Hydrogen Utopia International PLC (LSE:HUI, AQSE:HUI, OTCQB:HUIPF) has welcomed the European Commission’s Green Deal Industrial Plan (GDIP) to accelerate support for European clean technology businesses.
GDIP is Europe’s response to the US Inflation Reduction Act last year, which provided US$369bn of subsidies for the US clean products industry, and also initiatives in China.
Clean technology firms are expected to benefit from simpler rules and fast-tracked permits to build production facilities in Europe, said HUI.
As a result, HUI hopes to be able to commission its first plant more quickly and ensure a faster rollout of subsequent facilities.
HUI has already announced a pipeline of projects in Europe and has more under discussion.
European state aid rules are also to be loosened until the end of 2025 to allow the bloc's 27 governments to help with investments in renewable energy using €225bn of loans and €20bn of grants remaining from the EU's €800bn post-pandemic recovery fund.
Aleksandra Binkowska, HUI’s chief executive, said: “Overregulation is holding up the development of numerous infrastructure projects that, when built, will help reduce pollution or address climate change.
“In our case, overregulation won't just slow our growth and hence affect our shareholder profits but is detrimental to the planet.”