Hydrogen Utopia International PLC (LSE:HUI, OTCQB:HUIPF) CEO Aleksandra Binkowska and Powerhouse Energy Group PLC (AIM:PHE) CEO Paul Emmitt join Proactive's Stephen Gunnion with details of their joint venture to develop a facility in Longford, Republic of Ireland, for converting non-recyclable plastic waste to hydrogen.
The CEOs discussed the strategic significance of the project. Longford, identified through the EU's Just Transition Fund for its high unemployment and demand for hydrogen, presents a promising opportunity. The city, historically industrial with varied factories including a closed denim factory, has faced economic decline and job losses. The project aims to revitalise Longford, leveraging the site's advantages such as its location, existing industrial infrastructure, and the supportive community.
The joint venture entails Powerhouse Energy providing engineering expertise and Hydrogen Utopia International contributing the site, with the partnership structured around equal financial contributions and shared development responsibilities.
Commercial terms include a €100,000 initial payment from Powerhouse Energy to Hydrogen Utopia International, followed by shared development costs and further payments upon achieving project milestones. The project's approach is technology-agnostic, deferring the decision on which hydrogen technology to deploy until necessary approvals are secured to ensure project viability.
The next steps focus on community engagement, educating Longford's residents about hydrogen technology's benefits and potential job creation. The CEOs also highlighted ongoing efforts to secure additional funding and grants. The collaboration signifies a move towards sustainable energy solutions, aiming to demonstrate a successful model for similar projects in Europe.
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