Hydrogen Utopia International PLC (LSE:HUI, OTCQB:HUIPF) (HUI) said its Irish subsidiary Alister Future Technologies (AFT) is to receive an EU grant as part of a transnational consortium fighting plastic pollution in the Atlantic regions of Europe.
AFT is set to receive reimbursement for 75% of expenditure in Ireland of up to €450,000 for technology that turns plastic waste into syngas and hydrogen.
Europe’s Interreg Atlantic Area 2021-2027 European Development Fund will provide the money.
The fund covers the western part of the Atlantic Ocean and includes all regions of Ireland and Portugal, as well as several French and Spanish regions close to or on the Atlantic Ocean.
Interreg Atlantic programme's budget for 2021-2027 is €113mln.
Aleksandra Binkowska, HUI’s chief executive, said: "I would like to thank our partner, Universitad de Cantabria (Spain) for embracing our technology, including us in this prestigious project and recognising the potential of turning plastic into a clean source of energy - hydrogen."
Guy Peters, HUI’s executive chairman, added: "Our business strategy from the outset has been to seek third-party and EU or other governmental funding for the development of HUI facilities. We are delighted to have been awarded this grant, which I would hope will be the first of many to come."