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

Shivani Kumaresan

Wed, Dec 7, 2022, 6:11 AM1 min read

In this article:

Fusion Fuel Green PLC (NASDAQ: 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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