Hydrogen Utopia International PLC (LSE:HUI, AQSE:HUI, OTCQB:HUIPF) (HUI) said it has struck a deal to roll out waste-to-hydrogen facilities in Poland and Europe with fast-growing Polish energy engineer Romgos Gwiazdowscy.
Also known as Romgos Grupa, the Polish company has agreed to provide funding equivalent to 3mln Polish zloty (£190,000) by contributing an appropriate property to construct an HUI facility.
Romgos, which according to its website has built several gas pipelines and has expanded into general construction and renewable energy, has promised to provide cash investment funding to cover the costs of obtaining the relevant environmental consents or permits or construction permits for new special purpose vehicle (SPV) that will build the initial HUI facility as part of the partnership.
The Polish company has also agreed to manage the process of obtaining national or EU grant funding for the SPV and any subsequent HUI facilities agreed between the parties.
Providing or obtaining the balance of any funding required for an SPV will be on a 50:50 basis between the two companies, said HUI.
“It is my greatest privilege to start our journey with Romgos Grupa. The story of their business is impressive and their faith in new technologies such as HUI's is exceptionally heart-warming,” said HUI chief executive Aleksandra Binkowska.
She added: “In 10 years, they have created a business hiring over 700 people and building pipelines for big players on the Polish market.”
The two companies have also agreed to work together on all the other required elements of the joint venture, from securing potential sites, obtaining necessary funding, arranging planning, permits, development and construction, as well as potential feedstock suppliers and customers.