Mini-electrolyser maker's shares surge as it reveals EU approval for massive Portuguese green hydrogen project
Fusion Fuel has announced plans for a 630MW plant in Sines to supply H2 for domestic use and export to Rotterdam
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The 630MW facility in Sines, Portugal is expected to cost €650m ($700m), with the Irish company starting its negotiations for funding from relevant governments and the European Investment Bank.
HEVO-Portugal would produce 62,000 tonnes of green hydrogen, some of which would be converted into ammonia for export via ship to the Port of Rotterdam in the Netherlands, with the remainder sold in the domestic market.
The name of the project implies that Fusion Fuel will supply its own tiny HEVO electrolysers, which have membranes the size of a business card.
The company claims that this enables “near immediate response times to rapid fluctuations in power supply”, with lower amperage that allows cheaper power equipment to be used in the balance of plant.
Fusion Fuel has already deployed its electrolysers at a pilot facility in the Portuguese city of Evora that initially produced 15 tonnes of hydrogen a day, with an expansion to 50 tonnes a day due to have been completed by the end of last year — meaning the new project would produce more than 1,000 times the volumes of its first.
However, the company has not revealed whether it is developing the HEVO-Portugal project as part of a consortium or alone, nor when it plans to take a final investment decision.
Fusion Fuel had last autumn received a delisting warning from the Nasdaq stock exchange, after its share price stayed below the minimum bid limit of $1 for more than a month.
While the share price almost quadrupled on Friday morning, rising from $1.20 to $4.11, it has since fallen back to $2.28.
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