Fusion Fuel Enters into Ten Year Hydrogen Purchase Agreement with Hydrogen Ventures

SABUGO, Portugal, March 28, 2023 (GLOBE NEWSWIRE) -- Fusion Fuel (NASDAQ: HTOO) announced today that it has signed a ten year offtake contract with European developer Hydrogen Ventures Ltd for thirty tonnes of green hydrogen per annum. First orders are expected to be delivered in the fourth quarter of 2023. The hydrogen will be produced at the company’s projects in Evora, Portugal, where Fusion Fuel is expanding its production capacity to roughly 50 tonnes per annum by year end.

Hydrogen Ventures, which is developing a pipeline of green hydrogen projects and entering into supply contracts with local industrial and municipal customers, expects to use the hydrogen for mobility applications in Portugal. This contract represents Fusion Fuel’s second hydrogen purchase agreement in Portugal to date, providing long-term stability and price security to the nascent hydrogen ecosystem: a critical step forward in the creation of a more robust and competitive market for green hydrogen.

Pedro Caçorino Dias, Fusion Fuel’s Head of Portugal, offered his thoughts: “We are very excited to announce the execution of this hydrogen purchase agreement with Hydrogen Ventures, the second such contract we have entered into so far this year. With our decentralized, distributed approach to hydrogen production, and robust project pipeline in Portugal, Fusion Fuel is well positioned to make green hydrogen accessible to a wide range of stakeholders, particularly for some of the more emergent applications – like mobility – that ascribe the highest value for green hydrogen today. We look forward to partnering with Hydrogen Ventures on this project and others to come as this market continues to develop.”

Horacio Carvalho, CEO of Hydrogen Ventures, added, “We see green hydrogen as a game-changer in the battle to combat climate change. Together with Fusion Fuel, we are putting in place a series of measures to connect the green hydrogen producer and the consumer. Our goal is to establish a robust, national logistics infrastructure, that takes its place in the green energy mix that Portugal will need to meet its Net Zero commitments. It is a golden opportunity to be part of an international movement, taking direct action to provide sustainable alternatives to fossil fuels. Hydrogen Ventures is taking this challenge head-on and is working globally on similar projects with companies like Fusion Fuel to mitigate the impact of greenhouse gases on our planet.”