KSA Waste Plastics-to-SAF: Illustrative Model

Hydrogen Utopia International PLC ("HUI"), a pioneer in transforming non-recyclable mixed waste into clean hydrogen, carbon-free fuels, advanced materials, and distributed renewable heat, has published a preliminary, indicative business model for large scale sustainable aviation fuel from waste plastics in the Kingdom of Saudi Arabia. The preliminary, indicative business model for large scale sustainable aviation fuel from waste plastics in the Kingdom of Saudi Arabia is reproduced below and will also be available on the website in due course.

Preliminary Indicative Business Model for Large-Scale Sustainable Aviation Fuel (SAF) from Waste Plastics in Saudi Arabia

Hydrogen Utopia International PLC

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Third-Party Information

Certain information may be derived from third-party sources, industry publications, market commentary, or counterparties. Hydrogen Utopia International PLC has not independently verified such information and makes no representation as to its accuracy or completeness.

Executive Summary

This Document sets out a proposed route for deploying waste‑plastic‑to‑SAF production in Saudi Arabia using plasma‑assisted waste‑to‑syngas, high‑spec gas clean‑up and Fischer-Tropsch upgrading. The reference case assumes approximately 200,000 tonnes per year of mixed waste plastics and high‑CV RDF feedstock, a gate fee of around US$50 per tonne, industrial power pricing of approximately US$0.06 per kWh, and a total operating cost of approximately US$35 million per year. Target SAF production is 400,000 to 600,000 barrels per year, with additional diesel, naphtha and wax co‑products. Carbon capture of approximately 95% from relevant process streams is assumed, with neutralised CO₂ handling cost. The project structure assumes Saudi‑backed capital with Hydrogen Utopia International PLC retaining a 20% free‑carry interest.

The Board expects, subject to, among others, due diligence, finalisation of required agreements, and receipt of all necessary permits and approvals, that a project could reach a shovel-ready stage within approximately 15 months under a Saudi-backed capital structure.

Strategic Context

Global SAF deployment is currently dominated by HEFA pathways, which are structurally constrained by feedstock availability. Long‑term aviation decarbonisation targets require scalable non‑biogenic and circular feedstocks. Waste plastics and high‑CV refuse derived fuel offer baseload, year‑round availability without land‑use impact. Saudi Arabia may provide a competitive platform due to low‑cost power, mature industrial infrastructure and national circular‑economy policy alignment.

Technology Concept

The proposed configuration uses oxygen‑blown plasma‑assisted gasification followed by plasma polishing to destroy residual hydrocarbons and tars. Deep syngas clean‑up removes sulphur, halogens, metals and nitrogen species prior to catalytic upgrading. Partial water‑gas shift is applied only to achieve the required Fischer-Tropsch hydrogen‑to‑carbon monoxide ratio, preserving maximum carbon for liquid fuel production. Technology configuration and performance are assumptions only.

Fischer-Tropsch and SAF Maximisation

The Fischer-Tropsch section is configured to maximise wax production followed by hydrocracking and isomerisation to optimise the sustainable aviation fuel cut. Diesel, naphtha and specialty wax fractions remain available as saleable co‑products, improving revenue stability and overall project economics. Actual products and yields will depend, among others, on feedstock composition.

Carbon Capture and Regulatory Positioning

Approximately 95% carbon dioxide capture from water‑gas shift and process streams is assumed. The resulting high‑purity CO₂ stream could be directed to permanent storage or qualified industrial use, supporting alignment with UK and EU sustainability frameworks for SAF export.

Reference Plant Scale and Mass Balance

The reference case considers approximately 200,000 tonnes per year of waste plastics and high‑CV RDF with an average lower heating value of approximately 30 to 33 MJ per kilogram. Target SAF output is 400,000 to 600,000 barrels per year. Order‑of‑magnitude captured CO₂ volume is approximately 500,000 tonnes per year, subject to final configuration and operating severity. Values are indicative only.

