In a groundbreaking development for the green energy sector, Fusion Fuel has secured IPCEI approval from the European Commission for its HEVO-Portugal project, positioning it as one of the 33 chosen ventures under the Important Projects of Common European Interest (IPCEI) Hy2Infra program.
With a staggering €650 million investment and a capacity to generate 630 MW of clean energy, the HEVO-Portugal initiative is poised to become a cornerstone of sustainable energy production. Located in Sines, Portugal, the project aims to churn out an impressive 62,000 tonnes of green hydrogen annually, marking a significant leap towards carbon neutrality.
What sets this project apart is its ambitious scope and strategic positioning. Fusion Fuel plans to utilize a portion of the green hydrogen for the production of green ammonia, facilitating its export from the Port of Sines to the Port of Rotterdam in the Netherlands. Meanwhile, the remainder will fuel the burgeoning demand from industrial customers within Portugal, further solidifying the country’s commitment to clean energy.
The market response to the news has been nothing short of remarkable. Fusion Fuel’s stock witnessed an unprecedented surge in pre-market trading, catapulting its value to $4.12 at the opening of Friday’s session, a stark contrast to its previous close at $1.20 on Thursday.
At the time of this publication, Fusion Fuel Green PLC stock (HTOO) has witnessed a surge.
Fusion Fuel Green PLC
Current Price: $2.68
Change : +1.48
Change (%): (123.33%)
Volume: 76.1M
Source: Tomorrow Events Market Data
CEO Frederico Figueira de Chaves hailed this milestone as a “game-changing achievement” for Fusion Fuel, emphasizing the company’s ascension within the green hydrogen landscape. He attributed this success to the unwavering dedication of Fusion Fuel’s team and the pioneering innovation embodied in the HEVO technology.
Echoing this sentiment, Pedro Caçorino Dias, Fusion Fuel’s Head of Commercial for Portugal, emphasized the broader implications of the HEVO-Portugal project. By positioning Sines as a pivotal hub for green hydrogen production, Fusion Fuel aims to catalyze the rapid decarbonization of Portugal’s industrial sector while fostering collaboration between key European ports.
As Fusion Fuel and its partners embark on funding negotiations with government stakeholders and the European Investment Bank, the IPCEI approval of the HEVO-Portugal project marks a significant stride towards a more sustainable future. With its sights set on transforming the European green hydrogen economy, Fusion Fuel stands poised to lead the charge towards a cleaner, greener tomorrow.
