Hydrogen Utopia International PLC on Tuesday said it has agreed to acquire a 49% stake in Ohrid Organics Ltd.

Hydrogen Utopia shares surged 15% to 3.89 pence each on Tuesday afternoon in London.

The London-based operator of facilities that turn non-recyclable mixed waste plastic into hydrogen and other carbon-free fuels, new materials, or distributed renewable heat said it exercised its option to acquire the stake on December 29, with shares expected to be transferred in the first quarter of 2024.

Ohrid Organics is a London-based medicinal cannabis firm.

The firm said dividends from the acquisition are expected to boost its cashflow in 2024 and provide capital for working purposes.

The company also said that it has decided against pursuing projects in Greater Poland due to ‘unexplainable resistance’ from the deputy Marshall Jacek Boguslawski. It said this does not impact its opportunities in other Polish regions.

‘I am grateful that HUI is still standing strong amid difficult markets and that it was given a chance, which it has taken, to fund itself. It can be frustrating to experience delays caused by authorities, even the ones which are in desperate need of a technology such as HUI’s.’

‘Whilst authorities delay, we have noticed an increasing problem with fires caused by hazardous waste dumps. This has brought attention to the hundreds of illegal waste dumps across Poland and Europe generally. We have a solution and believe that governments should be proactive and adopt it, quickly.’

It said it has other pipeline opportunities in Poland, Estonia and Greece.

Copyright 2024 Alliance News Ltd. All Rights Reserved.