Fusion Fuel Enters into Ten Year Hydrogen Purchase Agreement with Hydrogen Ventures
March 28 2023 - 4:00AM
Fusion Fuel (NASDAQ: HTOO) announced today that it has signed a ten
year offtake contract with European developer Hydrogen Ventures Ltd
for thirty tonnes of green hydrogen per annum. First orders are
expected to be delivered in the fourth quarter of 2023. The
hydrogen will be produced at the company’s projects in Evora,
Portugal, where Fusion Fuel is expanding its production capacity to
roughly 50 tonnes per annum by year end.
Hydrogen Ventures, which is developing a
pipeline of green hydrogen projects and entering into supply
contracts with local industrial and municipal customers, expects to
use the hydrogen for mobility applications in Portugal. This
contract represents Fusion Fuel’s second hydrogen purchase
agreement in Portugal to date, providing long-term stability and
price security to the nascent hydrogen ecosystem: a critical step
forward in the creation of a more robust and competitive market for
green hydrogen.
Pedro Caçorino Dias, Fusion Fuel’s Head of
Portugal, offered his thoughts: “We are very excited to announce
the execution of this hydrogen purchase agreement with Hydrogen
Ventures, the second such contract we have entered into so far this
year. With our decentralized, distributed approach to hydrogen
production, and robust project pipeline in Portugal, Fusion Fuel is
well positioned to make green hydrogen accessible to a wide range
of stakeholders, particularly for some of the more emergent
applications – like mobility – that ascribe the highest value for
green hydrogen today. We look forward to partnering with Hydrogen
Ventures on this project and others to come as this market
continues to develop.”
Horacio Carvalho, CEO of Hydrogen Ventures,
added, “We see green hydrogen as a game-changer in the battle to
combat climate change. Together with Fusion Fuel, we are putting in
place a series of measures to connect the green hydrogen producer
and the consumer. Our goal is to establish a robust, national
logistics infrastructure, that takes its place in the green energy
mix that Portugal will need to meet its Net Zero commitments. It is
a golden opportunity to be part of an international movement,
taking direct action to provide sustainable alternatives to fossil
fuels. Hydrogen Ventures is taking this challenge head-on and is
working globally on similar projects with companies like Fusion
Fuel to mitigate the impact of greenhouse gases on our planet.”
About Fusion Fuel
Fusion Fuel is an emerging leader in the green
hydrogen sector committed to accelerating the energy transition
through the development of disruptive, clean hydrogen solutions.
Fusion Fuel’s patented miniaturized Proton Exchange Membrane (PEM)
electrolyzer – the HEVO – unlocks unprecedented modularity and
flexibility in the design and deployment of cost-competitive,
decentralized green hydrogen production. Its business lines include
the sale of its electrolyzer technology to customers interested in
building their own green hydrogen production, the development of
turnkey hydrogen plants to be owned and operated by Fusion Fuel,
and the sale of green hydrogen as a commodity to end-users through
long-term hydrogen purchase agreements. For more information,
please visit https://www.fusion-fuel.eu
About Hydrogen Ventures
Hydrogen Ventures Ltd is a subsidiary of Climate
Change Ventures, a UK-based, cleantech, integrated advisory and
development specialist group of companies. Hydrogen Ventures
focuses on cutting-edge projects leading to the production of green
H2 and synthetic fuel derivatives (green ethanol, green methanol
and green ammonia) and has expertise in project finance,
non-recourse when structuring its deal flow. Whilst based in the
UK, the company is supporting projects in various geographies
including Iceland, Brazil, The Middle East, Spain, Portugal, UK and
USA. Each project is selected against a challenging set of ESG
criteria, offering investors and other stakeholders, who understand
the imminent and significant impact of hydrogen technologies, the
prospect of healthy returns and “ab initio” participation.
www.hydrogenventures.co.uk
Forward Looking Statements
This press release contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements are statements that
are not historical facts. The words “believe,” “may,” “estimate,”
“continue,” “anticipate,” “intend,” “should,” “plan,” “could,”
“target,” “potential,” “is likely,” “will,” “expect” and similar
expressions, as they relate to us, are intended to identify
forward-looking statements. Fusion Fuel has based these
forward-looking statements largely on its current expectations and
projections about future events and financial trends that Fusion
Fuel believes may affect its financial condition, results of
operations, business strategy and financial needs. Such
forward-looking statements are subject to risks (including those
set forth in Fusion Fuel’s Annual Report on Form 20-F, filed with
the Securities and Exchange Commission on May 2, 2022) and
uncertainties which could cause actual results to differ from the
forward-looking statements. Any forward-looking statement made by
Fusion Fuel herein speaks only as of the date on which it is made.
Factors or events that could cause our actual results to differ may
emerge from time to time, and it is not possible for Fusion Fuel to
predict all of them. Fusion Fuel undertakes no obligation to
publicly update any forward-looking statement, whether as a result
of new information, future developments or otherwise, except as may
be required by law.
Investor Relations ContactBen
Schwarzir@fusion-fuel.eu
Media Relations ContactRobert
Collinsfusionfuel@gatewayir.com
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