Fusion Fuel Receives EC Approval for 630 MW HEVO-Portugal Project

February 16, 2024

DENVER, Colo., Feb 16, 2024 (247marketnews.com)- Fusion Fuel (NASDAQ:HTOO) stated, this morning, that the Company’s HEVO-Portugal project was among 33 selected for approval, by the European Commission, under the Important Projects of Common European Interest (“IPCEI”) Hy2Infra program. The 630 MW project is valued at €650 million and will be developed in Sines, Portugal, to produce 62,000 tons of green hydrogen per annum. Some of the green hydrogen is expected to be used in the production of green ammonia, to be exported from the Port of Sines to the Port of Rotterdam in the Netherlands, and the balance would be consumed by industrial customers in the Portuguese market.

Fusion Fuel is trading at $3.60, up $2.40 (+200.00%), on 38.3M shares traded.

Its 52-week range is 0.50 to 4.41, so it’s positioned to potentially challenge its 52-week high.

“This is a game changing achievement for Fusion Fuel, solidifying our position amongst the leading companies in the green hydrogen industry. HEVO-Portugal is one of the largest electrolyzer projects approved in the Hy2Infra wave, a testament to the exceptional innovation of our HEVO technology and the strong conviction that Portugal and the European Union have in our ability to successfully deliver this all-important project. This announcement marks the culmination of a journey that we began four years ago, one that we have quietly pushed forward in the background while focusing relentlessly on the execution of our near-term priorities. I would like to take this opportunity to express my profound appreciation to the team for their diligence and determination in helping us reach this watershed moment,” stated Frederico Figueira de Chaves, CEO of Fusion Fuel.

Pedro Caçorino Dias, Fusion Fuel’s Head of Commercial for Portugal, added, “The HEVO-Portugal project was conceived of not only as the centerpiece of Fusion Fuel’s green hydrogen project portfolio, but also as the most ambitious green hydrogen project in Portugal. Our vision in creating the project was to help establish Sines as the principal green hydrogen hub of Southern Europe and unite two major European ports in advancing the green energy economy, and in doing so, create substantial spillover benefits to both regions and to industries across Europe. While we are still in the very early innings, we are confident that HEVO-Portugal will be instrumental in contributing to the rapid decarbonization of Portugal’s largest industrial hub and, most importantly, in helping catalyze the European green hydrogen economy,” said Pedro Caçorino Dias, Fusion Fuel’s Head of Commercial for Portugal.

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