Fusion Fuel and Electus Energy Announce Exclusive Agreement to Develop a 75 MW Green Hydrogen Project in Bakersfield, California
November 28 2022 - 3:30AM
Fusion Fuel (Nasdaq: HTOO) and Electus Energy (‘Electus’) announced
today that the two companies have entered into an exclusive joint
venture agreement to develop a large-scale green hydrogen project
in Bakersfield, California.
The proposed project is a roughly 75 MW
solar-to-hydrogen facility using Fusion Fuel´s HEVO technology,
capable of producing up to 9,300 tons of green hydrogen per annum
including nighttime operation. The project would require an
estimated €175 million (~$180 million) in capital investment, with
a final investment decision expected in early 2024 and
commissioning in the first half of 2025. Once operational, this
project will provide enough hydrogen fuel to support over 1,000
Class 8 trucks or buses per day.
The companies have already entered into a
land-lease agreement to secure 320 acres in Kern County, California
for the project's development. Fusion Fuel has engaged Black &
Veatch to perform a concept study and is also working with
Cornerstone Engineering and Headwaters Solutions.
Jason Baran, Fusion Fuel’s Chief Commercial
Officer, commented on the announcement, “This is a critical moment
for Fusion Fuel and for our ambition to be a global leader in clean
hydrogen solutions. In just under two years as a public company,
Fusion Fuel has established itself as a key player in the Iberian
green hydrogen ecosystem. However, we knew that entering a new
market, particularly one as large and complex as North America,
would require a cornerstone project and a credible partner. Due to
the unique combination of solar irradiance, California tax
incentives, and proximity to large-scale offtake, Bakersfield is
the ideal project to anchor our North American strategy. We are
extremely excited to be unveiling the Bakersfield project alongside
our development partner, Electus Energy, which has been actively
developing hydrogen mobility solutions in the Southwestern United
States and has cultivated deep relationships with prospective
offtakers in the logistics and distribution ecosystem.”
"We are excited about partnering with Fusion
Fuel to implement their unique technology and expertise in one of
our first large-scale green hydrogen production facilities in
California,” said Andrew Greene, Electus Energy’s Chief Executive
Officer and Co-Founder. “The most critical part of
implementing any successful hydrogen mobility program is the
ability to source reliable, clean hydrogen fuel at an
attractive price, and we believe our partnership with Fusion
Fuel will help lower the cost of fuel for our customers and
accelerate the adoption of zero-emission hydrogen vehicles for all
automotive applications, including heavy trucking, public
transportation and automobiles.”
Zachary Steele, Co-Head of Fusion Fuel, added,
“North America has always been a focal point of Fusion Fuel’s
growth strategy as we build on our successes in Iberia and begin to
look beyond Southern Europe. However, the passage of the game
changing Inflation Reduction Act earlier this year caused a
dramatic acceleration of those plans. The production and investment
tax credits promise to significantly improve the already attractive
economics of our solar-to-hydrogen solution in many markets across
the US.”
“Bakersfield will be the first anchor project of
our US strategy, which is heavily focused on the hydrogen mobility
and logistics opportunity and envisions a hydrogen highway from
California to Texas. While our HEVO-Solar technology is best suited
for markets with high solar irradiance, the expected introduction
in 2024 of our newest product – HEVO-Chain – will make the entirety
of North America part of our addressable market. In support of this
strategy and to ensure we are positioned to move quickly to execute
on Bakersfield and capitalize on the opportunity provided by the
IRA, we will be ramping up our hiring efforts in the US as well as
evaluating an investment in a domestic production facility to
complement our new factory in Benavente, Portugal.”
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 Electus Energy
Electus Energy is an infrastructure developer
focusing on hydrogen fuel production and distribution for both
commercial and municipal partners. Creating a "Bridge to Now" for
customers seeking an actionable, economically feasible
decarbonization plan for their fleet fueling and power needs,
Electus provides both the fuel and infrastructure needed to support
fleet and automobile fueling operations. Electus is accelerating
the adoption of zero-emission transportation with a focus on
heavy-duty vehicles, buses, and automobiles, the largest
contributors to pollution in the transportation sector today. For
more information, please visit https://www.electusenergy.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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