Proposed development with Romgos Grupa in Poland
Hydrogen Utopia International PLC has signed a memorandum of understanding (“MOU”) with Romgos Gwiazdowscy sp. z o.o. (“Romgos Grupa”) under which the parties have agreed to work together to deploy HUI facilities in Poland and Europe.
Romgos Grupa has extensive experience and expertise in the development and construction of energy and industrial resources infrastructure such as gas transmission pipelines and electrical power lines and has expanded into renewable energy through the building of solar farms, wind farms and energy storage facilities.
Romgos Grupa has agreed to provide funding amounting in total to PLN 3 million through contributing an appropriate property interest upon which to construct an HUI facility and to provide cash investment funding to cover the costs of obtaining the relevant environmental consents or permits or construction permits for a special purpose vehicle (“SPV”) established for the purpose of constructing an initial HUI facility.
Romgos Grupa has also agreed to manage the process on behalf of both itself and HUI of obtaining national or EU grant funding for an SPV established for the purpose of constructing an initial HUI Facility and any subsequent HUI facilities agreed between the parties. Providing or obtaining the balance of any funding required for an SPV will be on a 50:50 basis between Romgos Grupa and HUI.
Romgos Grupa and HUI have also agreed to work together to identify potential sites for HUI facilities, to negotiate and obtain appropriate property interests in those sites, to secure the necessary additional grants, loans or equity funding necessary to finance SPVs, in the planning, permitting, development and construction of HUI facilities and in the identification of potential feedstock suppliers and the identification of potential customers for the hydrogen, syngas, heat or other outputs of HUI facilities .
Aleksandra Binkowska, CEO of HUI, commented: “It is my greatest privilege to start our journey with Romgos Grupa. The story of their business is impressive and their faith in new technologies such as HUI’s is exceptionally heart-warming. In 10 years, they have created a business hiring over 700 people and building pipelines for big players on the Polish market. Their motto written on the wall in their office is: ‘Innovation is about seeing what everyone can see, yet discern something that nobody else managed’.”
Mishel Gwiazdowski, President of Romgos Grupa, commented: “We deeply believe in the hydrogen future, and we are very excited to start our cooperation with Hydrogen Utopia in deploying their innovative plastic waste to hydrogen technology.”