DUBLIN, Ireland, Dec. 06, 2021 (GLOBE NEWSWIRE) -- Fusion Fuel Green PLC (NASDAQ: HTOO), ("Fusion Fuel", or "the Company"), an emerging leader in the green hydrogen sector, announced that it has presented the 159.4 million euro ‘Sines Green Hydrogen Valley Alliance’ initiative to Portugal’s Prime Minister, António Costa, and the Minister of State, Economy and Digital Transition, Pedro Siza Vieira, at an event last week in Porto, Portugal. The ‘Sines Green Hydrogen Valley Alliance’ proposal had previously been submitted to Component 5 of the Portuguese Recovery and Resilience program. This Component – Mobilizing Agendas for Business Innovation – is aimed at aligning multiple stakeholders from across the value chain to develop the domestic green hydrogen ecosystem and has been allocated 930 million euros in grant funding. The program is expected to provide funding of up to 30% of eligible capital expenses, with grant decisions anticipated during the first quarter of 2022.
Fusion Fuel is leading the ‘Sines Green Hydrogen Valley Alliance’ which includes KEME Energy, Transition2Green, and HyLAB Collaborative Laboratory. Galp Gás Natural Distribuição, REN, the Sines Industrial and Logistics Zone (“ZILS”), along with several other public and private entities, have submitted their intention to support the Alliance. Start Campus has also expressed an interest in the development of the project as a potential source of green hydrogen for its Sines 4.0 Hyperscaler Data Centre.
Fusion Fuel’s Head of Business Development, Joao Wahnon, commented, “We are pleased to have had the opportunity last week to present the ‘Sines Green Hydrogen Valley Alliance’ to Portugal’s Prime Minister, António Costa, and the Minister of State, Economy and Digital Transition, Pedro Siza Vieira. We believe this initiative has the potential to dramatically accelerate the growth of the green hydrogen ecosystem in Portugal. Joined by our co-promotors from across the value chain, and having Galp, REN, and ZILS on board as strategic partners, our Alliance is well-positioned to offer innovative services that directly link producers of hydrogen to end users in the region.”
The centerpiece of the initiative is Fusion Fuel’s 147 million euro H2 HEVO Sines project, a 91 MW solar-to-hydrogen plant with an annual production capacity of 9,163 tons of green hydrogen, which would avoid the emission of 73,940 tons of CO2 annually. This project is aligned with the first two phases of Fusion Fuel’s large scale IPCEI project in Sines, which would produce 61,848 tons of green hydrogen annually (equivalent to 606 MW of electrolysis capacity) once fully ramped up in 2026.
Fusion Fuel’s project will be complemented by KEME Energy, which will develop 1.5 MW of its own green hydrogen production in Sines using Fusion Fuel’s HEVO-SOLAR technology. The green hydrogen will supply the domestic heavy transport market as well as underpin the development of KEME’s Renewable Energy Communities, a community energy initiative aimed at decentralizing the Portuguese power system and increasing investment in local renewable energy ecosystems.
Transition2Green would serve as one of the offtakers of the green hydrogen produced at the H2 HEVO Sines project to supply several refueling stations they intend to install in the Sines region.
HyLAB Collaborative Laboratory, a public-private partnership founded by EDP, Galp, REN, INESC TEC, Lisbon’s Universidade Nova and others, which aims to accelerate Portugal’s transition to the green hydrogen economy, is the final co-promotor. The ‘Sines Green Hydrogen Valley Alliance’ includes an additional pillar with three cross-functional activities proposed by HyLAB: R&D; Training and Capacity Building; Dissemination and Communication, which will strengthen the local green hydrogen ecosystem and help accelerate the decarbonization of hard-to-abate sectors, such as mobility and heavy industry.
About Fusion Fuel Green PLC
Fusion Fuel is an emerging leader in the green hydrogen sector focused on harnessing the power of the sun to inspire the next generation of clean hydrogen technologies. Fusion Fuel has created an integrated solar-to-hydrogen solution that enables off-grid production of cost-competitive 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.
Forward Looking Statements
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