Ohrid Organics - First Purchase Order

Hydrogen Utopia International PLC

05 March 2024

 

Hydrogen Utopia International PLC

 (the "Company" or "HUI")

Ohrid Organics - First Purchase Order 

Hydrogen Utopia International PLC, a company specialising in converting non-recyclable mixed waste plastic into hydrogen and other carbon-free fuels, new materials or distributed renewable heat, is pleased to announce that Ohrid Organics Ltd's ("Ohrid Organics") subsidiary, King Fild DOO ("King Fild") had its first commercial medicinal cannabis harvest in North Macedonia. The harvest amounted to 200kg of which 50kg was used to test King Fild's drying equipment. 150kg of finished goods are now available for sale. A second harvest of approximately 250kg is expected in 2 weeks.

King Fild's first conditional purchase order is with an English distributor, who is anticipated to become King Fild's exclusive UK distributor. The purchase order is for a minimum of 10kg at EURO 2.50 per gram with the potential of orders increasing to 50kg per month depending on King Fild's availability of other genetics. The purchase order is conditional on a certificate of analysis being issued by a state owned North Macedonian laboratory confirming that the product meets, among others, the potency requirements of the purchaser. The certificate of analysis is expected by the end of the month.

Further orders by other purchasers are expected this month.

HUI exercised its option to acquire 49% of Ohrid Organics on 29 December 2023.

Aleksandra Binkowska, CEO of HUI, commented: "I am delighted with Ohrid Organics' first harvest, the interest received to date for the medicinal cannabis flowers and King Fild's first purchase order with a UK distributor. Ohrid's business plan anticipates building strong relationships with different distributors in various jurisdictions. Ohrid's success will contribute to the roll out of the first waste plastic to hydrogen facility which has always been and remains my sole focus."

For further information, please contact: 

Hydrogen Utopia International PLC

Aleksandra Binkowska  

[phone]     

Alfred Henry Corporate Finance Limited (LSE Corporate Adviser)

Nick Michaels/Maya Klein Wassink                                                                         

[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 converting non-recyclable mixed waste plastic into hydrogen and other 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.

 

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