Fusion Fuel Announces Award of €3.3 Million H2 Pioneros Grant for 2.4 MW Green Hydrogen Project in Spain
February 28 2023 - 3:00AM
Fusion Fuel (NASDAQ: HTOO) is pleased to announce that, Fusion Fuel
Spain, has been awarded a grant of €3.3 million towards capital
investment in a 2.4 MW green hydrogen project aimed at industrial
decarbonization in Spain. The grant has been awarded through the H2
Pioneros Program, to which €150 million had been earmarked to
support commercial projects across the renewable hydrogen value
chain. H2 Pioneros is one of the first funding calls under the
Strategic Projects for Economic Recovery and Transformation
(‘PERTE’) program, a €6.9 billion financing tool created under
Spain’s recovery and resilience facility to support initiatives in
renewable energy, green hydrogen, and energy storage. Fusion Fuel’s
project is one of only 19 across Spain that were awarded grant
financing through H2 Pioneros.
The 2.4 MW project is planned to be developed in Toledo and is
intended to supply green hydrogen to local industrial customers to
replace the carbon-intensive natural gas currently used in
industrial processes. The green hydrogen facility will feature the
latest generation of Fusion Fuel’s HEVO solution and is expected to
produce roughly 110 metric tonnes of green hydrogen per annum. The
€3.3 million subsidy represents approximately 57% of the total
estimated capital cost of the project, which the company expects to
build and commission during 2024.
Frederico Chaves, Co-Head of Fusion Fuel, commented on the
award, “This is an important milestone for Fusion Fuel and our
partner in Fusion Fuel Spain, as it represents the first allocation
of PERTE funds in Spain, within an extremely competitive process
with 129 projects evaluated. Our project in Toledo now joins an
ever-growing list of green hydrogen projects in Spain. With the
land already secured, we hope to mobilize quickly to begin the
permitting process with the aim of starting construction of the
project in early 2024.”
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 (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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