Fusion Fuel Green PLC (NASDAQ: HTOO) has had a notable increase in the price of its shares, rising by 154.56% to $3.06 during the early trading session. The firm just received regulatory permission in Europe, which is the reason for this gain.
It was revealed today that Fusion Fuel (HTOO) received a notification from the European Commission. HTOO received notification regarding its HEVO-Portugal endeavor being chosen among 33 projects for additional evaluation within the Hy2Infra initiative for Significant Projects of Mutual European Interest (“IPCEI”).
The anticipated expenditure for the undertaking stands at €650 million, yielding 630 megawatts of power. Annually, the project aims to generate 62,000 tonnes of eco-friendly hydrogen in Sines, Portugal. Anticipations suggest that a portion of the Sines-produced green hydrogen will be dispatched to Rotterdam, Netherlands, in the guise of green ammonia.
The European Investment Bank, which has promised to provide financial and advising help for specific projects, and Fusion Fuel and its partners may now begin financing discussions with the appropriate government agencies. Fusion Fuel has achieved a major milestone with the achievement of the HEVO-Portugal project, solidifying its place as a major participant in the green hydrogen market.
This project, among the largest electrolyzer projects approved in the Hy2Infra program, demonstrates the innovative capabilities of HEVO technology and underscores Portugal and the European Union’s confidence in HTOO’s ability to deliver. The HEVO-Portugal project not only represents a cornerstone of Fusion Fuel’s green hydrogen portfolio but also signifies a pivotal step towards establishing Sines as a leading green hydrogen hub in Southern Europe.
This initiative aims to forge closer ties between major European ports, fostering the growth of the green energy economy and generating widespread benefits across industries and regions. While Fusion Fuel acknowledges that it is still in the early stages of this journey, it is optimistic about the transformative impact of HEVO-Portugal.
The project is expected to play a crucial role in decarbonizing Portugal’s largest industrial hub and catalyzing the broader European green hydrogen economy. Fusion Fuel’s this regulatory approval in Europe, particularly for its HEVO-Portugal project, signals a significant advancement in the company’s efforts to drive the transition towards sustainable energy solutions.
