Fusion Fuel Signs Terms of Acceptance with Portuguese Prime Minister Antonio Costa for €10 Million Component 14 Grant

Rhea-AI Summary

Fusion Fuel (Nasdaq: HTOO) announced a €10 million grant agreement secured on February 15, 2023, at a ceremony with Portuguese Prime Minister António Costa. This funding, part of Portugal's Recovery and Resilience Plan, supports the HEVO-Industria project, which aims to enhance green hydrogen production. With this latest grant, the company has secured over €50 million from the Portuguese government to further its initiatives. The HEVO-Industria project includes 300 HEVO-Solar units, anticipated to produce around 764 tonnes of green hydrogen annually, serving local industries and contributing to decarbonization efforts.

Positive

• Secured €10 million grant, enhancing project funding.
• Total funding from the Portuguese government exceeds €50 million, supporting growth.
• HEVO-Industria project represents a significant step towards hydrogen production with a capacity of 6.6 MW.

Negative

• None.

SABUGO, Portugal, Feb. 16, 2023 (GLOBE NEWSWIRE) -- 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 Contact
Ben Schwarz
ir@fusion-fuel.eu

Media Relations Contact
Robert Collins
fusionfuel@gatewayir.com

FAQ

What is the significance of the €10 million grant for Fusion Fuel (HTOO)?

The €10 million grant supports Fusion Fuel's HEVO-Industria project and contributes to the company's funding exceeding €50 million from the Portuguese government.

When was the grant agreement for Fusion Fuel (HTOO) signed?

The grant agreement was signed on February 15, 2023, during a ceremony with Prime Minister António Costa.

How much green hydrogen is expected to be produced by the HEVO-Industria project?

The HEVO-Industria project is expected to produce approximately 764 tonnes of green hydrogen per annum.

What is the capacity of the HEVO-Industria project's green hydrogen production?

The project will have an electrolysis capacity of 6.6 MW through the deployment of 300 HEVO-Solar units.