Hydropolis United and Elkard sp z.o.o. have signed a memorandum of understanding (MoU) to create a plastic waste processing plant that will generate hydrogen, electricity, and heat.
Hydrogen Utopia International (HUI) is a technology pioneer in the field of converting non-recyclable waste plastics into hydrogen, and Hydrofoils United is one of HUI’s subsidiaries.
Under the terms of the MoU, Elkard and Hydropolis have committed to immediately beginning work on planning for and creating a HUI Plant. This includes, but is not limited to, locating an appropriate site, working together to seek European or national grants or subsidies for the construction of the plant, and preparing environmental reports and ancillary documentation.
HUI expects the parties to form a special purpose vehicle for the financing and operation of the HUI plant, with costs to be split between Elkard and Hydropolis.
Elkard has been in the business of developing and implementing electrical and power systems for municipalities, businesses, and homes since 2014.
Over 90% of the 368 million metric tons of plastic produced year winds up in the world’s waterways. By 2050, there will be more plastic than fish in the ocean if current trends continue.