Fusion Fuel ( NASDAQ: HTOO ) has won €36M in grant funding for its "Sines Green Hydrogen Valley Alliance" through Component 5 of Portugal's Recovery and Resilience Plan.
The component – Mobilizing Agendas for Business Innovation – is intended to align stakeholders from across the entire value chain to develop the domestic green hydrogen ecosystem.
Of the grant money, €22.5M will be allocated to Fusion Fuel’s ( HTOO ) H2 HEVO-SINES project, a 3,000 HEVO-Solar facility that will be developed, owned, and operated by the company.
Fusion Fuel ( HTOO ) has already secured 121 hectares of land within the Sines area for the development of the project, which is expected to take FID and commence construction in 2024. The green hydrogen to be produced is expected to be used in decarbonizing local industry, mobility applications, and for blending into the natural gas grid.
Another €3.5M will be allocated to Fusion Fuel ( HTOO ) to fund research and development of its proprietary electrolysis technology. The balance of the funding will be allocated to other projects within Fusion Fuel's consortium for which the company is a technology partner, including those sponsored by KEME Energy, Transition2Green, and HyLAB Collaborative Laboratory.
HTOO shares are up 8% premarket
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Fusion Fuel wins €36M in grant funding from Portuguese government