Fusion Fuel Signs €2.46 Million Green Hydrogen Equipment Supply Contract with CSIC
May 03 2023 - 3:58AM
Fusion Fuel (NASDAQ: HTOO) announced today that it has formally
entered into a €2.46 million equipment supply contract with Consejo
Superior de Investigaciones Científicas (‘CSIC’) for a 550 kW
solar-to-green hydrogen project in Zaragoza, Spain. The company had
previously been selected as the ‘best value proposal’ following the
public tender for the project, which will be developed for
Instituto de Carboquímica, a research centre within CSIC.
CSIC, also known as the Spanish National Research Council, is a
public research institution dedicated to promoting innovation,
scientific research and technological development. Founded in 1939,
CSIC has become one of the most prestigious research organizations
in Europe, with over 10,000 employees and 120 institutes across the
country. Its mission is to generate and transfer knowledge for the
benefit of society, with a particular emphasis on solving some of
the most pressing challenges facing Spain and the world, such as
climate change, health, energy, and food security.
The project entails the development of an on-premises green
hydrogen production and dispensing system for mobility in Zaragoza,
along with supplementary solar photovoltaic generation and an
energy storage system. The project will be developed in cooperation
with Zoilo Ríos service stations and will be supported by nearly €6
million in funds from the European Recovery and Resilience Facility
(PTI-TransEner +). Included within the scope of the project are
integrated controls for the entire facility, incorporating service
station needs and power grid exchange, along with production and
demand forecasting. Its final purpose is to serve as a model for
the future hydrogen refuelling infrastructure in Spain.
Fusion Fuel’s scope is limited to the supply of 22 of its
HEVO-Solar units, along with the balance of plant equipment for
water purification and hydrogen compression and storage to 500 bar.
The company expects to deliver the equipment to the project in the
third quarter of 2023.
Frederico Chaves, Fusion Fuel’s Co-Head,
commented on the announcement: “We are thrilled to have our
proposal selected by CSIC, one of Europe’s premier research
institutions, in what was a first-of-its-kind green hydrogen tender
by a public entity in Spain. This project builds off our pioneering
solar-to-hydrogen refueling facility for Exolum in Madrid, which we
are in the process of commissioning, and brings us another step
closer to achieving our revenue guidance for this year.”
Luis Valiño, CSIC researcher and principal
investigator for the project, remarked on the company’s
participation: "I am delighted to have Fusion Fuel's cutting-edge
hydrogen generation technology on board, as it perfectly
complements both the research-and practical driven character of the
rest of the project.”
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’s patented miniaturized Proton Exchange Membrane (PEM)
electrolyzer – the HEVO – unlocks unprecedented modularity and
flexibility in the design and deployment of cost-competitive,
decentralized green hydrogen production. Its business lines include
the sale of its 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 2, 2022) 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.
Investor Relations ContactBen
Schwarzir@fusion-fuel.eu
Media Relations ContactRobert
Collinsfusionfuel@gatewayir.com
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