Fusion Fuel rises on $27.3 mln funding from Portuguese govt

Fusion Fuel Green

07/12/2022 12:55

** Shares of Fusion Fuel Green PLC  HTOO.O  up 8.9%
premarket at $5.53
    ** The Portuguese government's National Recovery and
Resilience Plan awards Fusion Fuel a grant of 36 mln euros
($27.3 mln) to fund its Sines Green Hydrogen Valley Alliance
 urn:newsml:reuters.com:*:nGNX5fzf6W
    ** Of the 36 mln euros, 22.5 mln euros will be allocated to
the co's H2 HEVO-SINES project, equivalent to 75 MW of
electrolysis capacity
    ** Co says it has secured 121 hectares of land within
Portugal's Sines area for the project, which is expected to
start construction in 2024
    ** About 3.5 mln euros will be allocated to HTOO to fund
research and development of its proprietary electrolysis
technology
    ** Balance of the funding will be allocated to other
projects for which the co is a technology partner - HTOO
    ** Up to Tuesday's close, stock down 39% YTD
 (Reporting by Arshreet Singh in Bengaluru)
 ((Arshreet.Singh@thomsonreuters.com))