Fusion Fuel Portugal announced that its industrial production facility in Benavente, Portugal has secured funding support for its development.
Fusion Fuel is developing a state-of-the-art, automated industrial facility to produce its proprietary HEVO technology and HEVO-Solar generators.
The facility is expected to come online in mid-2022 and, when fully ramped up, will have an annual production output of roughly 500 MW of electrolysis capacity.
Due to its special and strategic interest in the Portuguese economy, it has been deemed a project of merit by AICEP, Portugal’s Trade & Investment Agency. As part of the agreement with AICEP, Fusion Fuel has secured funding of around 25% (~ €10 million) of the total capital investment in the production facility.
The funding is split into two components: direct financial support for eligible expenses and tax offsets available to the company for several years.
André Antunes, Fusion Fuel’s Chief Production Officer, said, “Working together with best-in-class automated manufacturing specialists from across Europe will enable us to build one of the most advanced production plants in Portugal to date, across all industries.”
Frederico Figueira de Chaves, Fusion Fuel’s CFO, added, “The Benavente plant lies at the core of Fusion Fuel´s growth strategy and its implementation a foundational pillar for future success.”