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Fusion Fuel Portugal Secures Nearly €10m in Grants for its Benavente Electrolyzer Production Facility
SINTRA, Portugal, Feb. 24, 2022 (GLOBE NEWSWIRE) -- Fusion Fuel Portugal, the wholly-owned subsidiary of Fusion Fuel Green plc (NASDAQ: HTOO), announced today that its industrial production facility in Benavente has been deemed a project of merit by AICEP, Portugal’s Trade & Investment Agency, due to its special and strategic interest for the Portuguese economy, and therefore secured funding support for its development.
Fusion Fuel is developing a state-of-the-art, automated industrial facility where it will produce its proprietary HEVO technology and HEVO-Solar generators. The facility is expected to come online in mid-2022 and, when fully ramped up, will have an annual productive output of roughly 500 MW of electrolysis capacity.
As part of the agreement with AICEP, Fusion Fuel has secured funding of around 25%—just under €10m—of the total capital investment in the production facility. The funding is split in two components: direct financial support for eligible expenses, and tax offsets available to the company over a period of several years.
Fusion Fuel’s Chief Production Officer, André Antunes, commented, “We are excited about the development of Fusion Fuel´s Benavente Facility. Working together with best-in-class automated manufacturing specialists from across Europe will enable us to build one of the most advanced production plants in Portugal to date, across all industries.”
Frederico Figueira de Chaves, Fusion Fuel’s Chief Financial Officer, highlighted, “The Benavente plant lies at the core of Fusion Fuel´s growth strategy and its implementation a foundational pillar for future success. We are pleased to have the support of the Portuguese government and related entities in establishing this world class facility and in investing in innovation in this important emerging industry.”
SINTRA, Portugal, Feb. 24, 2022 (GLOBE NEWSWIRE) -- Fusion Fuel Portugal, the wholly-owned subsidiary of Fusion Fuel Green plc (NASDAQ: HTOO), announced today that its industrial production facility in Benavente has been deemed a project of merit by AICEP, Portugal’s Trade & Investment Agency, due to its special and strategic interest for the Portuguese economy, and therefore secured funding support for its development.
Fusion Fuel is developing a state-of-the-art, automated industrial facility where it will produce its proprietary HEVO technology and HEVO-Solar generators. The facility is expected to come online in mid-2022 and, when fully ramped up, will have an annual productive output of roughly 500 MW of electrolysis capacity.
As part of the agreement with AICEP, Fusion Fuel has secured funding of around 25%—just under €10m—of the total capital investment in the production facility. The funding is split in two components: direct financial support for eligible expenses, and tax offsets available to the company over a period of several years.
Fusion Fuel’s Chief Production Officer, André Antunes, commented, “We are excited about the development of Fusion Fuel´s Benavente Facility. Working together with best-in-class automated manufacturing specialists from across Europe will enable us to build one of the most advanced production plants in Portugal to date, across all industries.”
Frederico Figueira de Chaves, Fusion Fuel’s Chief Financial Officer, highlighted, “The Benavente plant lies at the core of Fusion Fuel´s growth strategy and its implementation a foundational pillar for future success. We are pleased to have the support of the Portuguese government and related entities in establishing this world class facility and in investing in innovation in this important emerging industry.”