Operating Cost Framework - Saudi Case

Total annual operating expenditure is assumed at approximately US$35 million. This includes power at approximately US$0.06 per kWh, oxygen supply from merchant or captive air separation, utilities, maintenance, catalyst replacement, labour and site services. A positive gate fee of approximately US$50 per tonne of feedstock is assumed. Cost assumptions are based on preliminary estimates and will depend on, among others, site selection, logistics and utilities.

Revenue Structure

Primary revenue is derived from SAF sales to domestic and export markets. Secondary revenue streams are generated from diesel, naphtha and wax co‑products sold at prevailing market prices. This diversified product slate is expected to improve project resilience compared with single‑product SAF configurations. Revenue outcomes are subject to, among others, gate fees, market prices, offtake terms.

Project Structure and Financing

The reference structure assumes a Saudi‑anchored project company in which Saudi partners provide construction capital through a combination of equity and interest‑free shareholder loans. Hydrogen Utopia International PLC retains a 20% free‑carry interest. This structure is expected to improve equity returns and accelerates cash generation.Any final project structure and financing would be subject to definitive documentation, regulatory considerations, and approvals as required.

Development Pathway to Final Investment Decision

A realistic development sequence includes site and utility integration studies, feedstock aggregation agreements, airline or strategic offtake memoranda, front‑end engineering and lifecycle assessment, carbon storage alignment, government and strategic investor approvals and final investment decision. Timing and sequencing are indicative only and may change depending on, among others, stakeholder requirements, approvals and permitting.

Competitive Positioning

Compared with HEFA, alcohol‑to‑jet and power‑to‑liquids pathways, waste‑to‑Fischer-Tropsch in Saudi Arabia benefits from scalable feedstock, baseload operation and potentially lower operating cost. The principal technical challenge is syngas cleanliness, mitigated through plasma polishing and high‑specification clean‑up systems. Comparative statements are indicative and depend, among others, on assumptions, location, scale, feedstock pricing, and market conditions.

Strategic Value for Hydrogen Utopia International PLC

The programme could support Hydrogen Utopia International PLC' s positioning within a Saudi based platform of national scale, with the potential to create a repeatable project deployment model and support the establishment of direct relationships with airline and sovereign counterparties.

Key Risks and Mitigation

Key risks include syngas quality, feedstock variability, certification complexity and first of a kind perception. Mitigation measures include conservative clean up design, centralised feedstock aggregation, early lifecycle assessment integration and sovereign backed project participation.

Conclusion

A Saudi waste‑plastic‑to‑SAF platform led by Hydrogen Utopia International PLC is under evaluation and may be technically and commercially viable and strategically aligned with national circular‑economy objectives. Low‑cost power, positive gate fees, high carbon capture rates and a Saudi‑anchored financing structure could support low‑cost scalable SAF competitive unit economics relative to certain alternative SAF pathways, subject to final design, certification, market conditions and financing terms.

Financial Indicative Outline - subject to FEED validation

Hydrogen Utopia International PLC (HUI) - KSA Waste‑to‑SAF Project

Executive Summary

HUI is assessing a potential 200,000 tonne per annum waste‑plastic and RDF to SAF facility in the Kingdom of Saudi Arabia. The base case assumes 400,000-600,000 barrels per year of SAF using oxygen‑blown plasma gasification, deep syngas clean‑up and Fischer‑Tropschsynthesis with downstream upgrading.

The project is configured to target capture of approximately 95% of process CO₂ and generate additional revenues from renewable diesel, naphtha and wax co‑products.

Indicative preliminary modelling suggests annual revenues of USD 105-155 million and EBITDA of USD 80-130 million.

