Hydrogen Utopia International PLC on Tuesday named its proposed acquisition target as Helmond Holding Group Corp, which is in the process of renaming itself to Essential Energy Holding Group Corp.

This confirmed Hydrogen’s announcement on Monday that it was considering a reverse takeover for an unnamed company worth £500 million.

Hydrogen Utopia is a London-based operator of facilities which turn non-recyclable mixed waste plastic into hydrogen and other carbon-free fuels, while Helmond is a ‘substantial and profitable’ international bio-energy company incorporated in the British Virgin Islands, according to Hydrogen Utopia.

Hydrogen Utopia said it expects the development of its waste plastic to hydrogen technology combined with Helmond’s ‘established biofuels production business will lead to the re-admitted company becoming a dominant player not only in the biofuels but also in the hydrogen market.’

Shares in Hydrogen Utopia were down 22% at 9.45 pence each in London on Tuesday afternoon.

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