Hydrogen Utopia International PLC (LSE:HUI, OTCQB:HUIPF) shares climbed 9% to 1.75p after the company announced it has been granted an Investment Registration Certificate by Saudi Arabia’s Ministry of Investment (MISA), giving it full legal status to operate in the Kingdom.
The approval allows Hydrogen Utopia to establish a branch or subsidiary in Saudi Arabia, hire staff, lease facilities and participate in both government and private-sector projects.
The company said the move positions it to play a role in the country’s push to develop low-carbon technologies under its Vision 2030 programme, which aims to diversify the economy away from oil and accelerate investment in clean energy.
The certificate also gives Hydrogen Utopia access to Saudi government tenders, incentive schemes and potential research collaborations.
Hydrogen Utopia develops technology that converts non-recyclable plastics into hydrogen and other low-carbon fuels, using InEnTec’s plasma gasification process, a proven system for producing hydrogen and syngas from waste materials.
Chief executive Aleksandra Binkowska said: “Securing a MISA Investment Registration Certificate represents a major step forward for HUI. It gives us a formal platform to establish operations in Saudi Arabia and to bring our proprietary circular economy technologies to one of the most ambitious clean energy markets in the world.”
She added that the approval would help the company forge lasting relationships in the region as it works to advance plastic waste-to-hydrogen and decarbonisation projects across the Middle East.