Hydrogen Utopia International PLC Ohrid Organics DOO Update

RNS Number : 8629U

Hydrogen Utopia International PLC

28 January 2025

 

 

  

 28 January 2025

 

Hydrogen Utopia International PLC

 (the "Company" or "HUI")

 

Ohrid Organics DOO Update

 

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, is pleased to announce that Ohrid Organics DOO has published an update on its website. The update is reproduced verbatim below.

HUI has exercised its option to acquire 49% of Ohrid Organics Ltd., the holding company of Ohrid Organics DOO.

 

Ohrid Organics DOO moves into profitability in January 2025

Ohrid Organics DOO has to date sold and/or traded a total of €500k of product.

Ohrid Organics DOO is now back on track after what effectively became a year of R&D to refine genetics and growing methods. Under new management, the company has established a fully functional commercial facility producing high-quality, sun grown cannabis (supplemented by Fluence lighting) achieving initially approximately 150 kg per crop. Current sales range between €1,500-2,000/kg. The company anticipates higher pricing in the region of €2,500-3,000/kg as soon as GMP is obtained.

Five greenhouses are now in full operation, with a sixth being prepared for future production. Progress continues on the permitting and construction of an expanded post-harvest facility. Ohrid Organics DOO is currently seeking a £5 million fundraise to maintain momentum without impacting 2025 cash flow.

 

Howard White, Executive Director of HUI and shareholder and director of Ohrid Organics Ltd, commented: "With the addition of a new trading contract, Ohrid Organics DOO is seeing a notable boost in profits, enabling the company to repay its obligations to HUI. In the near term, it is projected that improved harvest yields will drive revenues up by one-third."

For more information about the Company, please refer to our website: www.hydrogenutopia.eu 

For further information please contact: 

 

Hydrogen Utopia International PLC

Aleksandra Binkowska                       

[phone]     

 

Alfred Henry Corporate Finance Limited (AQSE 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 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.

 

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