, or similar disclosure document and has not been prepared in accordance with any securities laws or regulatory disclosure requirements.

Third-Party Information

Certain information may be derived from third-party sources, industry publications, market commentary, or counterparties. Hydrogen Utopia International PLC has not independently verified such information and makes no representation as to its accuracy or completeness.

Executive Summary 

This Document sets out a proposed route for deploying waste‑plastic‑to‑SAF production in Saudi Arabia using plasma‑assisted waste‑to‑syngas, high‑spec gas clean‑up and Fischer-Tropsch upgrading. The reference case assumes approximately 200,000 tonnes per year of mixed waste plastics and high‑CV RDF feedstock, a gate fee of around US$50 per tonne, industrial power pricing of approximately US$0.06 per kWh, and a total operating cost of approximately US$35 million per year. Target SAF production is 400,000 to 600,000 barrels per year, with additional diesel, naphtha and wax co‑products. Carbon capture of approximately 95% from relevant process streams is assumed, with neutralised CO₂ handling cost. The project structure assumes Saudi‑backed capital with Hydrogen Utopia International PLC retaining a 20% free‑carry interest. 

The Board expects, subject to, among others, due diligence, finalisation of required agreements, and receipt of all necessary permits and approvals, that a project could reach a shovel-ready stage within approximately 15 months under a Saudi-backed capital structure.

Strategic Context

Global SAF deployment is currently dominated by HEFA pathways, which are structurally constrained by feedstock availability. Long‑term aviation decarbonisation targets require scalable non‑biogenic and circular feedstocks. Waste plastics and high‑CV refuse derived fuel offer baseload, year‑round availability without land‑use impact. Saudi Arabia may provide a competitive platform due to low‑cost power, mature industrial infrastructure and national circular‑economy policy alignment. 

Technology Concept

The proposed configuration uses oxygen‑blown plasma‑assisted gasification followed by plasma polishing to destroy residual hydrocarbons and tars. Deep syngas clean‑up removes sulphur, halogens, metals and nitrogen species prior to catalytic upgrading. Partial water‑gas shift is applied only to achieve the required Fischer-Tropsch hydrogen‑to‑carbon monoxide ratio, preserving maximum carbon for liquid fuel production. Technology configuration and performance are assumptions only.

Fischer-Tropsch and SAF Maximisation 

The Fischer-Tropsch section is configured to maximise wax production followed by hydrocracking and isomerisation to optimise the sustainable aviation fuel cut. Diesel, naphtha and specialty wax fractions remain available as saleable co‑products, improving revenue stability and overall project economics. Actual products and yields will depend, among others, on feedstock composition.

Carbon Capture and Regulatory Positioning 

Approximately 95% carbon dioxide capture from water‑gas shift and process streams is assumed. The resulting high‑purity CO₂ stream could be directed to permanent storage or qualified industrial use, supporting alignment with UK and EU sustainability frameworks for SAF export. 

Reference Plant Scale and Mass Balance

The reference case considers approximately 200,000 tonnes per year of waste plastics and high‑CV RDF with an average lower heating value of approximately 30 to 33 MJ per kilogram. Target SAF output is 400,000 to 600,000 barrels per year. Order‑of‑magnitude captured CO₂ volume is approximately 500,000 tonnes per year, subject to final configuration and operating severity. Values are indicative only.

Operating Cost Framework - Saudi Case

Total annual operating expenditure is assumed at approximately US$35 million. This includes power at approximately US$0.06 per kWh, oxygen supply from merchant or captive air separation, utilities, maintenance, catalyst replacement, labour and site services. A positive gate fee of approximately US$50 per tonne of feedstock is assumed. Cost assumptions are based on preliminary estimates and will depend on, among others, site selection, logistics and utilities.

