Fusion Fuel and Electus Energy Announce Exclusive Agreement to Develop a 75 MW Green Hydrogen Project in Bakersfield, California

Bakersfield would be Fusion Fuel’s first project in United States, centerpiece of North American commercial strategy

SABUGO, Portugal, and LOS ANGELES, Nov. 28, 2022 (GLOBE NEWSWIRE) -- Fusion Fuel (Nasdaq: HTOO) and Electus Energy (‘Electus’) announced today that the two companies have entered into an exclusive joint venture agreement to develop a large-scale green hydrogen project in Bakersfield, California.

The proposed project is a roughly 75 MW solar-to-hydrogen facility using Fusion Fuel´s HEVO technology, capable of producing up to 9,300 tons of green hydrogen per annum including nighttime operation. The project would require an estimated €175 million (~$180 million) in capital investment, with a final investment decision expected in early 2024 and commissioning in the first half of 2025. Once operational, this project will provide enough hydrogen fuel to support over 1,000 Class 8 trucks or buses per day.

The companies have already entered into a land-lease agreement to secure 320 acres in Kern County, California for the project's development. Fusion Fuel has engaged Black & Veatch to perform a concept study and is also working with Cornerstone Engineering and Headwaters Solutions.

Jason Baran, Fusion Fuel’s Chief Commercial Officer, commented on the announcement, “This is a critical moment for Fusion Fuel and for our ambition to be a global leader in clean hydrogen solutions. In just under two years as a public company, Fusion Fuel has established itself as a key player in the Iberian green hydrogen ecosystem. However, we knew that entering a new market, particularly one as large and complex as North America, would require a cornerstone project and a credible partner. Due to the unique combination of solar irradiance, California tax incentives, and proximity to large-scale offtake, Bakersfield is the ideal project to anchor our North American strategy. We are extremely excited to be unveiling the Bakersfield project alongside our development partner, Electus Energy, which has been actively developing hydrogen mobility solutions in the Southwestern United States and has cultivated deep relationships with prospective offtakers in the logistics and distribution ecosystem.”