Fusion Fuel Completes €9 million Sale and Leaseback of Benavente Factory to CORUM Eurion
December 23 2022 - 1:00PM
Fusion Fuel (NASDAQ: HTOO) (“Fusion Fuel” or the “Company”)
announced today that the Company has completed a sale and leaseback
of its electrolyzer manufacturing factory in Benavente, Portugal to
CORUM Eurion, an ESG certified real estate investment fund managed
by CORUM Asset Management. The €9.3 million transaction generated
net proceeds of nearly €7.5 million after certain holdbacks and
deposits for the lease-back contract. The proceeds are expected to
be used by the Company to continue the buildout of the Benavente
factory, fund the development of Fusion Fuel owned projects and
HEVO-Chain technology, as well as for general corporate purposes.
Savills Portugal advised the Company on the transaction.
The 14,333 sqm factory, which is located in the
Vale Tripeiro Industrial Park in Benavente, was originally built in
2004. The site was acquired by Fusion Fuel in 2021 and was fully
refurbished by Fusion Fuel as part of its transformation into a
world-class PEM electrolyzer manufacturing facility, and now
features a 1 MW rooftop solar PV array along with electric vehicle
chargers.
José Gavino, Head of Portugal for CORUM
Investments, said: “We are very pleased with this investment of
CORUM Eurion in Portugal, reinforcing the commitment in our
country, ESG criteria and the real economy. We believe that this
asset and this tenant fit perfectly into the way we manage our
clients' savings: long-term oriented and looking for financially
sound companies. This investment brings together the vision of our
teams in the search for opportunities and our willingness to invest
in the real economy, in this case allowing even more the
development of an innovative green energy business.”
Frederico Figueira de Chaves, Fusion Fuel’s
Co-Head and Chief Financial Officer, added, “We are thrilled to
enter into this long-term partnership with CORUM. This marks a
significant milestone for our Company, one which has been on the
strategic roadmap since we acquired the site last year. The sale
and leaseback of our Benavente facility enables us to recoup our
investment in the asset and apply that capital to our core
business—the maturation of our expansive project portfolio and the
continued development of our microelectrolyzer technology and
HEVO-Chain solution. We are confident this transaction will further
strengthen our balance sheet and provide the Company with greater
flexibility to fund our growth initiatives in Europe and North
America.”
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.
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 and uncertainties
(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) 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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