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Fusion Fuel to participate in four projects pre-selected for grants through Spain’s H2 Pioneros program

Fusion Fuel announced that four projects in Spain, in which the company is involved as a technology provider, have been pre-selected for up to €12.9 MM in grant funding. If successful, the grants will be awarded through the H2 Pioneros Program, which has a current year budget of €150 MM and aims to support commercial projects across the renewable H2 value chain. H2 Pioneros is one of the first funding calls under the Strategic Projects for Economic Recovery and Transformation (PERTE) program, a €6.9-B financing tool created under Spain’s recovery and resilience facility, to support projects and initiatives in renewable energy, green H2 and energy storage.

Fusion Fuel is expected to supply a total of 423 HEVO-Solar units to the four projects, equivalent to 10.5 MW of electrolysis capacity, which would reach final investment decision in 2023 and be delivered on a turnkey basis in 2024. These four projects would generate €31.7 MM in revenue, of which an estimated €16.4 MM would be derived from the sale of Fusion Fuel technology. All four projects have secured land for their respective development, and the companies expect to commence permitting once the terms of acceptance for the grants are signed. Three of the projects are focused on H2 refueling, a reflection of Fusion Fuel’s strategic focus on the development of a mobility backbone throughout Iberia, while the fourth will produce green hydrogen for local industrial use.

Joao Wahnon, Fusion Fuel’s Chief Business Development Officer said, “This is a crucial milestone for Fusion Fuel’s commercial aspirations in the Spanish market. With this first slate of approvals from the H2 Pioneros Program, we are positioned to replicate the model we have successfully employed in Portugal: securing meaningful grant funding that enables us to quickly establish a leading position in the nascent green hydrogen ecosystem. These new projects will build on our experience in the green hydrogen mobility sector, a strategy that began with our Exolum project in Madrid, which will be Spain’s first ever integrated solar-to-green hydrogen refueling station. We want to thank our business partners at Fusion Fuel Spain, as well as the Ministry for the Ecological Transition and the Demographic Challenge for this important vote of confidence.”

Fusion Fuel is also involved in an additional project that was submitted to the Cadena de Valor Program, a separate €250-MM funding call, also through PERTE, that is focused on the advancing the renewable H2 value chain through the development of technological prototypes, testing facilities and new manufacturing lines. That project consists of 815 HEVO-Solar units, equivalent to 20.4 MW of electrolysis capacity, and would represent potential tech sale revenue of €26.8 MM. The company expects to receive a decision on Cadena de Valor in early 2023.

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