Hydrogen Utopia (HUI.L)

hydrogen utopia

Hydrogen Utopia PLC (HUI.L) presents a strong opportunity in the growing hydrogen economy and circular economy sectors, supported by favourable global trends in decarbonisation, waste-to-energy solutions, and sustainable infrastructure. Its innovative approach to converting non-recyclable plastic waste into hydrogen and clean fuels creates a differentiated and scalable business model.

As the company progresses toward commercial deployment, continued project execution, strategic partnerships, and international expansion are expected to support long-term growth. Positioned at the intersection of clean energy, hydrogen production, and waste management, Hydrogen Utopia is well aligned with increasing policy support and demand for low-carbon solutions, enhancing its visibility as an emerging player in the global energy transition.

  +44 20 7419 7928

Value Range, Wednesday, 08 April 2026

Intrinsic Price GBp 14.34
Value Range Low GBp 13.99
Value Range High GBp 14.70
Implied MCAP (GBp) 75.48
Implied EV (GBp) 76.09
LSE HUI.L
Financial YE 31-Dec
Currency GBP

Business Activity

comWaste to Energy using plasma arc melting & unsorted wasteNet

Key metrics

Close Price GBp 2.70
MCAP (£m) 11.68
Net Debt (Cash) (£m) 0.60
EV (£m) 12.28
52 Wk Hi GBp 4.30
52 Wk Lo GBp 0.87

Key ratios

Net Debt / Equity Value %
FX Rate USD/GBP 0.74

Utilities Sector Research
LSE ES Transition ‘Index’
Analyst Team
+44 20 7419 7928

energy@acfequityresearch.com

HUI multiples tables

Company Overview

Hydrogen Utopia International Plc (HUI.L : LSE) is expecting to deliver Sustainable Aviation Fuel (SAF) in Saudi Arabia (KSA) by 2028. SAF is a ‘green fuel’ (feedstock H2). There are policy mandated markets and ‘forced buyers’ for HUI’s H2 feedstock and products. HUI’s H2 is derived from unrecyclable unsorted plastics in a waste to energy (WtE) process using a commercially proven (TRL9) super high heat plasma and plasma polishing technology licensed exclusively to HUI for MENA, from InEnTech. The target markets are airlines (forced’ buyers SAF) and heavy industry, such as steel. HUI’s starting market is now to be… To read more download note

Licenses commercially (TRL9) proven plasma melt tech for MENA

HUI commissions EPC to construct the plant and takes 20% carry

KSA moves faster than EU and has huge WtE plastics feedstock

A first HUI.L KSA deal seems likely within 3 months

KSA is committed to unrecyclable plastic waste cleanup and SAF

CIEL (lighter line) vs. SEMDEX market price relative

Investment Case

Hydrogen Utopia (HUI.L : LSE) HUI has pivoted. It is repositioning into a Saudi-led (KSA), partner-funded deployment platform licensing a proven InEnTec plasma-enhanced waste conversion (converts any unsorted waste to syngas) TRL9 technology. HUI is seeking to monetize its MENA exclusive InEnTec PEM license via strategic non-dilutive SPV project participation in Saudia Arabia’s large-scale circular-economy and address its SAF opportunities initially.

Key technology – HUI’s strategic pivot – HUI has an exclusive MENA region license for InEnTec’s Plasma Enhanced Melter (PEM) TRL9 technology. PEM is a commercially deployed patented system, capable of processing complex, non-recyclable waste into high-purity syngas and via Fischer Tropf, into syngas hydrogen derived fuels such as Sustainable Aviation Fuel (SAF). The core HUI proposition to the KSA is a standardised, industrial-scale TRL9 technology deployment. HUI explicitly frames the move as a shift away from small or pilot-tech initiatives toward large infrastructure aligned with KSA’s circular economy industrial decarbonisation priorities, including hard-to-abate (difficult to decarbonise) sectors such as, aviation, cement, steel, shipping, heavy transport.
Product/platform pipeline – HUI is expanding downstream value beyond H2 into SAF and advanced fuels. HUI is using syngas-derived H2…To read more download note

HUI Catalysts

Regulatory and institutional milestones

MISA Investment Registration Certificate

RDIA endorsement (announced 2 Dec 25)

Hydrogen Systems MoU (6 Jan 26)

SIRC MoU (Jan 26) for SAF

Established HUI KSA

Straights of Hormuz closure – needed for alternative energy logistics.

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I am a financial analyst, entrepreneur, professionally qualified equestrian and amateur eventer. Amongst others, I trained as a financial analyst at Global US based fund manager Legg Mason Investors and have been head of Technology and Media Equity Research at Bryan Garnier, a pan-European investment bank and brokerage.

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I have managed over 20 IPOs in the US, UK and Europe from small to large cap, I am proud to be ACF Equity Research’s Non-Executive Chairman.

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During my more  thann  20 IPOs and secondary raisings I have brought in well in excess of £600m.

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I am a life science communications expert and former life sciences CEO (large to start-up). He graduated in microbiology and lectured to science undergraduates in both the UK and Nigeria. He joined the pharmaceutical industry, working in a number of senior sales, marketing and clinical roles for Glaxo, SmithKline and Wellcome in the UK and overseas.

Appointed IR Manager for Wellcome, I helped organise its global roadshow for a £2.4bn secondary offering.

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Joining ACF at its founding I started in financial services in 2007 on the sell-side with ORACA, a large-cap independent equity research business that changed the industry. Before financial services I was a highly successful and rapidly promoted young manager in manufacturing and have worked closely at board level for over 15 years with SMEs in the City and in other financial markets.

I co-run ACF with our MD, as Head of Operations, responsible for driving profitability and developing and designing processes and managing projects for ACF and for client partners to allow our portfolio of businesses to grow. I am bilingual English/Romanian, read Italian and am working towards my accountancy ACCA qualification with AAT.

I love to relax by making time for my favourite out-of-hours activity – photography – taking my first formal nature course in May 2018. I have a keen understanding and interest in horses, though not a rider, this is combined with a life-long love of polo.

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My interest in ESG and sustainability is focused on raising awareness and achieving practical and workable solutions to the climate crisis we are facing. I enjoy spending my free time with family and friends, watching cricket, theatre and film.

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Richard Calvert

Director, Distribution & Service

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