Fusion Fuel Announces €2 Million Tech Sale Contract with KEME Energy for 1.22 MW Green Hydrogen Project in Portugal
October 06 2022 - 3:30AM
Fusion Fuel (Nasdaq: HTOO) announced today that it has entered into
a technology sale agreement with KEME Energy (“KEME”) to supply its
solar-to-hydrogen system for a 1.22 MW green hydrogen project
located in Sines, Portugal. The two companies had previously
announced the execution of a collaboration agreement this past
February.
The project, which secured a €2.4 million grant from Portugal’s
POSEUR programme in late 2021, will be developed in ZILS, the Sines
Industrial and Logistics Zone, and will consist of 62 HEVO-Solar
trackers that will generate an estimated 77 tonnes of green
hydrogen per annum. The hydrogen produced is expected to help meet
local demand from customers in the nascent hydrogen mobility
sector. Fusion Fuel expects to begin construction of the facility
early next year and achieve commercial operation in the second half
of 2023.
Miguel Matias, CEO of KEME Energy, commented, "This project is
the starting point of our green hydrogen strategy in Portugal. We
believe that green hydrogen will be fundamental to replace fossil
fuels in industrial processes, heavy transport and critical energy
backup services like data centres. Fusion Fuel’s decentralized
HEVO-Solar technology is the most efficient in the market and its
purpose-built approach allows us to scale into market demand over
time.
It is important to understand that in contrast to fossil fuels
that have to be extracted from specific regions, the green hydrogen
production project we are implementing can be replicated almost
anywhere in the world, wherever the sun shines. The energy
independence that green hydrogen offers is critical for Portugal
and Europe. KEME is at the forefront of this new energy value chain
being created and we look forward to developing more projects with
Fusion Fuel in the future."
Pedro Caçorino Dias, Fusion Fuel’s Head of Commercial for
Portugal, said, “We are thrilled to announce the execution of this
€2 million technology sale contract with KEME Energy, expanding our
commercial footprint in the Sines region and building on our
market-leading position in Portugal. It also spotlights the
continued rollout of our mobility backbone for the Iberian market,
a critical pillar of our commercial strategy. Coming on the heels
of the €5 million Gedisol tech sale announcement last week, we are
seeing the maturation of our project pipeline as we begin to
execute on our commercial objectives. We hope this will be the
first of several projects we develop alongside KEME and look
forward to producing green hydrogen in Sines in 2023.”
About Fusion Fuel
Fusion Fuel is an emerging leader in the green hydrogen sector
committed to accelerating the energy transition through the
development of disruptive, clean hydrogen solutions. Fusion Fuel
has created a modular, integrated solar-to-hydrogen generator,
powered by a proprietary miniaturized PEM electrolyzer, that
enables off-grid production of green hydrogen. Its 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
About KEME Energy
KEME Energy is a company that implements individual and
collective energy self-consumption projects in renewable energy
communities (CER), offering a service that allows any citizen or
group of citizens or companies to produce, consume, share, store
and/or sell renewable energy by connecting production units to one
or more points of consumption.
KEME’s services range from the design of the project to the
management of the production, consumption, sharing, storage and
sale of energy, through the installation and development of energy
contracts, and can present a "turnkey" product where the cost of
energy is much lower than that presented by conventional public
network operators. KEME also invests, promotes, develops and
implements other projects using sustainable management models
linked to technological innovation of renewable energy production
such as solar with battery storage, biomass, marine energy, green
hydrogen and others with the aim of introducing energy efficiency,
reducing costs and contributing directly to the preservation and
improvement of the environment, which is the main focus of its
mission. For further information, visit:
https://www.kemeenergy.com
Forward Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. Forward-looking statements are statements that are not
historical facts. The words “believe,” “may,” “estimate,”
“continue,” “anticipate,” “intend,” “should,” “plan,” “could,”
“target,” “potential,” “is likely,” “will,” “expect” and similar
expressions, as they relate to us, are intended to identify
forward-looking statements. Fusion Fuel has based these
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 2, 2022) 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 ContactBen
Schwarzir@fusion-fuel.eu
Media Relations ContactRobert
Collinsfusionfuel@gatewayir.com
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