TF Capital is tasked with delivering a roadmap for obtaining permits and licenses, conducting feasibility studies for various potential locations in North Macedonia, developing a comprehensive business plan, financial model, and market entry strategy. Additionally, TF Capital are expected to identify potential customers and investors, including establishing governmental partnerships, prepare a report on securing state aid and subsidies, and manage the overall execution of the project.
HUI will pay a monthly fee of EUR 5,000 from no later than mid-May until the earlier of (i) the expiry of 18 months from the date of the Services and Management Agreement or (ii) until receipt of a building permit for the Proposed HUI Facility. In addition, TF Capital is entitled to 5% of HUI's share in the share capital of the legal entity incorporated for the purposes of owning the Proposed HUI Facility.
Aleksandra Binkowska, CEO of HUI, commented: "I am thrilled to begin our partnership with TF Capital, as they offer a fully integrated solution, from sourcing feedstock and securing land to providing financing and facilitating sales of synthetic gas and hydrogen. While North Macedonia may be small, it is rapidly growing, and we are excited to expand our operations not only within the EU but also beyond its borders. Having avoided the transition to electric buses and currently learning from the challenges faced by other countries in their pursuit of electrification, I believe North Macedonia has a unique opportunity to bypass the conventional shift from diesel to electric buses and leap directly into a hydrogen economy. This collaboration represents a major milestone in our strategic growth, and we look forward to the promising outcomes it will bring."
