Hydrogen Utopia announces game-changing RTO of international bio-energy company
London, UK
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February 28, 2024 04:09 AM Eastern Standard Time
Hydrogen Utopia International PLC (LSE:HUI, OTCQB:HUIPF) CEO Aleksandra Binkowska discussed the company's reverse takeover of Helmond Holding Group, which is in the process of changing its name to Essential Energy Holding Group, emphasising the transformational nature of the acquisition.
Helmond operates in the renewable energy sector, focusing on biofuels and bioenergy, with a strong presence in Argentina. The company aims to dominate the bioenergy market and contribute to global decarbonization efforts. With a turnover of $350 million and a conservative profit estimate of $40 million, Helmond's financial health is robust.
Binkowska highlighted the strategic fit between the two companies, noting Helmond's established bioethanol business and recognition of hydrogen as the future of energy. The deal involves a reverse takeover, valuing the combined entity at £500 million.
Shareholders of Hydrogen Utopia will receive both cash and shares in the new company, with additional shares contingent on the success of the technology. Binkowska will remain on the board to ensure the technology's implementation, benefiting from Helmond's resources, including land, utilities, and permits. The deal's completion is anticipated by May or June, pending regulatory approval and due diligence.
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