Fusion Fuel Green PLC (NASDAQ: HTOO) is pleased to
announce that it has entered into a non-binding Memorandum of
Understanding (“MoU”) with
Grupo Industrial CL and
EREE Desarrollos Empresariales SL regarding a
partnership to develop a feasibility study to produce hydrogen
using renewable energy resulting in zero carbon emissions (“Green
Hydrogen”) and for the purpose of creating synthetic fuels from
captured carbon dioxide (CO2).
The companies submitted a project to the Fondo
Europeo de Recuperación: Hidrógeno Renovable in Spain, aiming to
produce 35,000 tons of synthetic fuels using 100,000 tons of
captured CO2 and 14,000 tons of Green Hydrogen created using Fusion
Fuel’s technology.
If the study to be conducted under the MoU is
successful and the project is approved, the companies expect to
start development in 2022 and go live in 2023 and expect the
project will have a lifespan of 25 years. The project and the
various elements of its design are still in progress; however, it
is expected to require an investment of approximately €270 million.
We believe the project will lead to the reduction of thousands of
tons of CO2 emissions per year.
Fusion Fuel has developed a disruptive
micro-electrolyzer solution, which, in conjunction with proven
concentrated photovoltaic solar technology, will produce
emissions-free Green Hydrogen at prices competitive with brown
hydrogen. Fusion Fuel believes Spain is an ideal market for its
technology due to the region’s high average annual solar resource,
which will enable it to produce highly competitive Green
Hydrogen.
Synthetic fuels, also called e-Fuels, are
created by combining green hydrogen with CO2 that has been captured
from industrial sites to create synthetic “green” methanol that can
be converted to different synthetic fuels. Synthetic fuels are an
important part of carbon reductions even with the general long-term
trend to move to battery electric vehicles (BEV) or fuel cell
electric vehicles (FCEV), as there will continue to be an extremely
large fleet of legacy engines in the coming decades that require a
cost efficient and more environmentally friendly fuel.
Fusion Fuel Spain’s Executive, Javier Esteban,
said, “This exciting project marks an important milestone in the
decarbonization targets announced and we believe the partnership
between the two companies can truly deliver competitive synthetic
fuels in the mid-term. This is a new market for Fusion Fuel with
significant growth potential.”
Grupo Industrial CL’s Executive, David Aguilera,
said, “With this joint project our organization aims to take part
in a technological transition that could allow us to achieve a
carbon neutrality while creating new business opportunities to
continue leading the economic and social development in our
areas.”
Forward looking statements
Certain statements made in this release are
“forward looking statements” within the meaning of the “safe
harbor” provisions of the United States Private Securities
Litigation Reform Act of 1995. When used in this press release, the
words “estimates,” “projected,” “expects,” “anticipates,”
“forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,”
“will,” “should,” “future,” “propose” and variations of these words
or similar expressions (or the negative versions of such words or
expressions) are intended to identify forward-looking statements.
These forward-looking statements are not guarantees of future
performance, conditions or results, and involve a number of known
and unknown risks, uncertainties, assumptions and other important
factors, many of which are outside Fusion Fuel’s control, that
could cause actual results or outcomes to differ materially from
those discussed in the forward-looking statement, including, among
other things, the failure to obtain required regulatory approvals;
changes in Portuguese, Spanish, or European green energy plans; the
ability to obtain additional capital; field conditions and the
ability to increase production capacity; supply chain competition;
changes adversely affecting the businesses in which Fusion Fuel is
engaged; management of growth; general economic conditions,
including changes in the credit, debit, securities, financial or
capital markets; and the impact of COVID-19 or other adverse public
health developments on Fusion Fuel’s business and operations. You
are cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date of this press
release.
Use of Social Media as a Source of Material
News
Fusion Fuel uses, and will continue to use, its
LinkedIn profile, website, press releases, and various social media
channels, as additional means of disclosing information to
investors, the media, and others interested in Fusion Fuel. It is
possible that certain information that Fusion Fuel posts on social
media or its website, or disseminates in press releases, could be
deemed to be material information, and Fusion Fuel encourages
investors, the media and others interested in Fusion Fuel to review
the business and financial information that Fusion Fuel posts on
its social media channels, website, and disseminates in press
releases, as such information could be deemed to be material
information.
About Grupo Industrial CL
https://www.grupoindustrialcl.com
Grupo Industrial CL is a large privately held
industrial group in Spain, which, among other investments, owns
steel mills, chemical, plastic and paper industries, renewable
energy companies, transmission and distribution system operators in
natural gas Spanish sector. It has a strong commitment with quality
and competitiveness in all activities as well as strong
sustainability values across all its businesses.
About Fusion Fuel Green PLC
https://www.fusion-fuel.eu
Fusion Fuel has developed industry leading Green
Hydrogen production technology. Our vision is to become one of the
core developers of Green Hydrogen technology in the coming years
and to facilitate the transition to Green Hydrogen by providing a
cost competitive alternative to Brown Hydrogen. Fusion Fuel is a
publicly traded company quoted on the Nasdaq Global Market (NASDAQ:
HTOO).
Investor Relations ContactCody
Slach and Georg VenturatosGateway IRHTOO@gatewayir.com
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