Fusion Fuel Signs Terms of Acceptance with Portuguese Prime Minister Antonio Costa for €10 Million Component 14 Grant
16 February 2023 - 8:00PM
Fusion Fuel (Nasdaq: HTOO) announced today that the company signed
the terms of acceptance for a €10 million grant at a ceremony
hosted by Portuguese Prime Minister António Costa in Lisbon on
February 15, 2023. This funding award had been approved through
Component 14 (“C-14”) of Portugal´s Recovery and Resilience Plan.
The company had previously disclosed the approval of the award for
its HEVO-Industria project in August 2022, and with the formal
signing of the terms of acceptance, the grant funding is now
secured.
Pedro Caçorino Dias, Fusion Fuel’s Head of Portugal, who
countersigned on behalf of the company, said, “The signing of the
terms of acceptance alongside Prime Minister Costa is yet another
milestone in the maturation of our Sines portfolio, which is the
cornerstone of a near-term project development pipeline of over 225
MW of electrolysis capacity. With the C-14 grant in place, Fusion
Fuel has now secured over €50 million in funding support from the
Portuguese government, a remarkable achievement which promises to
be a significant catalyst as we move closer to taking final
investment decision on these projects.”
As the keynote speaker Prime Minister Costa reaffirmed his
government’s commitment to green hydrogen as a strategic priority
for Portugal and its decarbonization objectives. He was joined at
the ceremony by Duarte Cordeiro, Portugal’s Minister of Environment
and Climate Action.
Frederico Figueira de Chaves, Fusion Fuel’s Chief Financial
Officer and Co-Head, added, “In many ways, HEVO-Industria is a
prototypical project for Fusion Fuel, one which exemplifies the
growing market for small-to-midscale projects, which require less
capital investment, move quickly, and have a higher probability of
reaching FID. In that environment, our ability to deploy
decentralized, scale-agnostic green hydrogen production co-located
with end-demand is a unique source of differentiation. On-site,
integrated production addresses concerns around the availability of
renewable energy and eliminates the cost and complexity of
last-mile distribution of hydrogen. As we have said in the past, we
are confident that our portfolio of these high value projects –
focusing on industrial decarbonization, gas blending, and hydrogen
mobility – will be a winning strategy for Fusion Fuel as the market
develops.”
Fusion Fuel’s HEVO-Industria project consists of 300 HEVO-Solar
units – equivalent to 6.6 MW of green hydrogen production – along
with a co-located hydrogen refueling station and associated balance
of plant to support local industry. The facility, which will be
equipped with Fusion Fuel’s HEVO-Night solution to enable the
continuous production of green hydrogen overnight or during periods
of low solar irradiation, is expected to produce an estimated 764
tonnes of green hydrogen per annum. The company expects the project
to serve local industrial customers in Sines, including hydrogen
blending in the natural gas grid.
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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