Fusion Fuel Green Presents Sines Green Hydrogen Valley Alliance at ‘Agendas Mobilizadoras’ Event; Aims to Develop 91 MW Solar-to-Hydrogen Facility in Sines
December 06 2021 - 8:00AM
Fusion Fuel Green PLC (NASDAQ: HTOO), ("Fusion Fuel", or "the
Company"), an emerging leader in the green hydrogen sector,
announced that it has presented the 159.4 million euro ‘Sines Green
Hydrogen Valley Alliance’ initiative to Portugal’s Prime Minister,
António Costa, and the Minister of State, Economy and Digital
Transition, Pedro Siza Vieira, at an event last week in Porto,
Portugal. The ‘Sines Green Hydrogen Valley Alliance’ proposal had
previously been submitted to Component 5 of the Portuguese Recovery
and Resilience program. This Component – Mobilizing Agendas for
Business Innovation – is aimed at aligning multiple stakeholders
from across the value chain to develop the domestic green hydrogen
ecosystem and has been allocated 930 million euros in grant
funding. The program is expected to provide funding of up to 30% of
eligible capital expenses, with grant decisions anticipated during
the first quarter of 2022.
Fusion Fuel is leading the ‘Sines Green Hydrogen
Valley Alliance’ which includes KEME Energy, Transition2Green, and
HyLAB Collaborative Laboratory. Galp Gás Natural Distribuição, REN,
the Sines Industrial and Logistics Zone (“ZILS”), along with
several other public and private entities, have submitted their
intention to support the Alliance. Start Campus has also expressed
an interest in the development of the project as a potential source
of green hydrogen for its Sines 4.0 Hyperscaler Data Centre.
Fusion Fuel’s Head of Business Development, Joao
Wahnon, commented, “We are pleased to have had the opportunity last
week to present the ‘Sines Green Hydrogen Valley Alliance’ to
Portugal’s Prime Minister, António Costa, and the Minister of
State, Economy and Digital Transition, Pedro Siza Vieira. We
believe this initiative has the potential to dramatically
accelerate the growth of the green hydrogen ecosystem in Portugal.
Joined by our co-promotors from across the value chain, and having
Galp, REN, and ZILS on board as strategic partners, our Alliance is
well-positioned to offer innovative services that directly link
producers of hydrogen to end users in the region.”
The centerpiece of the initiative is Fusion
Fuel’s 147 million euro H2 HEVO Sines project, a 91 MW
solar-to-hydrogen plant with an annual production capacity of 9,163
tons of green hydrogen, which would avoid the emission of 73,940
tons of CO2 annually. This project is aligned with the first two
phases of Fusion Fuel’s large scale IPCEI project in Sines, which
would produce 61,848 tons of green hydrogen annually (equivalent to
606 MW of electrolysis capacity) once fully ramped up in 2026.
Fusion Fuel’s project will be complemented by
KEME Energy, which will develop 1.5 MW of its own green hydrogen
production in Sines using Fusion Fuel’s HEVO-SOLAR technology. The
green hydrogen will supply the domestic heavy transport market as
well as underpin the development of KEME’s Renewable Energy
Communities, a community energy initiative aimed at decentralizing
the Portuguese power system and increasing investment in local
renewable energy ecosystems.
Transition2Green would serve as one of the
offtakers of the green hydrogen produced at the H2 HEVO Sines
project to supply several refueling stations they intend to install
in the Sines region.
HyLAB Collaborative Laboratory, a public-private
partnership founded by EDP, Galp, REN, INESC TEC, Lisbon’s
Universidade Nova and others, which aims to accelerate Portugal’s
transition to the green hydrogen economy, is the final co-promotor.
The ‘Sines Green Hydrogen Valley Alliance’ includes an additional
pillar with three cross-functional activities proposed by HyLAB:
R&D; Training and Capacity Building; Dissemination and
Communication, which will strengthen the local green hydrogen
ecosystem and help accelerate the decarbonization of hard-to-abate
sectors, such as mobility and heavy industry.
About Fusion Fuel Green PLC
Fusion Fuel is an emerging leader in the green
hydrogen sector focused on harnessing the power of the sun to
inspire the next generation of clean hydrogen technologies. Fusion
Fuel has created an integrated solar-to-hydrogen solution that
enables off-grid production of cost-competitive hydrogen with zero
carbon-emissions. Fusion Fuel’s 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.
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 14, 2021) 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 Contactir@fusion-fuel.eu
For more information, please visit
https://www.fusion-fuel.eu
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