Fusion Fuel Inks JV Deal With Electus For Green Hydrogen Project In California

Fusion Fuel Inks JV Deal With Electus For Green Hydrogen Project In California
  • Fusion Fuel Green PLC HTOO has entered into a joint venture agreement with Electus Energy to develop a large-scale green hydrogen project in Bakersfield, California.
  • The proposed project is roughly a 75 MW solar-to-hydrogen facility using Fusion Fuel's HEVO technology.
  • The facility will be capable of producing up to 9,300 tons of green hydrogen per annum, including nighttime operation.
  • The project would require an estimated €175 million (about $180 million) in capital investment.
  • A final investment decision is expected in early 2024, and commissioning will be in the first half of 2025.
  • "Due to the unique combination of solar irradiance, California tax incentives, and proximity to large-scale offtake, Bakersfield is the ideal project to anchor our North American strategy," said chief commercial officer Jason Baran.
  • Price Action: HTOO shares closed higher by 12.9% at $4.64 on Friday.

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