Fusion Fuel Receives Approval for €10 Million Grant from Component 14 of Portugal’s Recovery and Resilience Plan to Develop HEVO-Industria Project
August 18 2022 - 4:30AM
Fusion Fuel (Nasdaq: HTOO) announced today that it has
received confirmation from the Portuguese government that it will
receive an estimated €10 million grant as part of Component 14
(“C-14”) of the Portuguese Recovery and Resilience Plan to develop
its 6.6MW HEVO-Industria green hydrogen project in Sines, Portugal.
C-14 is focused on accelerating the energy transition by supporting
the production of hydrogen and other renewable gases.
Commenting on the approval, Pedro Caçorino Dias, Head of
Commercial for Portugal said, “This is a tremendous accomplishment
for Fusion Fuel, one which further strengthens our partnership
with, and commitment to, the country’s growing hydrogen ecosystem.
Our €10 million grant was the largest single-project grant awarded
in the application. It’s great to see the wheels beginning to turn
on these funding programs, which are critical to accelerating the
development of the hydrogen economy here in Portugal and making
Portugal a leader in the energy transition on the global
stage.”
The HEVO-Industria project, which is expected to take FID in the
first half of 2023 and require €25m of capital investment, consists
of 300 HEVO-Solar units along with a hydrogen refueling station and
associated balance of plant to support local industry, and will
produce an estimated 764 tonnes of green hydrogen per annum. The
facility will be equipped with Fusion Fuel’s HEVO-Night solution,
which will enable the production of green hydrogen by HEVO-Solar
generators overnight or during periods of low solar irradiation.
The green hydrogen to be produced is expected to be used for
mobility and industrial applications in Sines or blended in the
natural gas grid.
João Wahnon, Fusion Fuel’s Head of Business Development, added,
“We are thrilled to have received this approval for funding support
from C-14, which we view as further validation of our novel
and disruptive solar-to-hydrogen technology. We continue to be
amongst the foremost pioneers of green hydrogen in Portugal and are
excited to add the HEVO-Industria project to our existing portfolio
of projects in active development in Portugal, with HEVO-Sul in
Sines and our two Evora projects.”
Zach Steele, Fusion Fuel Co-Head, said, “HEVO-Industria is one
of several projects focused on building out the hydrogen mobility
backbone in Iberia, headlined by our Exolum project currently being
built in Madrid. Our ability to deploy decentralized, small-scale
green hydrogen production commercially and co-locate it with
refuelling stations is a meaningful competitive advantage at a time
when scale is viewed as the only way to drive down cost. On-site
production allows us to avoid last-mile logistics of hydrogen,
which can add €1-2/kg to the delivered cost to the end user. We
believe this is a winning strategy for us, particularly as
governments in Europe and abroad begin to strengthen their
commitment to hydrogen mobility.”
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 hydrogen with zero
carbon-emissions. 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 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 ContactBen
Schwarzir@fusion-fuel.eu
Media Relations ContactRobert
Collinsfusionfuel@gatewayir.com
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