Fusion Fuel Consortium Scores €36M Grant Funding To Develop Hydrogen Ecosystem

Fusion Fuel Consortium Scores €36M Grant Funding To Develop Hydrogen Ecosystem
  • Fusion Fuel Green PLC HTOO has secured approval for a total of €36 million in grant funding for its "Sines Green Hydrogen Valley Alliance."
  • The funding happened through Component 5 (C-05) of Portugal's Recovery and Resilience Plan.
  • Portugal's Mobilizing Agendas for Business Innovation plan is intended to align stakeholders from across the entire value chain to develop the domestic green hydrogen ecosystem. 
  • Of the €36 million, €22.5 million will be allocated to Fusion Fuel's H2 HEVO-SINES project, a 3,000 HEVO-Solar facility, equivalent to 75 MW of electrolysis capacity.
  • Fusion Fuel has already secured 121 hectares of land within the Sines area for the project's development, which is expected to commence construction in 2024. 
  • Another €3.5 million will be allocated to Fusion Fuel to fund research and development of its proprietary electrolysis technology.
  • Price Action: HTOO shares closed lower by 7.64% at $5.08 on Tuesday.
  • Photo Via Company

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