Hydrogen Utopia International PLC (LSE:HUI, OTCQB:HUIPF) (HUI) said its North Macedonia medical cannabis investee company has bought land next to its facilities to expand and roll out a waste plastic-to-hydrogen plant.
The agreement for the acquisition of 13,567 square metres of land for just under €325,000 was made by a subsidiary of Ohrid Organics, in which the London-listed company agreed to buy a 49% stake last month.
HUI said an area of at least 10,000 square metres is expected to be used to roll out a HUI hydrogen facility, subject to obtaining authorisations, permits and financing through grants, loans or dividends from Ohrid Organics, once the purchase has been completed.
The development aligns with North Macedonia's ambitions to join the European Union and steps that have been taken towards net zero, the company added, noting the recent approvals for a gas/hydrogen-fired power plant in Negotino and a gas/hydrogen-fired power plant in Bitola.
HUI chief executive Aleksandra Binkowska said: "We are actively searching for a government that is supportive of waste plastic to hydrogen facilities. The rapid development of the King Fild medical cannabis facilities prove that North Macedonia embraces progressive, novel projects and further, that projects can be completed relatively fast."
She added: "Following the anticipated acquisition of 49% of Ohrid Organics, it is expected that the cashflows from Ohrid Organics will substantially contribute to rolling out a waste plastic to hydrogen facility, likely in North Macedonia, and prove that the concept works."
Approximately 1,000 square metres of the land is to be used to expand King Fild's current medical cannabis facilities.