Fusion Fuel Awarded €3.6 Million in Grant Funding for 1 MW Green Hydrogen Mobility Project
20 March 2023 - 8:00PM
{{DATELINECITY_DATE_GLOBENEWSWIRE_BUG} Fusion Fuel (NASDAQ:
HTOO) announced today that the company has been awarded €3.6
million in grant funding through Component 5 (‘C-5’) of Portugal’s
Recovery and Resilience Plan to develop a 1 MW decentralized green
hydrogen production facility co-located with a hydrogen refueling
station in Elvas, Portugal. Fusion Fuel had previously been awarded
€36 million in C-5 funding for its “Sines Green Hydrogen Valley
Alliance” consortium.
The grant is part of a broader funding award allocated to the
Moving2Neutrality Alliance, a consortium of 13 partners spearheaded
by Petrogal, a subsidiary of Galp Group, that is focused on solving
the challenge of decarbonizing commercial and industrial mobility
by developing sustainable fuels production hubs in Sines and other
strategic locations in Portugal.
Fusion Fuel’s project, which will be co-developed with Galp,
will serve as the benchmark for exploring the concept of
decentralized production of green hydrogen for mobility
applications in Portugal and abroad. The facility will be developed
in Elvas, on the Portugal-Spain border, strategically located on
one of the main freight corridors between the two countries. The
project envisions 1 MW of electrolysis capacity, producing up to
400kg of green hydrogen per day, along with the associated balance
of plant to achieve the purity and compression required for
mobility applications. The facility will also include an integrated
hydrogen refueling station intended to serve light and heavy-duty
commercial vehicles. Fusion Fuel’s scope for the project – green
hydrogen production and compression to 40 bar – is expected to
require approximately €7.2 million of capital investment.
Frederico Figueira de Chaves, Fusion Fuel’s Co-Head and Chief
Financial Officer, commented, “We are very pleased to have been
awarded additional funding support through Portugal’s C-5 program.
However, grant funding aside, this is truly an historic achievement
for Fusion Fuel. As the largest integrated energy utility and
largest operator of service stations in Portugal, Galp is one of
the most recognizable companies in the country, intricately woven
within the fabric of our daily lives. To join Galp both as a
consortium partner, and in the development of a pioneering
decentralized hydrogen production and refueling facility, is a
testament to Fusion Fuel’s innovative technology and differentiated
approach. We continue to believe that building fit-for-purpose,
co-located green hydrogen solutions that eliminate the need for
last-mile distribution and reduce the net-effective cost to
customers, is critical to democratizing access to hydrogen and
addressing the challenges of moving molecules from sources of
large-scale production to centers of demand.”
Zach Steele, Fusion Fuel’s Co-Head, concluded, “Our Elvas
project represents the next step in the realization of our vision
of building a hydrogen mobility backbone across the Iberian
Peninsula, a vision which began with our pioneering Exolum project
in Madrid, the first integrated green hydrogen refueling station in
Spain. Our unique technology and approach position us to deliver a
differentiated offering for customers in the logistics and
commercial transport sectors, markets that ascribe the highest
value to green hydrogen today. We are confident that this project
will lay the foundation for developing decentralized, co-located
hydrogen production for emergent applications like mobility and,
ultimately, serve as a model we can replicate across Portugal and
Spain as well as in our other core markets of North America and
Italy.”
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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