Appointment of Executive Director

RNS Number : 8576H

Hydrogen Utopia International PLC

11 April 2022

 

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11 April 2022

Hydrogen Utopia International PLC

(the 'Company' or 'HUI')

Appointment of Executive Director

Hydrogen Utopia International PLC (AQSE:HUI), a company pioneering non-recyclable waste plastics to hydrogen technology, is pleased to announce the appointment of Howard White to the Board as an Executive Director with immediate effect.

Howard is a highly motivated and experienced entrepreneur with a broad skillset, latterly with a particular focus on alternative low carbon energy. Howard began his business career in 1973 in mainframe computing systems, progressing to the turn arounds of distressed businesses acquired from public limited companies. In 1987, Howard became a director and major shareholder of Christy Hunt Plc, a small UK listed engineering company, where he oversaw the substantial acquisition of Deritend Stamping Plc, a company engaged in high grade aluminium castings.  Howard was responsible for group operations, until Christy Hunt was acquired by Triplex Lloyd plc.

Howard subsequently became a director and major shareholder of Stanelco PLC, a listed radio frequency application group. In 2006, Howard founded AFC Energy to purchase assets relating to alkaline fuel cell technology and the business listed on AIM in 2007. In 2008, Howard founded Waste2tricity Ltd, a technology company originally involved in developing a method of producing hydrogen from waste, which was sold to Powerhouse Energy PLC ("PHE") for £55 million in a share for share deal in 2020. Consequently, Howard and various members of his family together own 24.67% of PHE's ordinary shares.

The following information is disclosed pursuant to rule 4.9 of the AQSE Growth Market Access Rulebook.

Current Directorships/partnerships	Previous Directorships/partnerships
Orison IO Ltd	Epoque Services Incorporated Limited
The Plastic Neutrality Pledge	Waste2Tricity (Protos) Ltd
War on Climate Change	Harley Street Care Limited
	Waste2Tricity Ltd
	Clean Energy Solutions Africa
	Gateway Cuba Limited
	The Longford Wire Company

Howard had a bankruptcy order made against him in 2009. The bankruptcy was in relation to an outstanding loan to Barclays Bank PLC secured by a pledge of shares. The financial crisis led to a substantial devaluation of the shares and Barclays Bank PLC called in the loan. The loss to creditors was approximately £2 million.

In 2018, Howard was appointed a director of Harley Street Care Limited shortly after the appointment of an administrator. The company was dissolved and the loss to creditors was under £400,000.

Howard was a director of Zeldavale Limited when a liquidator was appointed in 1984. The company could no longer continue to trade due to  its outstanding liabilities. The loss to creditors is estimated to have been under £500,000.

Howard White holds 14,905,333 ordinary shares in the Company and 13,333,333 warrants to subscribe for new ordinary shares of the Company; 13,333,333 of the ordinary shares and all of the warrants were acquired as part of the Company's AQSE IPO. Except as set out above, there is no further information regarding Howard White that is required to be disclosed pursuant to rule 4.9 of the AQSE Growth Market Access Rulebook.

Guy Peters, Chairman of HUI, commented:

" Howard has been a strategic adviser to HUI almost since its inception and his appointment to the Board recognises the valuable contribution he has made to the development of the business to date.

Howard's knowledge of and contacts within the low carbon energy and hydrogen community will be invaluable in taking HUI forward."

The Directors of the Company take responsibility for this statement.

For more information about the Company, please refer to our website: www.hydrogenutopia.eu

For further information please contact:

Hydrogen Utopia International PLC

Aleksandra Binkowska/Guy Peters 

[phone] 

Alfred Henry Corporate Finance Limited (AQSE Corporate Adviser)

Jon Isaacs 

[phone]

Novum Securities Limited (Broker)                                                                   

Jon Belliss/Colin Rowbury     

[phone]

About Hydrogen Utopia International PLC

HUI aims to become one of the leading new European companies specialising in turning non-recyclable mixed waste plastic into carbon-free fuels, new materials or distributed renewable heat.

A HUI facility uses non-recyclable mixed waste plastic as feedstock and turns it into syngas from which new products and energy can be produced. HUI anticipates that its revenues will be derived from a variety of sources, dependent upon location and configuration of the HUI facilities, including the sale of syngas, hydrogen and other gases, electricity and heat sales, and the payment to it of fees for a given quantity of non-recyclable mixed waste plastic received at a HUI facility.

HUI will target areas where there is significant private sector interest or potential, financial backing is accessible and or where substantial EU and/or government funded sources of grants and loans are or may be available. The global increase in fossil fuel-based energy prices reinforces the need for alternative, price competitive energy sources, which HUI's business model can provide.

HUI's initial strategic focus is to work closely with Powerhouse Energy Group plc to create a project pipeline of HUI facilities.

The pressing need to deal with growing amounts of waste plastic combined with a real momentum in the use of hydrogen from renewable sources may pave the way for a rapid deployment of and investment in HUI facilities .

 

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