Hydrogen Utopia International Announces Ambitious Plans to Introduce a Hydrogen Economy in North Macedonia

London-Based Hydrogen Utopia International PLC (LON:HUI) Announces Innovative Hydrogen Plant Project in North Macedonia. Hydrogen Utopia International PLC (HUI), a pioneer in waste-to-hydrogen technology, has unveiled plans to construct an innovative facility in North Macedonia. The project will focus on converting non-recyclable plastic waste into hydrogen and other sustainable energy sources, marking a significant step in integrating the Balkan country into the global hydrogen economy.

Partnership with TF Capital

HUI has signed a collaboration agreement with North Macedonian company TF Capital Dooel, which will oversee the project’s implementation. Under this agreement, TF Capital will develop a roadmap encompassing the acquisition of necessary permits, feasibility studies for potential locations, and the creation of a comprehensive business plan, financial model, and market entry strategy.

TF Capital will also identify key clients and investors, collaborate with the government, and secure grants and other forms of state support. The company will manage all aspects of the project’s execution.

For its services, TF Capital will receive a monthly fee of €5,000 (approximately $5,245), starting in mid-May 2024. Payments will continue until November 2025 or until a construction permit is obtained. Additionally, TF Capital will receive a 5% stake in the entity that will own and operate the new facility.

Aleksandra Binkowska, CEO of HUI, emphasized the importance of this collaboration:
“TF Capital offers a comprehensive solution—from sourcing raw materials and securing land to financing and selling synthetic gas and hydrogen. This partnership is a crucial step in our strategic development, and we look forward to the positive outcomes it will bring.”

A Hydrogen Opportunity for North Macedonia

HUI views North Macedonia as a location with unique potential for implementing advanced hydrogen technologies. The absence of an initial transition to electric buses and the ability to learn from other countries’ electrification experiences position the Balkan nation to leapfrog directly to a hydrogen-based economy.

“By skipping the transition to electric buses and learning from the challenges faced by other nations in electrification, North Macedonia has a unique opportunity to bypass this stage and directly embrace a hydrogen economy,” Binkowska noted.

With its dynamic economic growth and increasing interest in green solutions, North Macedonia is becoming an attractive hub for innovation. HUI’s collaboration with TF Capital could establish the country as a model for adopting hydrogen technologies in the Balkans and beyond.

HUI’s Innovative Technologies and Ambitions

Hydrogen Utopia International focuses on transforming non-recyclable plastic waste into hydrogen, syngas, and other carbon-neutral fuels. The company aims to address two global challenges—the plastic waste crisis and the growing demand for alternative energy sources—particularly in the context of rising fossil fuel prices.

HUI’s first plant is currently under development in Ireland, where the company is awaiting a €300,000 grant to fund the project’s pilot phase. The company’s business model relies on grants and other forms of EU and government funding, enabling it to target regions with high investment potential.

A Promising Future for North Macedonia and HUI

This initiative aligns with HUI’s mission to expand its operations within and beyond the European Union. Binkowska enthusiastically highlighted the project’s potential:
“While North Macedonia is a small country, it is growing very dynamically. We are excited about the opportunity to extend our activities not only within the EU but also beyond its borders.”

Source: markets.businessinsider.com