Fusion Fuel Green PLC (NASDAQ: HTOO), ("Fusion Fuel") and Toshiba Energy Systems and Solutions Corporation (“Toshiba ESS”) are pleased to announce that they have signed a Memorandum of Understanding providing for the companies to pursue technical and commercial opportunities in the fast-growing green hydrogen sector.

As part of this collaboration, Fusion Fuel will evaluate the use of Toshiba ESS membrane electrode assemblies (MEAs) in its proprietary Proton-Exchange Membrane (PEM) eletrolyzers. MEAs are a core component of PEM electrolyzers, and those under development by Toshiba ESS are highly cost-competitive and require significantly less catalyst than conventional solutions. In addition, Toshiba ESS will explore using the local sales channels it has developed in areas such as the thermal power business to expand sales of Fusion Fuel’s PEM electrolyzers in Australia and other countries. Furthermore, the two companies will also explore potential collaboration for future sales of Toshiba ESS solid oxide electrolysis cells (“SOEC”), which Toshiba ESS targets bringing to market in 2025.

Development of the green hydrogen economy has accelerated amidst the mobilisation of significant funding support in Europe and Asia for hydrogen projects and electrolyzer technology as part of a broader decarbonization initiative. The European Union has set targets of 6 GW of electrolyzer capacity by 2024 and 40 GW by 2030, which would produce approximately 5 million metric tonnes of low-carbon hydrogen per annum. Australia has also taken an interest in the hydrogen industry, with the federal government announcing its own national hydrogen strategy in 2019 and various investments planned under a long-term technology investment roadmap aimed at creating a new, world-leading export industry.

Fusion Fuel, which has significant operations in Portugal, Spain and Ireland, has developed a solar-to-hydrogen generator which can produce green hydrogen using only solar energy. At the heart of its technology is a proprietary miniaturized PEM electrolyzer, which recovers waste heat from the integrated solar concentration process to improve efficiency by reducing the energy required to split water. The company has built a pipeline of over 2.4 GW of green hydrogen projects that spans opportunities across Europe, MENA and Australia. Fusion Fuel was identified in the Portuguese National Hydrogen Strategy as a company of strategic importance involved in the development and production of green hydrogen-related technologies.

Jaime Silva, Fusion Fuel’s Chief Technology Officer, said, “We are very excited to have entered into this agreement with Toshiba ESS to work together to achieve our collective ambition of a low-carbon society powered by green hydrogen. We view this partnership as an opportunity to leverage our complementary strengths and create a unique and differentiated commercial offering in both European markets, as well as globally. Toshiba’s advancements in MEA design and production promise to further extend our near-term cost advantage, while our longer-term aspiration of collaborating on SOEC technology – for which our novel solar-to-hydrogen solution is particularly well-suited – has the potential to establish both Toshiba and Fusion Fuel as leaders at the forefront of hydrogen innovation.”

Shigehiro Kawahara, Vice President of the Energy Aggregation Division, says, “Since Toshiba ESS began working on fuel cell systems in the 1960s, we have been advancing the development of hydrogen-related technologies. Striving toward the realization of a hydrogen society, we aim to provide high value-added hydrogen solutions by integrating related technologies such as renewable energy-derived hydrogen energy. By expanding our business through this collaboration, we will help make a carbon-neutral society a reality.”

About Toshiba Energy Systems and Solutions Corporation

Toshiba Energy Systems & Solutions Corporation is a leading supplier of integrated energy solutions. With its long experience and expertise in a wide range of power generating and transmitting systems and energy management technology, the company delivers innovative, reliable and efficient energy solutions across the globe. Split off from Toshiba Corporation (TOKYO: 6502) in October 2017.

About Fusion Fuel Green plc

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 has created a revolutionary, integrated solar-to-hydrogen generator that enables off-grid production of hydrogen with zero carbon-emissions. Fusion Fuel’s business lines include the sale of 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

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, as they relate to us, are intended to identify forward-looking statements. The Company has based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. Some or all of the results anticipated by these forward-looking statements may not be achieved. Further information on the Company’s risk factors is contained in our filings with the SEC. Any forward-looking statement made by us 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 us to predict all of them. 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.

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