Fusion Fuel Green Gets €4.3 Million Funding Approval for Portugal Project

MyPickup Raises Rs 1.5cr In Seed Round Led By Inflection Point Ventures

Dublin-based green hydrogen solutions provider, Fusion Fuel Green has announced receiving the Euro 4.3 million funding 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. While 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.

PM’s I Day Speech-Is India Hurting Itself By Thinking Too Far Ahead?

Also Read

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 by 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 stated, “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 a 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,” Joao added.

Fronius Energy Fuels Buses with Solar-produced Green Hydrogen

Also Read

Recently in May, Fusion Fuel had partnered with Consolidated Contractors Group S.A.L. (CCC), to develop a green hydrogen plant in the Middle East.

Before that, the green hydrogen technology company had collaborated with the Elecnor Group (BME: ENO) for the development of green hydrogen projects in Spain using Fusion Fuel’s HEVO-SOLAR technology.