Fusion Fuel Consortium Awarded €36 Million in Grant Funding from Portugal’s C-05 Mobilizing Agendas for Business Innovation
December 07 2022 - 4:30AM
Fusion Fuel (NASDAQ: HTOO) announced today that the company has
been approved for a total of €36 million in grant funding for its
“Sines Green Hydrogen Valley Alliance” through Component 5 (“C-05”)
of Portugal´s Recovery and Resilience Plan. The component –
Mobilizing Agendas for Business Innovation – is intended to align
stakeholders from across the entire value chain to develop the
domestic green hydrogen ecosystem. The company had previously
disclosed that it had been selected for financing awards, subject
to further negotiations with the Agenda Coordination Commission.
These discussions have now been concluded and Fusion Fuel has
submitted the respective award contract duly signed.
Of the €36 million awarded to the consortium, €22.5 million will
be allocated to Fusion Fuel’s H2 HEVO-SINES project, a 3,000
HEVO-Solar facility – equivalent to 75 MW of electrolysis capacity
– that will be developed, owned, and operated by the company.
Fusion Fuel has already secured 121 hectares of land within the
Sines area for the development of the project, which is expected to
take FID and commence construction in 2024. The green hydrogen to
be produced is expected to be used in decarbonizing local industry,
mobility applications, and for blending into the natural gas grid.
Another €3.5 million will be allocated to Fusion Fuel to fund
research and development of its proprietary electrolysis
technology. The balance of the funding will be allocated to other
projects within Fusion Fuel’s consortium for which the company is a
technology partner, including those sponsored by KEME Energy,
Transition2Green, and HyLAB Collaborative Laboratory.
Fusion Fuel is also eligible for additional C-05 funding in its
capacity as a consortium partner on two other projects that have
already been selected by the Agenda Coordination Commission for
financing awards. Those consortia expect to receive a funding
decision over the coming weeks.
Pedro Caçorino Dias, Fusion Fuel’s Head of Commercial for
Portugal who countersigned the terms of acceptance, commented on
this achievement: “This is an important milestone, not only for
Fusion Fuel, but for Portugal as well. It’s the largest funding
allocation to date by the Portuguese government as part of the
National Recovery and Resilience Plan, a tangible expression of
Portugal’s commitment to the energy transition effort and ambition
to be at the forefront of the global green hydrogen economy. For
Fusion Fuel, this decision will spur further progress on our
flagship Sines project portfolio, which is the centerpiece of our
European development pipeline. We expect to take FID on the first
two phases of Sines, representing 12 MW, in 2023, with the 75 MW H2
HEVO-SINES project, the third phase of our Sines rollout, taking
FID in 2024. With the land already secured we hope to mobilize
quickly to begin the permitting process with the goal of commencing
construction on H2 HEVO-SINES project in early 2024.”
Frederico Figueira de Chaves, Fusion Fuel’s Co-Head and Chief
Financial Officer, added, “We have discussed at length our
overarching commercial objective of finding a home for 100% of our
production capacity beginning in 2023. The C-05 grants secured by
the Sines Green Hydrogen Valley Alliance will give us a substantial
head start and position us to deliver on that objective. The
technology sales in our C-05 agenda account for 10-15% of our
expected 2023 production, while H2 HEVO-SINES alone represents over
75% of our production capacity for 2024. We are thrilled to have
received approval for this funding award, a decision that cements
our position as a prominent player in the Sines green hydrogen
ecosystem and further strengthens our market positioning as we
begin to look at markets outside of Southern Europe.”
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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