LONDON: Hydrogen Utopia International PLC (HUI), a pioneer in converting waste plastic into clean energy, has announced a reverse takeover deal with Helmond Holding Group Corp. (HHG), a leading bio-energy company based in the British Virgin Islands.

The merger will combine HUI’s innovative technology that transforms non-recyclable mixed waste plastic into hydrogen and other carbon-free fuels, new materials or distributed renewable heat, with HHG’s proven expertise in producing biofuels from various feedstocks.

The Directors of both companies believe that the merger will create a strong and diversified company that will be a dominant player in the global markets for both biofuels and hydrogen, two of the most promising sources of renewable energy.

The deal is subject to the approval of the shareholders of HUI and HHG, as well as the regulatory authorities. The re-admitted company will trade under a new name and ticker symbol, which will be announced in due course.