Fusion Fuel Green PLC Submits 100 MW Electrolyzer Project to the European Green Deal Call
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DUBLIN, Ireland, Jan. 27, 2021 (GLOBE NEWSWIRE) -- Fusion Fuel Green PLC (NASDAQ: HTOO), ("Fusion Fuel", or "the Company"), an emerging leader in the green hydrogen sector, announced that yesterday the Company submitted its proposed “HEVO-SOLAR Sines” project to the European Green Deal Call.
Fusion Fuel Green PLC submitted the project, called HEVO-SOLAR Sines, in collaboration with four large international companies representing Portugal, Spain, France, and the Netherlands. The proposed project, which would require a total capital investment of € 136 million, provides for the development of a 100MW Electrolyzer Plant, which would generate 10’250 tons of Green Hydrogen per year to be used in the production of Green Ammonia.
The European Commission has allocated € 1 billion to the Green Deal Call, which is intended to stimulate Europe's economic recovery and accelerate the transition to carbon-neutrality by 2050. One of the mandates in the Green Deal framework, “Develop and demonstrate a 100 MW electrolyzer upscaling the link between renewables and commercial/industrial applications” (Topic ID: LC-GD-2-2-2020), is the funding program for which the group submitted the project.
The companies involved in HEVO-SOLAR Sines project span the entire commercial value chain, from the capture of solar energy and production of Green Hydrogen, to the production, off-take, and logistical management of Green Ammonia. This project is closely aligned with the aggressive decarbonization efforts being made in Europe, as the production of ammonia is a significant source of carbon emissions. Producing one ton of “Brown” Ammonia emits two tons of CO2 whereas Green Ammonia has zero carbon emissions.
Fusion Fuel will be holding an Investor Day tomorrow, Thursday January 28, where it will provide an update on market dynamics, financial projections, and business development activities. All are invited to participate in the event by registering here. A replay of the Investor Day will also be available on the Company’s website for 12 months. In conjunction with the Investor Day, Fusion Fuel will be publishing a new investor presentation, which will be available for download on the investors section of the Company’s website.
About Fusion Fuel Green plc.
Fusion Fuel Green plc. is an emerging leader in the Green Hydrogen space, committed to accelerating the energy transition and decarbonizing the global energy system by making zero-emissions Green Hydrogen commercially viable and accessible. Fusion Fuel has created a revolutionary proprietary electrolyzer solution that allows it to produce hydrogen at highly competitive costs using renewable energy, resulting in zero-carbon emissions. Fusion Fuel’s business lines include the sale of electrolyzer technology to customers interested in building their own Green Hydrogen capacity, the development of hydrogen plants to be owned and operated by Fusion Fuel and active management of the portfolio of such hydrogen plants as assets, 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/.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “could,” “target,” “potential,” “is likely,” “will,” “expect” and similar expressions are intended to identify forward-looking statements. The Company has based these forward-looking statements largely on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Such expectations and projections involve a number of known and unknown risks, which may be outside of the Company’s control. Accordingly, some or all of the results anticipated by these forward-looking statements may not be achieved. The forward-looking statements and projections herein should not be regarded as a representation or prediction that the Company will achieve or is likely to achieve any particular results. The Company cautions readers not to place undue reliance upon any forward-looking statements and projections, which speak only as of the date made. The Company 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.
Use of Social Media as a Source of Material News
The Company uses, and will continue to use, its LinkedIn profile, website, press releases, and various social media channels, as additional means of disclosing information to investors, the media, and others interested in the Company. It is possible that certain information that the Company posts on social media or its website, or disseminates in press releases, could be deemed to be material information, and the Company encourages investors, the media and others interested in the Company to review the business and financial information that the Company posts on its social media channels, website, and disseminates in press releases, as such information could be deemed to be material information.
Investor Relations Contact
Cody Slach and Georg VenturatosGateway IRHTOO@gatewayir.com
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