Hydrogen Utopia said it was pleased with its progress in Europe during 2023.
A joint venture was agreed with Powerhouse Energy Group to develop a waste plastic to hydrogen plant in Ireland alongside a grant to reimburse expenditure up to €450,000.
“Outside Europe, we are now exploring two avenues to fund, in whole or in part, a waste plastic to hydrogen project,” said Simon Mann, chairman.
That would be “either through the acquisition of a substantial minority stake in a medical cannabis cultivator in North Macedonia expected to generate substantial cash flows, or by virtue of the potential acquisition by a reverse takeover of a substantial and profitable international bio-energy company”, he added.
Losses for the year to end December 2023 were £1.4 million (£1.49 million).