- 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.
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