2023-03-28 05:21:57 ET
Fusion Fuel ( NASDAQ: HTOO ) has signed a ten year offtake contract with European developer Hydrogen Ventures Ltd for thirty tonnes of green hydrogen per annum.
Shares up ~9% in Tuesday premarket hours.
Delivery of the first orders is anticipated to occur in 4Q23.
The hydrogen will be produced at the company's Evora, Portugal facility, where Fusion Fuel will increase its production capacity to about 50 tonnes annually by year's end.
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.”
HTOO is at high risk of performing badly on decelerating momentum and declining growth when compared to other Industrials stocks, to the point that it gets a Sell rating from SA Quant rating system .
However, the company gets a Buy rating from Wall Street Analysts .
For further details see:
Fusion Fuel stock gains on signing ten year hydrogen purchase agreement with Hydrogen Ventures