Fusion Fuel Welcomes Prime Minister of Portugal António Costa to Benavente Electrolyzer Facility
11 January 2023 - 8:30PM
Fusion Fuel (NASDAQ: HTOO) announced today that the company
welcomed a delegation including Prime Minister António Costa, Mayor
of Benavente, Carlos Coutinho, Secretary of State for the Economy,
Pedro Cilínio, and Secretary of State for Energy and Climate, Ana
Fontoura Gouveia, along with representatives from the Portuguese
Agency for Competitiveness and Innovation, I.P. (‘IAPMEI’) and the
Municipality of Sines to its Benavente electrolyzer factory
yesterday morning. The site visit was part of a country-wide tour
of the fifty-one consortia that were approved for financing through
Component 5 (“C-05”) of Portugal’s National Recovery and Resilience
Plan. The company had previously announced that its consortium, the
Sines Green Hydrogen Valley Alliance, had been approved for €36
million in C-05 funding late last year. Several consortium members
were also in attendance.
The visit began with a tour of the Benavente facility and HEVO
micro-electrolyzer production lines led by members of Fusion Fuel’s
executive team – Andre Antunes, Jaime Silva, and Frederico Figueira
de Chaves. This was followed by an institutional event for the
Sines Green Hydrogen Valley Alliance, which featured speeches by
Fusion Fuel’s Pedro Caçorino Dias, Portugal’s Secretary of State
for the Economy, Pedro Cilínio, and Portugal’s Prime Minister,
António Costa. The event concluded with a ceremony formally
recognizing the approval of the Sines Green Hydrogen Valley
Alliance for C-05 funding.
Pedro Caçorino Dias, Fusion Fuel’s Head of Portugal, who leads
the consortium, commented on the visit: “It was a great honor to
welcome the Prime Minister and members of his cabinet to our
world-class electrolyzer factory in Benavente and introduce the
groundbreaking work underway here. Our HEVO micro-electrolyzer
technology lies at the heart of our differentiated offering,
enabling us to build a market-leading position in Portugal. While
we are moving quickly to establish a footprint in strategic markets
worldwide, Portugal remains a core market and we remain committed
to championing Portugal’s green hydrogen ambitions. Including the
most recent C-05 award, Fusion Fuel has now secured over €55
million in grants from the Portuguese government across several
funding programs, a powerful representation of Portugal’s
commitment to establishing itself as a global leader in the new
energy economy. We want to take this opportunity to recognize our
partners in the consortium and everyone who contributed to this
important milestone.”
Reflecting on the visit, Prime Minister António Costa spoke
following the ceremony: “The national economy continues to develop
with a bet on reindustrialization and this example, of Fusion Fuel,
is an excellent example of reindustrialization of the country. We
have here a facility that was closed ten years ago and that today
is in activity; that once produced metallic structures for civil
construction and now produces highly innovative technology for the
production of green hydrogen. It will create new jobs and in itself
produce a new value chain. Moreover, it also contributes to CO2
emission reductions.”
“The C-05 Agendas do not ‘only’ value the energy component, nor
‘only’ the environmental component. This is a true catalyst for the
creation of qualified jobs and for a true reindustrialization of
the country. All of the main components of this project are
produced nationally: they are the result of national research, have
national patents, and meet another fundamental objective, which is
to promote our export capacity based on our major competitiveness
advantage, which is our ability to innovate.”
“The most challenging program in the Recovery and Resilience
Plan (‘RRP’) is the Mobilizing Agendas, which shows that it is
possible to do more and better for the growth of our economy. The
RRP funds are reaching companies and there are already 93,000
projects approved. Fusion Fuel, which I visited here today in
Benavente, is one of the 93,000 approved projects. And this is an
excellent example of the application of RRP funds aimed at
capitalization and business innovation. This is how we realize the
ambition of being a more developed, more prosperous, more fair
country, capable of creating more and better jobs and capable of
strengthening territorial cohesion.”
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
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/16e8298e-8dec-41be-a1c1-566a93aab10f
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