Updated Financial Information - Essential Energy

The information contained within this announcement is deemed by the Company to constitute inside information stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018.  Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.

Hydrogen Utopia International PLC

 (the "Company" or "HUI")

Updated Financial Information for Essential Energy Holding Group Corp.

Hydrogen Utopia International PLC, a company specialising in turning non-recyclable mixed waste plastic into hydrogen and other carbon-free fuels, new materials or distributed renewable heat, informs the market that further financial information has now been provided by Essential Energy to the Company in relation to Essential Energy Holding Group Corp. (formerly, Helmond Holding Group Corp.) ("Essential Energy").

HUI signed heads of terms with Essential Energy on 23 February 2024 for the proposed acquisition of the entire issued share capital of Essential Energy ("Proposed Acquisition").

The two announcements of 26 February 2024 reported Essential Energy as 'a substantial and profitable international bio-energy company with revenues in excess of EUR365m and profits before taxes of EUR40m'. The announcements reflected the financial information provided to HUI by Essential Energy, signed by the CEO (UBO) and CFO. Subject to due diligence, a number of conditions including an independent valuation, the parties agreed a price of approximately £500m for the Essential Energy group.

Financial information now received raises a number of queries. The Company is making continued enquiries.

The further financial information provided is such that it could have a material effect on the valuation of Essential Energy. The parties are exploring this further.

There can be no guarantee at this stage that the Proposed Acquisition will complete nor as to the final terms of the Proposed Acquisition.

The Company will make further announcements, as appropriate.

For further information, please contact: 

Hydrogen Utopia International PLC

Aleksandra Binkowska           

+44 20 3811 8770     

Alfred Henry Corporate Finance Limited (LSE Corporate Adviser)

Nick Michaels/Maya Klein Wassink                                                  

+44 20 3772 0021

Novum Securities Limited (Broker)                                                                    

Jon Belliss/Colin Rowbury                              

+44 20 7399 9400

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 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.