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Hydrogen Utopia International PLC - London-based developer of technology to convert non-recyclable waste plastics into hydrogen and other clean energy - Backs out of agreement to buy a stake in medicinal cannabis firm Ohrid Organics Ltd, saying involvement in cannabis could harm its business in jurisdictions where it is illegal. Hydrogen Utopia notes in particular negotiations to license its waste conversion technology in the Middle East and Africa, in particular in Gulf Cooperation Council countries, including Saudi Arabia, Oman and the UAE, all of which ban cannabis and impose severe punishments for possession. Hydrogen Utopia says the cancellation of the share purchase is mutually agreed with Ohrid Organics. The two companies had been planning for Hydrogen Utopia to buy 49% stake in Ohrid Organics since the middle of 2023. Ohrid Organics is owned by Howard White, who also is the non-executive chair of Hydrogen Utopia. Instead, Hydrogen Utopia will refocus its business back on its core waste-to-hydrogen technology. ‘Following a period of strategic diversification, brought about by a severe downturn in the European hydrogen market and the underperformance of the EU-led initiative, the company is returning to its roots, refocusing on its core mission of converting plastic waste into hydrogen in a new, high-potential territory, in anticipation and hope that Europe will catch up on its strong hydrogen ambitions,’ the company says. Chief Executive Officer Aleksandra Binkowska adds: ‘The hydrogen market has faced challenges and fluctuations, and the adoption of heavy-duty hydrogen-powered vehicles has been slower than anticipated, as major automobile companies are still weighing their options. In contrast, large-scale decarbonisation of industries such as steel and cement presents a tangible opportunity, as the building sector is robust and nearly impossible to halt, with substantial hydrogen demand driven by the rapid industrial growth in the GCC countries.’ Current stock price: 1.55 pence, up 10% in London on Monday 12-month change: down 59% Copyright 2025 Alliance News Ltd. All Rights Reserved.
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