Fusion Fuel (Nasdaq: HTOO) announced today that it has received confirmation from the Portuguese government that it will receive an estimated €10 million grant as part of Component 14 (“C-14”) of the Portuguese Recovery and Resilience Plan to develop its 6.6MW HEVO-Industria green hydrogen project in Sines, Portugal. C-14 is focused on accelerating the energy transition by supporting the production of hydrogen and other renewable gases.

Commenting on the approval, Pedro Caçorino Dias, Head of Commercial for Portugal said, “This is a tremendous accomplishment for Fusion Fuel, one which further strengthens our partnership with, and commitment to, the country’s growing hydrogen ecosystem. Our €10 million grant was the largest single-project grant awarded in the application. It’s great to see the wheels beginning to turn on these funding programs, which are critical to accelerating the development of the hydrogen economy here in Portugal and making Portugal a leader in the energy transition on the global stage.”

The HEVO-Industria project, which is expected to take FID in the first half of 2023 and require €25m of capital investment, consists of 300 HEVO-Solar units along with a hydrogen refueling station and associated balance of plant to support local industry, and will produce an estimated 764 tonnes of green hydrogen per annum. The facility will be equipped with Fusion Fuel’s HEVO-Night solution, which will enable the production of green hydrogen by HEVO-Solar generators overnight or during periods of low solar irradiation. The green hydrogen to be produced is expected to be used for mobility and industrial applications in Sines or blended in the natural gas grid.

João Wahnon, Fusion Fuel’s Head of Business Development, added, “We are thrilled to have received this approval for funding support from C-14, which we view as further validation of our novel and disruptive solar-to-hydrogen technology. We continue to be amongst the foremost pioneers of green hydrogen in Portugal and are excited to add the HEVO-Industria project to our existing portfolio of projects in active development in Portugal, with HEVO-Sul in Sines and our two Evora projects.”

Zach Steele, Fusion Fuel Co-Head, said, “HEVO-Industria is one of several projects focused on building out the hydrogen mobility backbone in Iberia, headlined by our Exolum project currently being built in Madrid. Our ability to deploy decentralized, small-scale green hydrogen production commercially and co-locate it with refuelling stations is a meaningful competitive advantage at a time when scale is viewed as the only way to drive down cost. On-site production allows us to avoid last-mile logistics of hydrogen, which can add €1-2/kg to the delivered cost to the end user. We believe this is a winning strategy for us, particularly as governments in Europe and abroad begin to strengthen their commitment to hydrogen mobility.”

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 has created a modular, integrated solar-to-hydrogen generator, powered by a proprietary miniaturized PEM electrolyzer, that enables off-grid production of hydrogen with zero carbon-emissions. Its 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. 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 14, 2021) 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.

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