Update on HUI’s Engagement with SIRC in KSA

Hydrogen Utopia International PLC ("HUI" or the "Company"), a company holding the right to negotiate access to exclusive licenses for the deployment of InEnTec's proven PEM Melter technology and developing its own technology to convert non-recyclable plastic waste into hydrogen and other low-carbon fuels, is delighted to update investors on its engagement with the Saudi Investment Recycling Company ("SIRC"), as SIRC is undertaking the validation of InEnTec's Technology, represented by HUI in KSA.

SIRC is the Kingdom of Saudi Arabia's national authority for waste management, recycling, and circular-economy development, wholly owned by the Public Investment Fund (PIF). It serves as the central state platform mandated to oversee the transformation of the Saudi waste sector under Vision 2030, shifting the Kingdom from landfill dependency to an integrated, industrial-scale circular economy.

SIRC is responsible for aggregating, organising, and modernising waste streams across all regions of Saudi Arabia, including municipal solid waste, plastics, tyres, construction and demolition waste, and a wide range of industrial waste. It develops strategic recycling, waste-to-energy, resource-recovery and decarbonisation facilities nationwide, while partnering with leading global technology providers. Its mandate includes achieving full landfill diversion by 2035 and supporting national objectives in hydrogen production, industrial competitiveness, and the large-scale development of circular-economy industries.

HUI commenced discussions with SIRC in July 2025. Since then, the relationship has advanced rapidly. A key factor behind the accelerated pace of engagement has been the recent addition of Iman Ramani to the HUI team. As announced in the Company's RNS on 15 September 2025, Imam Ramani joined HUI as its regional lead for the Gulf Cooperation Council, bringing extensive experience, deep governmental and industrial relationships, and proven capability in advancing strategic projects across Saudi Arabia and the wider GCC.

His appointment has been instrumental in enabling the speed and efficiency with which discussions with SIRC progressed, taking the relationship from initial contact in July to SIRC actively conducting the validation process of InEnTech's technology since late September, following HUI's submitted value proposition.

On 29 September, HUI issued a formal letter to SIRC summarising the value proposition and requesting endorsement of the InEnTec technology for deployment in the Kingdom. The letter explained that the plasma-assisted process is capable of producing low-carbon hydrogen at approximately USD 2 per kilogram while simultaneously addressing two of the Kingdom's highest-priority challenges: the treatment of municipal and industrial waste and the decarbonisation of heavy industries.

The letter further detailed the ability of the system to produce a concentrated CO₂ stream suitable for Carbon Capture, Utilisation and Storage (CCUS), potentially supporting Enhanced Oil Recovery (EOR) while also supplying high-purity CO₂ to major national industrial companies such as SABIC.

In addition, during ongoing discussions with SIRC, the potential to deploy the InEnTec technology within Hadeed, the Kingdom's primary steel producer, was identified as another potential application. Such deployment could enable the production of low-carbon steel at a cost below that of the grey steel currently manufactured in Europe. This would give the Kingdom a decisive competitive advantage in global steel markets and establish a commercially viable pathway to large-scale industrial decarbonisation.

The response from SIRC has been exceptionally swift. Shortly after receiving HUI's submission, SIRC moved to technical and commercial evaluation of the InEnTec waste-to-hydrogen technology, which is represented exclusively in the Kingdom of Saudi Arabia by HUI.

This advancement underscores the strong strategic alignment between InEnTec's technology and the Kingdom's Vision 2030 objectives, including landfill diversion, hydrogen production, circular-economy expansion and industrial competitiveness. HUI will continue to cooperate closely with SIRC throughout the upcoming stages of the evaluation process and remains ready to provide any additional engineering, environmental or commercial documentation required.

HUI looks forward to updating the market as discussions with SIRC continue.

Sultan Al-Saif, Executive Director, Saudi Investment Recycling Company, commented: "Having had meetings and information from Hydrogen Utopia, we are now progressing to further steps in the technology validation and business reviews, with a view to InEnTec technology potentially being adopted in the future in the Kingdom of Saudi Arabia."

Iman Ramani, commented: "It has been an honour to work closely with SIRC as they evaluate the potential of InEnTec's waste-to-hydrogen technology for deployment in Saudi Arabia. The speed and depth of engagement reflect both the urgency of the Kingdom's Vision 2030 agenda and SIRC's commitment to world-class solutions. I am proud to support Hydrogen Utopia International in building this strategic relationship and helping bring cutting-edge circular-economy technologies to the Kingdom. I truly believe that this is just the beginning of what we will achieve with our allies in the Kingdom."

Aleksandra Binkowska, CEO of Hydrogen Utopia International PLC, commented:

"I would like to express my sincere thanks to SIRC and especially to Mr Sultan Al Saif for their support in helping to showcase and advance the InEnTec technology within the Kingdom of Saudi Arabia. I firmly believe, as I have said before, that InEnTec's process is a technology the world has been waiting for, and in the Kingdom it represents not only a pivotal solution for the future but a cornerstone in strengthening Saudi Arabia's global leadership in low-carbon technologies. I would also like to extend my gratitude to Iman Ramani for his exceptional work on behalf of HUI in the Kingdom, which has been instrumental in the rapid progress we have achieved."