Fusion Fuel Green Receives Approval for €4.3 million in POSEUR Funding for HEVO-Sul Project
DUBLIN, Ireland, Aug. 16, 2021 (GLOBE NEWSWIRE) -- Fusion Fuel Green PLC (NASDAQ: HTOO), ("Fusion Fuel", or "the Company"), an emerging leader in the green hydrogen sector, announced today that it has received approval from Portugal’s Operational Program for Sustainability and Efficient Use of Resources (POSEUR) for its proposed HEVO-Sul project in Sines, Portugal. The Portuguese government has allocated €40 million in direct grants for the POSEUR program, which aims to support the production of green hydrogen and other renewable gases, and Fusion Fuel will receive €4.3 million for the project, which has a total investment value of €8 million.
The HEVO-Sul project is comprised of 178 HEVO-SOLAR units, which will produce approximately 418 tons of green hydrogen annually. The hydrogen will be used for several applications, including injection into the natural gas distribution network, as a feedstock for green ammonia production, as well as for bottling in pressurized cylinders for industrial uses. Fusion Fuel has already signed a lease agreement for the land to be used for the HEVO-Sul project. Construction is expected to commence in late 2021, and the Company expects operations to commence no later than the end of 2022.
In addition to the HEVO-Sul project, Fusion Fuel is the technology provider for two other projects submitted to the POSEUR program. A decision on these projects is expected in the coming weeks.
Commenting on the approval, Joao Wahnon, Head of Business Development at Fusion Fuel, remarked: “the POSEUR decision is an important milestone for Fusion Fuel and for Portugal’s aspirations of being a leader in the green hydrogen economy. This project is of strategic value to Fusion Fuel as it builds on our portfolio of Company-owned projects and promises to further validate the attractiveness of our off-grid, solar-to-hydrogen technology to produce cost-competitive green hydrogen. While we are still awaiting a response on the two projects where Fusion would serve as technology supplier, we are optimistic as they use the same HEVO-SOLAR technology and would further the government’s efforts to position Portugal in the vanguard of the green hydrogen movement.”
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 includes 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 go to www.fusion-fuel.eu
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