Fusion Fuel Enters into Joint Agreement with Duferco Energia SpA to Develop Italian Green Hydrogen Market
November 18 2022 - 3:30AM
Fusion Fuel (Nasdaq: HTOO) announced today that it has entered into
a commercial agreement with Duferco Energia SpA (‘Duferco’) to
jointly develop the green hydrogen ecosystem in Italy and select
markets in the MENA region. A subsidiary of Duferco Group, the
multinational steel and commodity trading company, Duferco Energia
is a focused on the management of energy production assets and
marketing of energy services. The companies expect to leverage
Duferco’s local sales network, knowledge of local markets, and deep
shipping and logistics expertise to develop a pipeline of
development opportunities and turnkey technology-sale projects.
The inaugural project under the agreement is a
1.25 MW green hydrogen pilot project to be developed at Duferco’s
industrial site in Giammoro, Sicily. Fusion Fuel is expected to
supply 50 of its HEVO-Solar trackers for the proposed project,
which would be installed in 2024. The facility would produce
roughly 46 tonnes of green hydrogen per year which would be used to
power a molten carbonate fuel cell (MCFC) system, adding a unique
and innovative aspect to the project.
Nuno Filipe, Fusion Fuel’s Head of Commercial
for Europe, commented on the agreement: “This is an exciting
development for Fusion Fuel as we begin to expand our commercial
operation beyond Iberia into Southern Europe. This agreement not
only represents our entry point into the Italian market, but more
importantly the start of what we hope will become a strong anchor
relationship with Duferco Group to sell our technology and develop
projects in Italy and, ultimately, in adjacent markets like Tunisia
and Algeria. We are thrilled that Duferco has chosen Fusion Fuel as
its partner of choice for clean hydrogen solutions as it looks to
operationalize its sustainability strategy and accelerate the
energy transition from fossil fuels to green sources.”
Marco Castagna, CEO of Duferco Energia, said:
“Duferco is proud to have signed this agreement with Fusion Fuel to
use and promote the HEVO technology within the industrial sector in
Italy and the Mediterranean region. Duferco is committed, through
its industrial presence in different sectors, to commercially
developing the application by adapting it to different industrial
contexts and thus accelerating the decarbonization process within
the hard-to-abate sectors.”
Zach Steele, Co-Head of Fusion Fuel, added, “As
a small player in the nascent green hydrogen sector, it is critical
that we remain laser-focused on the markets in which we have a
compelling value proposition and material competitive advantage.
Italy is one such market, and we believe this partnership with
Duferco will serve as a platform for both companies to establish a
significant near-term commercial footprint. Our goal is to
replicate the approach we have taken in the Iberian Peninsula by
developing a mobility backbone in the southern part of the country,
beginning with 2-4 refueling projects, as well as industrial
projects centered around key industrial regions in Northern Italy.
We believe this multifaceted strategy, enabled by our best-in-class
technology, will position Fusion Fuel as an early mover in the
region.”
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 Duferco Energia SpA
Duferco Energia SpA is a company of the Duferco Group and
is among the top ten operators in the Italian energy market.
Founded to manage the Group’s investments in renewable power
plants, it subsequently focused on the marketing of energy, gas,
energy efficiency services and sustainable mobility for all market
segments. The company has been operating on the Italian market
since 2010 with a portfolio of about 6.6 TWh of energy sold and 400
million m3 of gas. Today, Duferco Energia is also a leader in
sustainable mobility, with a network of over 25 000 charging
stations in Italy and more than 200 000 in
Europe. dufercoenergia.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 Contact:Ben
Schwarzir@fusion-fuel.eu
Media Relations Contact:Robert
Collinsfusionfuel@gatewayir.com
Fusion Fuel Green (NASDAQ:HTOO)
Historical Stock Chart
From Jun 2024 to Jul 2024
Fusion Fuel Green (NASDAQ:HTOO)
Historical Stock Chart
From Jul 2023 to Jul 2024