Fusion Fuel announced today that the company signed the terms of acceptance for a €10 million grant at a ceremony hosted by Portuguese Prime Minister António Costa in Lisbon on February 15, 2023.
This funding award had been approved through Component 14 (“C-14”) of Portugal´s Recovery and Resilience Plan. The company had previously disclosed the approval of the award for its HEVO-Industria project in August 2022, and with the formal signing of the terms of acceptance, the grant funding is now secured.
Pedro Caçorino Dias, Fusion Fuel’s Head of Portugal, who countersigned on behalf of the company, said, “The signing of the terms of acceptance alongside Prime Minister Costa is yet another milestone in the maturation of our Sines portfolio, which is the cornerstone of a near-term project development pipeline of over 225 MW of electrolysis capacity. With the C-14 grant in place, Fusion Fuel has now secured over €50 million in funding support from the Portuguese government, a remarkable achievement which promises to be a significant catalyst as we move closer to taking final investment decision on these projects.”
As the keynote speaker Prime Minister Costa reaffirmed his government’s commitment to green hydrogen as a strategic priority for Portugal and its decarbonization objectives. He was joined at the ceremony by Duarte Cordeiro, Portugal’s Minister of Environment and Climate Action.
Frederico Figueira de Chaves, Fusion Fuel’s Chief Financial Officer and Co-Head, added, “In many ways, HEVO-Industria is a prototypical project for Fusion Fuel, one which exemplifies the growing market for small-to-midscale projects, which require less capital investment, move quickly, and have a higher probability of reaching FID. In that environment, our ability to deploy decentralized, scale-agnostic green hydrogen production co-located with end-demand is a unique source of differentiation. On-site, integrated production addresses concerns around the availability of renewable energy and eliminates the cost and complexity of last-mile distribution of hydrogen. As we have said in the past, we are confident that our portfolio of these high value projects – focusing on industrial decarbonization, gas blending, and hydrogen mobility – will be a winning strategy for Fusion Fuel as the market develops.”
Fusion Fuel’s HEVO-Industria project consists of 300 HEVO-Solar units – equivalent to 6.6 MW of green hydrogen production – along with a co-located hydrogen refueling station and associated balance of plant to support local industry. The facility, which will be equipped with Fusion Fuel’s HEVO-Night solution to enable the continuous production of green hydrogen overnight or during periods of low solar irradiation, is expected to produce an estimated 764 tonnes of green hydrogen per annum. The company expects the project to serve local industrial customers in Sines, including hydrogen blending in the natural gas grid.