Revenue Structure 

Primary revenue is derived from SAF sales to domestic and export markets. Secondary revenue streams are generated from diesel, naphtha and wax co‑products sold at prevailing market prices. This diversified product slate is expected to improve project resilience compared with single‑product SAF configurations. Revenue outcomes are subject to, among others, gate fees, market prices, offtake terms.

Project Structure and Financing

The reference structure assumes a Saudi‑anchored project company in which Saudi partners provide construction capital through a combination of equity and interest‑free shareholder loans. Hydrogen Utopia International PLC retains a 20% free‑carry interest. This structure is expected to improve equity returns and accelerates cash generation.Any final project structure and financing would be subject to definitive documentation, regulatory considerations, and approvals as required.

Development Pathway to Final Investment Decision 

A realistic development sequence includes site and utility integration studies, feedstock aggregation agreements, airline or strategic offtake memoranda, front‑end engineering and lifecycle assessment, carbon storage alignment, government and strategic investor approvals and final investment decision. Timing and sequencing are indicative only and may change depending on, among others, stakeholder requirements, approvals and permitting.

Competitive Positioning 

Compared with HEFA, alcohol‑to‑jet and power‑to‑liquids pathways, waste‑to‑Fischer-Tropsch in Saudi Arabia benefits from scalable feedstock, baseload operation and potentially lower operating cost. The principal technical challenge is syngas cleanliness, mitigated through plasma polishing and high‑specification clean‑up systems. Comparative statements are indicative and depend, among others, on assumptions, location, scale, feedstock pricing, and market conditions.

Strategic Value for Hydrogen Utopia International PLC

The programme could support Hydrogen Utopia International PLC' s positioning within a Saudi based platform of national scale, with the potential to create a repeatable project deployment model and support the establishment of direct relationships with airline and sovereign counterparties. 

Key Risks and Mitigation 

Key risks include syngas quality, feedstock variability, certification complexity and first of a kind perception. Mitigation measures include conservative clean up design, centralised feedstock aggregation, early lifecycle assessment integration and sovereign backed project participation.

Conclusion 

A Saudi waste‑plastic‑to‑SAF platform led by Hydrogen Utopia International PLC is under evaluation and may be technically and commercially viable and strategically aligned with national circular‑economy objectives. Low‑cost power, positive gate fees, high carbon capture rates and a Saudi‑anchored financing structure could support low‑cost scalable SAF competitive unit economics relative to certain alternative SAF pathways, subject to final design, certification, market conditions and financing terms.

Financial Indicative Outline - subject to FEED validation

Hydrogen Utopia International PLC (HUI) - KSA Waste‑to‑SAF Project

Executive Summary 

HUI is assessing a potential 200,000 tonne per annum waste‑plastic and RDF to SAF facility in the Kingdom of Saudi Arabia. The base case assumes 400,000-600,000 barrels per year of SAF using oxygen‑blown plasma gasification, deep syngas clean‑up and Fischer‑Tropschsynthesis with downstream upgrading. 

The project is configured to target capture of approximately 95% of process CO₂ and generate additional revenues from renewable diesel, naphtha and wax co‑products. 

Indicative preliminary modelling suggests annual revenues of USD 105-155 million and EBITDA of USD 80-130 million. 

Base Case Technical Configuration and Throughput 

Total projected capex: USD 800m

Annual feedstock throughput: 200,000 - 250,000 tonnes 

Feedstock type: mixed waste plastics and RDF 

Gasification: oxygen‑blown plasma‑assisted system 

Hydrogen source: internal syngas processing only (no electrolysis) 

Carbon capture rate: target of approximately 95% of process CO₂ 

CO₂ captured: approximately 500,000 tonnes per annum (high‑purity stream) 

All throughput and yield estimates are indicative

Production Volumes 

SAF production range: 400,000 - 600,000 barrels per annum 

Renewable diesel and naphtha: approximately 18,000 - 25,000 tonnes per annum (combined) 

Wax and heavy fractions: approximately 3,000 - 5,000 tonnes per annum 

All throughput and yield estimates are indicative

Commercial Assumptions 

Gate fee: USD 50 per tonne of feedstock 

Annual gate fee revenue: USD 10.0 million 

Electricity price: USD 0.06 per kWh 

Total annual operating expenditure (OPEX): USD 35 million 

Includes utilities, oxygen supply, labour, maintenance, catalysts, consumables and site services 

Assumptions are subject, among others, to site selection, strategy, logistics and counterparties.

