Hydrogen Utopia International PLC (LSE:HUI, OTCQB:HUIPF) shares jumped 20% in Friday's trade as it gave investors an update on its engagement with the Saudi Investment Recycling Company.
The company said SIRC has begun validation of InEnTec’s waste-to-hydrogen technology in Saudi Arabia.
Discussions started in July 2025 and have progressed quickly following the appointment of Iman Ramani as HUI's regional lead for the GCC.
On 29 September 2025, HUI submitted a formal value proposition to SIRC for the technology, which converts plastic waste into low-carbon hydrogen. The company highlighted potential deployment at steelmaker Hadeed, offering a route to lower-cost, low-carbon steel production in the Kingdom.
SIRC is responsible for transforming Saudi Arabia’s waste sector under the kingdom's 'Vision 2030' project. Its remit includes achieving full landfill diversion by 2035 and supporting hydrogen development.
The current evaluation phase aligns with the country’s industrial decarbonisation goals.
“I would like to express my sincere thanks to SIRC and especially to Mr Sultan Al Saif for their support in helping to showcase and advance the InEnTec technology within the Kingdom of Saudi Arabia,” said Aleksandra Binkowska, CEO of Hydrogen Utopia International.
In London, HUI shares were up 20.8% changing hands at 2.78p, having seen as high as 2.8p in earlier trade.