Base Case Technical Configuration and Throughput

Total projected capex: USD 800m

Annual feedstock throughput: 200,000 - 250,000 tonnes

Feedstock type: mixed waste plastics and RDF

Gasification: oxygen‑blown plasma‑assisted system

Hydrogen source: internal syngas processing only (no electrolysis)

Carbon capture rate: target of approximately 95% of process CO₂

CO₂ captured: approximately 500,000 tonnes per annum (high‑purity stream)

All throughput and yield estimates are indicative

Production Volumes

SAF production range: 400,000 - 600,000 barrels per annum

Renewable diesel and naphtha: approximately 18,000 - 25,000 tonnes per annum (combined)

Wax and heavy fractions: approximately 3,000 - 5,000 tonnes per annum

All throughput and yield estimates are indicative

Commercial Assumptions

Gate fee: USD 50 per tonne of feedstock

Annual gate fee revenue: USD 10.0 million

Electricity price: USD 0.06 per kWh

Total annual operating expenditure (OPEX): USD 35 million

Includes utilities, oxygen supply, labour, maintenance, catalysts, consumables and site services

Assumptions are subject, among others, to site selection, strategy, logistics and counterparties.

Product Pricing Assumptions

SAF sales price (base modelling range): USD 200 - 250 per barrel

Renewable diesel and naphtha blended average price: USD 700 - 900 per tonne

Wax blended average price: USD 900 - 1,200 per tonne

CO₂ sales price: excluded from base case

Annual Revenue Breakdown - Base Case

SAF revenue (low case - 400 kbbl at USD 200/bbl): USD 80.0 million

SAF revenue (high case - 600 kbbl at USD 250/bbl): USD 150.0 million

Co‑product revenue range: USD 25 - 35 million

Gate fee revenue: USD 10.0 million

Total revenue range: USD 105 - 155 million

Revenue outcomes are subject, among others, to product specification, gate fees, market prices, and offtake agreements.

Operating Cost Breakdown (Indicative)

Power and utilities: USD 10.5 million

Oxygen supply / ASU or merchant supply: USD 6.0 million

Catalysts and chemicals: USD 4.0 million

Operations and maintenance labour: USD 6.5 million

Maintenance and spares: USD 5.0 million

General site and administration: USD 3.0 million

Total OPEX: USD 35.0 million

Cost breakdown is indicative and may change materially

Indicative EBITDA

Low case EBITDA: USD 105m revenue - USD 35m OPEX = USD 70 million

Base case EBITDA: approximately USD 95 million

High case EBITDA: USD 155m revenue - USD 35m OPEX = USD 120 million

EBITDA figures are outputs from indicative modelling and are not a profit forecast, earnings guidance or estimate of future performance

Carbon Capture and CO₂ Volumes

Process CO₂ generated: approximately 525,000 tonnes per annum

Captured CO₂ at 95%: approximately 500,000 tonnes per annum

Transport and storage costs: excluded from base case CO₂ revenue: excluded from base case

CO₂ handling, transport, permitting and storage arrangements would be required where applicable and could materially affect overall economics

Capital Structure and Funding Assumptions

Total project CAPEX: not fixed at this stage (pre‑FEED)

Saudi strategic partner contribution: 60% of CAPEX as equity

Shareholder loan: 40% of CAPEX as interest‑free loan for 8 years

Refinancing assumption: loan refinanced or repaid at year 8 at 6% cost of debt

HUI equity position: 20% free‑carried project equity

Illustrative only and; subject, among others, to negotiation and definitive documentation

Illustrative Annual Cash Generation (Project Level)

EBITDA low / base / high: USD 70m / 95m / 120m

Assumed sustaining capex and corporate overhead: excluded at this stage

Debt service: nil during first 8 years (interest‑free loan)

Illustrative only; project-level cash flows will depend, among others on CAPEX, working capital and financing terms

Sensitivity Analysis - EBITDA Impact

SAF price ± USD 20 per barrel:

• At 500 kbbl midpoint, revenue impact ± USD 10.0 million per annum

Co‑product pricing ± USD 5 million per annum directly impacts EBITDA by ± USD 5 million

OPEX +10% increases operating costs by USD 3.5 million and reduces EBITDA by the same amount

Strategic and Financial Significance to HUI

At the base case EBITDA of approximately USD 95 million, HUI's 20% free‑carried interest corresponds to an attributable EBITDA of approximately USD 19 million per annum before any corporate costs or upstream structuring effects.