Fusion Fuel Announces Strategic Partnership with Elemental Clean Fuels, Strengthens Foothold in North American Green Hydrogen Market

DUBLIN, Ireland, Sept. 14, 2023 (GLOBE NEWSWIRE) -- Fusion Fuel Green plc (NASDAQ: HTOO) (“Fusion Fuel”), a green hydrogen solutions company, announced today that it has entered into definitive agreements with Elemental Clean Fuels (“Elemental”), a newly formed and funded development company focused on originating and developing clean fuel projects in North America. Elemental is led by Zach Steele and Jason Baran, formerly senior executives at Fusion Fuel, along with Jeff Crone, a former advisor to Fusion Fuel, all of whom have extensive management experience in the energy infrastructure sector in North America. Fusion Fuel is contributing several development assets from its broader project portfolio to Elemental in exchange for a minority equity ownership interest.

In parallel, Fusion Fuel has also entered into a strategic technology partnership with Elemental, granting Fusion Fuel the right to bid on all PEM-based green hydrogen projects in Elemental’s North American pipeline for a period of three years. Elemental has approximately 40 MW in pre-feasibility projects within its pipeline and is currently collaborating with Fusion Fuel on a feasibility study for a 2 MW green hydrogen project for a state utility to be delivered in 2024. This partnership will provide Fusion Fuel with exposure to the emerging North American green hydrogen market, whilst enabling the company to focus its near-term commercial efforts on the Iberian Peninsula and Northern Europe.

Frederico Figueira de Chaves, CEO of Fusion Fuel, commented, “This partnership represents a continuation of the go-to-market strategy we’ve discussed in detail in recent months. We view channel partnerships as an effective means to amplify our presence in new markets. With secured development capital, a pipeline of actionable projects, and leadership with a proven track record, we are confident that Elemental will deliver significant value to our shareholders and be a great complement to the existing Fusion Fuel team. The opportunity to work closely with Zach and Jason once more, executives who we know well and who are familiar with the unique advantages of our HEVO technology, presents a golden opportunity to accelerate the deployment of our HEVO-Chain solution in the North American market and create meaningful opportunities for technology sales.”