Fusion Fuel Signs Offtake Agreement with Portuguese Gas Utility Dourogás
January 30 2023 - 4:00AM
Fusion Fuel (NASDAQ: HTOO) announced today that the company has
signed an offtake agreement with Portuguese natural gas utility
Dourogás for green hydrogen produced from Fusion Fuel’s projects in
Portugal. This represents Fusion Fuel’s first offtake contract
aimed at blending green hydrogen within the Portuguese natural gas
grid, and a first-of-its-kind agreement to support the Portuguese
government in meeting its decarbonization objectives. Portugal’s
national hydrogen strategy, adopted in 2020, laid out high-impact
targets including a 15% blend of hydrogen in its natural gas
distribution network and 2 GW of electrolyzer capacity by 2030.
The first hydrogen to be blended will be produced at Fusion
Fuel’s GreenGas project in Evora. The facility is expected to be
commissioned in 2023 and would produce roughly 40 tonnes of green
hydrogen per annum. Dourogás will be able to use this hydrogen in
its domestic, industrial and mobility NGV segments, sectors where
the Dourogás Group is the market leader. Portugal's largest gas
distribution network, Galp Gás Natural Distribuição – recently
renamed Floene – is expected to build the infrastructure to enable
blending in the grid as part of its broader commitment to the
energy transition.
On January 25, Fusion Fuel welcomed the senior executives of
Dourogás and Floene to its Benavente electrolyzer factory to
formally mark the execution of the agreement. Pedro Caçorino Dias,
Fusion Fuel’s Head of Portugal, shared his thoughts on the
accomplishment: “This is a critical milestone in the development of
the green hydrogen economy in Portugal. Our agreement with Dourogás
is the first large-scale green hydrogen offtake contract in
Portugal to date, and a concrete commitment by players across the
value chain to establish a liquid market for green hydrogen. Not
only will this help us strengthen our footprint in the industrial
decarbonization space, but it will also help lay the groundwork for
Portugal achieve the aspirations it laid out over two years ago in
its national hydrogen strategy. With its extensive service network
and stated emphasis on sustainability and energy innovation,
Dourogás is the ideal counterpart in this endeavour. We hope to
continue to cultivate our partnership with Dourogás and explore
further opportunities for collaboration, particularly in the area
of hydrogen mobility.”
Nuno Moreira, CEO of Dourogás Group, affirmed, “This is an
important agreement for the Dourogás Group since it represents a
step forward in its mission to provide clean energy to and within
Portugal. Dourogás has a public commitment to the decarbonization
of the economy through the production and promotion of renewable
gases, including biomethane and green hydrogen, and the Fusion Fuel
project is innovative and develops with this same purpose. Dourogás
is the leading gas company in the national NGV mobility sector and
this project aligns with our commitment to contribute towards
Portugal’s decarbonization goals. Our action and operations remain
set to support the decarbonization agenda of the national gas
sector and economy, aligned with national and European
policies.”
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
has created a modular, integrated solar-to-hydrogen generator,
powered by a proprietary miniaturized PEM electrolyzer, that
enables off-grid production of green hydrogen. Its 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
About Dourogás
The Dourogás Group, which has its roots in the north of
Portugal, more specifically in Vila Real, was born in 1994 by the
will of a businessmen in conjunction with the municipalities that
were excluded from the first Natural Gas national concession.
Having in its genesis the construction of gas distribution
networks, the Dourogás Group - which recently won the Green Energy
Award of the Green Awards initiative of Visão magazine and Águas de
Portugal Group - is investing heavily in research, development and
production of renewable gases for the mobility sector, such as
biomethane and green hydrogen, providing a cleaner and more
environmentally friendly energy and helping the country to meet the
goals set by the National Plan Energy and Climate 2021-2030
underway, and that will put Portugal on the path of the economy’s
decarbonization.
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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