Product Pricing Assumptions 

SAF sales price (base modelling range): USD 200 - 250 per barrel 

Renewable diesel and naphtha blended average price: USD 700 - 900 per tonne 

Wax blended average price: USD 900 - 1,200 per tonne 

CO₂ sales price: excluded from base case

Annual Revenue Breakdown - Base Case 

SAF revenue (low case - 400 kbbl at USD 200/bbl): USD 80.0 million 

SAF revenue (high case - 600 kbbl at USD 250/bbl): USD 150.0 million 

Co‑product revenue range: USD 25 - 35 million 

Gate fee revenue: USD 10.0 million 

Total revenue range: USD 105 - 155 million 

Revenue outcomes are subject, among others, to product specification, gate fees, market prices, and offtake agreements.

Operating Cost Breakdown (Indicative)

Power and utilities: USD 10.5 million 

Oxygen supply / ASU or merchant supply: USD 6.0 million 

Catalysts and chemicals: USD 4.0 million 

Operations and maintenance labour: USD 6.5 million 

Maintenance and spares: USD 5.0 million 

General site and administration: USD 3.0 million 

Total OPEX: USD 35.0 million 

Cost breakdown is indicative and may change materially

Indicative EBITDA 

Low case EBITDA: USD 105m revenue - USD 35m OPEX = USD 70 million 

Base case EBITDA: approximately USD 95 million 

High case EBITDA: USD 155m revenue - USD 35m OPEX = USD 120 million 

EBITDA figures are outputs from indicative modelling and are not a profit forecast, earnings guidance or estimate of future performance

Carbon Capture and CO₂ Volumes

Process CO₂ generated: approximately 525,000 tonnes per annum 

Captured CO₂ at 95%: approximately 500,000 tonnes per annum 

Transport and storage costs: excluded from base case CO₂ revenue: excluded from base case 

CO₂ handling, transport, permitting and storage arrangements would be required where applicable and could materially affect overall economics

Capital Structure and Funding Assumptions

Total project CAPEX: not fixed at this stage (pre‑FEED) 

Saudi strategic partner contribution: 60% of CAPEX as equity 

Shareholder loan: 40% of CAPEX as interest‑free loan for 8 years 

Refinancing assumption: loan refinanced or repaid at year 8 at 6% cost of debt 

HUI equity position: 20% free‑carried project equity 

Illustrative only and; subject, among others, to negotiation and definitive documentation

Illustrative Annual Cash Generation (Project Level) 

EBITDA low / base / high: USD 70m / 95m / 120m 

Assumed sustaining capex and corporate overhead: excluded at this stage 

Debt service: nil during first 8 years (interest‑free loan) 

Illustrative only; project-level cash flows will depend, among others on CAPEX, working capital and financing terms

Sensitivity Analysis - EBITDA Impact 

SAF price ± USD 20 per barrel: 

- At 500 kbbl midpoint, revenue impact ± USD 10.0 million per annum 

Co‑product pricing ± USD 5 million per annum directly impacts EBITDA by ± USD 5 million 

OPEX +10% increases operating costs by USD 3.5 million and reduces EBITDA by the same amount 

Strategic and Financial Significance to HUI 

At the base case EBITDA of approximately USD 95 million, HUI's 20% free‑carried interest corresponds to an attributable EBITDA of approximately USD 19 million per annum before any corporate costs or upstream structuring effects. 

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 8064 4056

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 international 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.