Fusion Fuel Green and Toshiba Energy Systems and Solutions Corporation Enter into Green Hydrogen MOU
May 19 2022 - 2:00AM
Fusion Fuel Green PLC (NASDAQ: HTOO), ("Fusion Fuel") and Toshiba
Energy Systems and Solutions Corporation (“Toshiba ESS”) are
pleased to announce that they have signed a Memorandum of
Understanding providing for the companies to pursue technical and
commercial opportunities in the fast-growing green hydrogen sector.
As part of this collaboration, Fusion Fuel will evaluate the use
of Toshiba ESS membrane electrode assemblies (MEAs) in its
proprietary Proton-Exchange Membrane (PEM) eletrolyzers. MEAs are a
core component of PEM electrolyzers, and those under development by
Toshiba ESS are highly cost-competitive and require significantly
less catalyst than conventional solutions. In addition, Toshiba ESS
will explore using the local sales channels it has developed in
areas such as the thermal power business to expand sales of Fusion
Fuel’s PEM electrolyzers in Australia and other countries.
Furthermore, the two companies will also explore potential
collaboration for future sales of Toshiba ESS solid oxide
electrolysis cells (“SOEC”), which Toshiba ESS targets bringing to
market in 2025.
Development of the green hydrogen economy has accelerated amidst
the mobilisation of significant funding support in Europe and Asia
for hydrogen projects and electrolyzer technology as part of a
broader decarbonization initiative. The European Union has set
targets of 6 GW of electrolyzer capacity by 2024 and 40 GW by 2030,
which would produce approximately 5 million metric tonnes of
low-carbon hydrogen per annum. Australia has also taken an interest
in the hydrogen industry, with the federal government announcing
its own national hydrogen strategy in 2019 and various investments
planned under a long-term technology investment roadmap aimed at
creating a new, world-leading export industry.
Fusion Fuel, which has significant operations in Portugal, Spain
and Ireland, has developed a solar-to-hydrogen generator which can
produce green hydrogen using only solar energy. At the heart of its
technology is a proprietary miniaturized PEM electrolyzer, which
recovers waste heat from the integrated solar concentration process
to improve efficiency by reducing the energy required to split
water. The company has built a pipeline of over 2.4 GW of green
hydrogen projects that spans opportunities across Europe, MENA and
Australia. Fusion Fuel was identified in the Portuguese National
Hydrogen Strategy as a company of strategic importance involved in
the development and production of green hydrogen-related
technologies.
Jaime Silva, Fusion Fuel’s Chief Technology Officer, said, “We
are very excited to have entered into this agreement with Toshiba
ESS to work together to achieve our collective ambition of a
low-carbon society powered by green hydrogen. We view this
partnership as an opportunity to leverage our complementary
strengths and create a unique and differentiated commercial
offering in both European markets, as well as globally. Toshiba’s
advancements in MEA design and production promise to further extend
our near-term cost advantage, while our longer-term aspiration of
collaborating on SOEC technology – for which our novel
solar-to-hydrogen solution is particularly well-suited – has the
potential to establish both Toshiba and Fusion Fuel as leaders at
the forefront of hydrogen innovation.”
Shigehiro Kawahara, Vice President of the Energy Aggregation
Division, says, “Since Toshiba ESS began working on fuel cell
systems in the 1960s, we have been advancing the development of
hydrogen-related technologies. Striving toward the realization of a
hydrogen society, we aim to provide high value-added hydrogen
solutions by integrating related technologies such as renewable
energy-derived hydrogen energy. By expanding our business through
this collaboration, we will help make a carbon-neutral society a
reality.”
About Toshiba Energy Systems and Solutions
Corporation
Toshiba Energy Systems & Solutions Corporation is a leading
supplier of integrated energy solutions. With its long experience
and expertise in a wide range of power generating and transmitting
systems and energy management technology, the company delivers
innovative, reliable and efficient energy solutions across the
globe. Split off from Toshiba Corporation (TOKYO: 6502) in October
2017.
About Fusion Fuel Green plc
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
has created a revolutionary, integrated solar-to-hydrogen generator
that enables off-grid production of 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. 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. 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. The Company has based these forward-looking statements
largely on our current expectations and projections about future
events and financial trends that we believe may affect our
financial condition, results of operations, business strategy and
financial needs. Some or all of the results anticipated by these
forward-looking statements may not be achieved. Further information
on the Company’s risk factors is contained in our filings with the
SEC. Any forward-looking statement made by us 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 us to predict all of them. The Company
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 Contactir@fusion-fuel.eu
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