Fusion Fuel Projects Approved to Receive Financing Awards from Portugal’s C-05 Mobilizing Agendas for Business Innovation
June 23 2022 - 3:30AM
Earlier this week, in a ceremony presided over by Portugal’s Prime
Minister and the Minister of the Economy, it was announced that the
three projects submitted by Fusion Fuel to Component 5 of
Portugal´s Recovery and Resilience Plan, one led by Fusion Fuel and
the other two led by large Portuguese companies, were selected by
the Agenda Coordination Commission to advance to the final
negotiation of financing awards.
Commenting on the selection, Joao Wahnon, Fusion Fuel’s Head of
Business Development said, “Last September a total of 146 projects
were submitted to Component 5 and only five projects which involve
the production of green hydrogen were selected for financing
awards. We are very proud that of those five, our three projects
were approved and that they will all be powered by our HEVO-Solar
technology.”
One of those selected is the “Sines Green Hydrogen Valley”
project led by Fusion Fuel, with a total investment value of €160
million. This project, in the region of Sines, will require 3,600
HEVO-Solar units—equivalent to 90 MW of electrolyzer capacity—to be
installed from 2024 to 2026. The green hydrogen to be produced is
expected to be used in decarbonizing local industry and for
blending into the natural gas grid.
In addition, Fusion Fuel is included in two of the other
selected projects. The Fusion Fuel component of these projects is
approximately 7.5 MW of electrolyzer capacity, requiring around 300
HEVO-Solar units, with installation planned for 2024 to 2025. The
green hydrogen to be produced will be used for mobility and
industrial applications. Fusion Fuel’s participation in these
consortia underscores its strategic focus on the hydrogen mobility
opportunity and builds on the integrated solution it has developed
for on-site green hydrogen production and refuelling that it is
building for Exolum in Madrid, Spain.
Mr. Wahnon concluded, “We are thrilled to be a key player in
Portugal´s energy transition and strategic push into the green
hydrogen ecosystem. These Mobilizing Agendas, coupled with Fusion
Fuel´s disruptive technology, will contribute to making Portugal´s
vision of being a leader in energy transition a reality.”
About Fusion Fuel Green PLC
Fusion Fuel is an emerging leader in the green hydrogen sector
committed to accelerating the energy transition through the
development of disruptive, clean hydrogen technology. Fusion has
created a revolutionary, integrated solar-to-hydrogen solution that
enables off-grid production of hydrogen with zero carbon-emissions.
Fusion Fuel’s business lines include the sale of electrolyzer
technology to customers interested in building their own green
hydrogen production, the development of turnkey hydrogen plants to
be owned and operated by Fusion Fuel, and the sale of green
hydrogen as a commodity to end-users through long-term hydrogen
purchase agreements. For more information, please visit
https://www.fusion-fuel.eu
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forward-looking statements largely on its current expectations and
projections about future events and financial trends that Fusion
Fuel believes may affect its financial condition, results of
operations, business strategy and financial needs. Such
forward-looking statements are subject to risks (including those
set forth in Fusion Fuel’s Annual Report on Form 20-F, filed with
the Securities and Exchange Commission on May 14, 2021) and
uncertainties which could cause actual results to differ from the
forward-looking statements. Any forward-looking statement made by
Fusion Fuel herein speaks only as of the date on which it is made.
Factors or events that could cause our actual results to differ may
emerge from time to time, and it is not possible for Fusion Fuel to
predict all of them. Fusion Fuel undertakes no obligation to
publicly update any forward-looking statement, whether as a result
of new information, future developments or otherwise, except as may
be required by law.
Investor Relations Contactir@fusion-fuel.eu
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