In order to convert waste plastic into hydrogen, Hydrogen Utopia proposed a joint development with Romgos Grupa for facilities in Poland.
A memorandum of understanding has been signed by Romgos Gwiazdowscy and Hydrogen Utopia International PLC, a company that specializes in converting non-recyclable mixed waste plastic into hydrogen and other carbon-free fuels, new materials, or distributed renewable heat. The parties have agreed to cooperate to deploy HUI facilities in Poland and throughout Europe.
The development and construction of energy and industrial resource infrastructure, such as gas transmission pipelines and electrical power lines, is a specialty of Romgos Grupa, which has also branched out into the development of renewable energy through the construction of solar farms, wind farms, and energy storage facilities.
Romgos Grupa has agreed to contribute a suitable property interest on which to build a HUI facility and to provide cash investment funding to cover the costs of obtaining the necessary environmental consents or permits or construction permits for a special purpose vehicle (“SPV”) established for the purpose of building an initial HUI facility, for a total contribution of funding totaling PLN 3 million.
Romgos Grupa has also undertaken to manage the procedure for securing national or EU grant money for an SPV established with the intention of building an initial HUI Facility and any additional HUI facilities agreed upon by the parties on behalf of both itself and HUI. Romgos Grupa and HUI will share equally in providing or collecting the remaining capital necessary for an SPV.
Romgos Grupa and HUI have also agreed to collaborate on identifying potential locations for HUI facilities, negotiating and acquiring the proper property interests in those locations, obtaining the additional grants, loans, or equity funding necessary to finance SPVs, planning, approving, developing, and building HUI facilities, as well as identifying potential feedstock suppliers and customers for the hydrogen, syngas, and other fuels.
