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Fusion Fuel Receives Approval for €10 Million Grant from Component 14 of Portugal’s Recovery and Resilience Plan to Develop HEVO-Industria Project
Investment Accelerates Development of the Hydrogen Ecosystem in Portugal – Bringing Renewable Clean Energy to Sines and Advancing Commercial Green Hydrogen
About this update from Fusion Fuel Green Plc
[{"type":"text","content":"Investment Accelerates Development of the Hydrogen Ecosystem in Portugal – Bringing Renewable Clean Energy to Sines and Advancing Commercial Green Hydrogen\nSABUGO, Portugal, Aug. 18, 2022 (GLOBE NEWSWIRE) -- Fusion Fuel (Nasdaq: HTOO) announced today that it has received confirmation from the Portuguese government that it will receive an estimated €10 million grant as part of Component 14 (“C-14”) of the Portuguese Recovery and Resilience Plan to develop its 6.6MW HEVO-Industria green hydrogen project in Sines, Portugal. C-14 is focused on accelerating the energy transition by supporting the production of hydrogen and other renewable gases. Commenting on the approval, Pedro Caçorino Dias, Head of Commercial for Portugal said, “This is a tremendous accomplishment for Fusion Fuel, one which further strengthens our partnership with, and commitment to, the country’s growing hydrogen ecosystem. Our €10 million grant was the largest single-project grant awarded in the application. It’s great to see the wheels beginning to turn on these funding programs, which are critical to accelerating the development of the hydrogen economy here in Portugal and making Portugal a leader in the energy transition on the global stage.” The HEVO-Industria project, which is expected to take FID in the first half of 2023 and require €25m of capital investment, consists of 300 HEVO-Solar units along with a hydrogen refueling station and associated balance of plant to support local industry, and will produce an estimated 764 tonnes of green hydrogen per annum. The facility will be equipped with Fusion Fuel’s HEVO-Night solution, which will enable the production of green hydrogen by HEVO-Solar generators overnight or during periods of low solar irradiation. The green hydrogen to be produced is expected to be used for mobility and industrial applications in Sines or blended in the natural gas grid. João Wahnon, Fusion Fuel’s Head of Business Development, added, “We are thrilled to have received this approval for funding support from C-14, which we view as further validation of our novel and disruptive solar-to-hydrogen technology. We continue to be amongst the foremost pioneers of green hydrogen in Portugal and are excited to add the HEVO-Industria project to our existing portfolio of projects in active development in Portugal, with HEVO-Sul in Sines and our...