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Hydrogen Utopia International PLC gets warm welcome on first day of AQSE trading

The shares quickly jumped in early trading from its 7.5p inception price, rising above 14p by midday

Hydrogen Utopia International PLC (HUI), a company that is partnering with Powerhouse Energy Group PLC (AIM:PHE, ETR:BT81) aims to turn non-recyclable waste plastics into hydrogen in several European countries, saw its shares surge higher as it began trading on London’s AQSE Growth Market today.

Under the ticker ‘HUI’, the company has been admitted to the access segment of AQSE after an initial public offer where it raised £3mln before expenses at a price of 7.5p.

The shares quickly jumped in early trading, rising above 14p by midday.

It said its cash resources and fundraising proceeds will help fund the pre-build costs of a production facility, marketing and business development, and working capital.

HUI owes a sum to Powerhouse Energy for the exclusive use of its technology in Greece, Hungary, and Poland.

“In [15 months], we have established our presence across the European continent and we have created strong alliances, including those with Linde and Sweco, two of the most prominent companies in the sector,” said HUI chief executive Aleksandra Binkowska.

Executive chairman Guy Peters said: “We are pioneering the use of technology to turn non-recyclable waste plastics into hydrogen – addressing the major environmental threat posed by waste plastic and providing alternative energy sources which are not dependent upon the use of coal, natural gas, oil, and fossil fuel-derived electricity.”

On admission, HUI had a market capitalisation of roughly £28.8mln based on the IPO issue price but had reached nearly £55mln by lunchtime.

Read More: Hydrogen Utopia International PLC gets warm welcome on first day of AQSE trading

2022-01-06 08:07:00

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