Fusion Fuel Green PLC Submits 100 MW Electrolyzer Project to the European Green Deal Call
DUBLIN, Ireland, Jan. 27, 2021 (GLOBE NEWSWIRE) -- Fusion Fuel Green PLC (NASDAQ: HTOO), ("Fusion Fuel", or "the Company"), an emerging leader in the green hydrogen sector, announced that yesterday the Company submitted its proposed “HEVO-SOLAR Sines” project to the European Green Deal Call.
Fusion Fuel Green PLC submitted the project, called HEVO-SOLAR Sines, in collaboration with four large international companies representing Portugal, Spain, France, and the Netherlands. The proposed project, which would require a total capital investment of € 136 million, provides for the development of a 100MW Electrolyzer Plant, which would generate 10’250 tons of Green Hydrogen per year to be used in the production of Green Ammonia.
The European Commission has allocated € 1 billion to the Green Deal Call, which is intended to stimulate Europe's economic recovery and accelerate the transition to carbon-neutrality by 2050. One of the mandates in the Green Deal framework, “Develop and demonstrate a 100 MW electrolyzer upscaling the link between renewables and commercial/industrial applications” (Topic ID: LC-GD-2-2-2020), is the funding program for which the group submitted the project.
The companies involved in HEVO-SOLAR Sines project span the entire commercial value chain, from the capture of solar energy and production of Green Hydrogen, to the production, off-take, and logistical management of Green Ammonia. This project is closely aligned with the aggressive decarbonization efforts being made in Europe, as the production of ammonia is a significant source of carbon emissions. Producing one ton of “Brown” Ammonia emits two tons of CO2 whereas Green Ammonia has zero carbon emissions.
Fusion Fuel will be holding an Investor Day tomorrow, Thursday January 28, where it will provide an update on market dynamics, financial projections, and business development activities. All are invited to participate in the event by registering here. A replay of the Investor Day will also be available on the Company’s website for 12 months. In conjunction with the Investor Day, Fusion Fuel will be publishing a new investor presentation, which will be available for download on the investors section of the Company’s website.
About Fusion Fuel Green plc.
Fusion Fuel Green plc. is an emerging leader in the Green Hydrogen space, committed to accelerating the energy transition and decarbonizing the global energy system by making zero-emissions Green Hydrogen commercially viable and accessible. Fusion Fuel has created a revolutionary proprietary electrolyzer solution that allows it to produce hydrogen at highly competitive costs using renewable energy, resulting in zero-carbon emissions. Fusion Fuel’s business lines include the sale of electrolyzer technology to customers interested in building their own Green Hydrogen capacity, the development of hydrogen plants to be owned and operated by Fusion Fuel and active management of the portfolio of such hydrogen plants as assets, 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/.
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Investor Relations Contact
Cody Slach and Georg Venturatos