Hydrogen Utopia International PLC (LSE:HUI, AQSE:HUI, OTCQB:HUIPF) (HUI) said it entered into a collaboration agreement with Rocquaine Management to explore opportunities for the development of Hydrogen’s waste plastic-to-energy plants in Estonia and elsewhere.
Rocquaine has supplied services unrelated to HUI’s business to the owners of a port near Tallinn, according to a statement, and believes there is an opportunity to develop one of HUI’s plants.
The site would be built as part of a new technology park which is being developed next to the port to supply consumers and power-heavy goods transportation.
Under the collaboration, Rocquaine will introduce HUI to relevant parties and both will work together to explore potential plant development opportunities in Estonia.
HUI will reimburse Rocquiane for travel and other expenses, although additional payments and potential equity participation will be made should specified milestones be reached.
HUI’s directors believe Estonia is a “very attractive” place for a site, the statement said.
“Estonia is renowned for being a leader in digital transformation and for implementing brave, innovative ideas. HUI's goal is to expand widely in the EEA,” said chief executive Aleksandra Binkowska.
“Estonia is another big step in this direction as we believe it could be an important gateway to Nordic Countries. It is my pleasure to embark on this journey with Rocquaine, a well-established company in the region and key to HUI's expansion in the North."