Laytons ETL have advised Hydrogen Utopia International PLC (HUI) on its admission to the AQSE Growth Market. HUI plans to develop facilities around continental Europe which will turn non-recyclable waste plastic into carbon-free fuels, including hydrogen.
HUI has been admitted to the “Access” segment of the AQSE Growth Market. The initial public offering raised gross proceeds of £3m and valued the business at approximately £28.8m.
The broker was Novum Securities Limited and the AQSE Corporate Adviser is Alfred Henry Corporate Finance Limited. The Alfred Henry team, with whom we worked closely, included director Jon Isaacs and legal consultant Maya Klein Wassink.
Our team advising HUI on the fundraising and its commercial agreements was led by Dimitri Iesini. It also included corporate partners Cameron Sunter and John Gavan, associate partner Kathryn Beasley, and trainee solicitors Li Ann Chew and Rachel Weir.
Dimitri Iesini said:
“The technology being promoted by HUI addresses two of society’s most urgent problems: how to dispose of non-recyclable plastic waste and how to produce clean, carbon-free fuels and energy. This fundraising will enable HUI to embark on the next stage of their business plan, and I look forward to watching their progress.
The AQSE market is ideal for companies like HUI. It provides support for earlier-stage companies and its three-segment structure caters for growth businesses at various stages of their development.
It is a great alternative to private equity, and provides one of the lowest-cost routes to the markets. I would not be surprised to see a lot more companies joining it over the months to come.”
HUI is a licensee of the DMG technology developed by Powerhouse Energy Group plc, which turns mixed plastic waste into syngas, hydrogen, electricity and renewable heat. It has the exclusive rights to this technology in Poland, Greece and Hungary, and non-exclusive rights to deploy it worldwide outside of the UK.
The company, which has its corporate headquarters in London, now intends to focus on creating a project pipeline of HUI facilities, commencing with a facility in Konin, Poland. This will employ DMG technology and act as a reference site for other deployments.
The funds raised by the IPO will also provide working capital and enable HUI to invest in marketing and business development.
Aleksandra Binkowska, chief executive officer of Hydrogen Utopia International PLC, said:
“Any IPO is an exciting yet inevitably stressful process, and always a bumpy ride. Dimitri was a shield to protect the Company and me through all the uncertain times.
Dimitri and his team at Laytons ETL provided professional, knowledgeable legal assistance but, furthermore, they offered a human approach in the most doubtful, stressful and unexpected moments. I would recommend Dimitri and his team to any Company with a mission.”
