Development Status

• Pre-feasibility study completed in 2022, establishing technical and commercial viability
• Standalone micro-hydrogen plant designed to convert free-flow wastewater into hydrogen for local distribution
• Provides a pragmatic entry point into the emerging hydrogen sector through a modular, scalable approach
• Project economics demonstrate strong potential, with c. £35m CAPEX, projected FCF of £27m, NPV (8%) of £12m, and IRR of ~40% (based on a 75% equity model)
• Development currently paused pending external funding and optimisation of retained equity position

• Repurposing and capitalisation of brownfield acreage for energy production
• Integration of proven, modular technologies with secured long-term, fixed-cost electricity and consistent waste feedstock supply
• Potential upside from gate fees associated with third-party wastewater intake

• 50% government-backed pilot, with local transport offtakers engaged
• Initial production target of ~2,000 tonnes per annum of clean hydrogen, supplied directly to market under predictable pricing structures
• Scalable, repeatable model with potential to expand to ~200,000 tonnes per annum through phased “copy-paste” deployment