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Hydrogen Utopia International PLC shares jumped on Friday as it said its relationship with Saudi Investment Recycling Co has ‘advanced rapidly’ since it started discussions in July. Shares in Hydrogen Utopia International, or HUI, jumped 34% to 3.08 pence on Friday afternoon in London. The London-based developer of technology to convert non-recyclable waste plastics into hydrogen said SIRC is undertaking the validation of InEnTec technology, which is represented by HUI in Saudi Arabia. SIRC is Saudi Arabia’s national authority for waste management, recycling and circular economy development, and is wholly owned by the Public Investment Fund. In September, HUI issued a formal letter to SIRC summarising the value proposition of InEnTec technology. The firm holds the right to negotiate access to exclusive licenses for the deployment of the technology. During ongoing discussions with SIRC, the firm said the potential to deploy the technology within Hadeed, Saudi Arabia’s primary steel producer, was identified. ‘Such deployment could enable the production of low-carbon steel at a cost below that of the grey steel currently manufactured in Europe,’ HUI noted. Since receiving the submission, HUI said SIRC has moved to technical and commercial evaluation of the waste-to-hydrogen technology. ‘This advancement underscores the strong strategic alignment between InEnTec’s technology and the Kingdom’s Vision 2030 objectives, including landfill diversion, hydrogen production, circular-economy expansion and industrial competitiveness,’ the firm said. HUI said it will ‘continue to cooperate closely’ with SIRC through the upcoming stages of the evaluation process. HUI Chief Executive Officer Aleksandra Binkowska said: ‘I firmly believe, as I have said before, that InEnTec’s process is a technology the world has been waiting for, and in the Kingdom it represents not only a pivotal solution for the future but a cornerstone in strengthening Saudi Arabia’s global leadership in low-carbon technologies.’ Copyright 2025 Alliance News Ltd. All Rights Reserved.
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