Why Fusion Fuel Shares Are Skyrocketing Friday?

Fusion Fuel Green PLC HTOO shares are skyrocketing in the premarket session on Friday.

The company said it had received notification from the European Commission that its HEVO-Portugal project was among 33 selected for approval under the Important Projects of Common European Interest (“IPCEI”) Hy2Infra program. 

The €650 million ($700.23 million), 630 MW project is to be developed in Sines, Portugal, and would produce 62,000 tonnes of green hydrogen per annum. 

“HEVO-Portugal is one of the largest electrolyzer projects approved in the Hy2Infra wave, a testament to the exceptional innovation of our HEVO technology and the strong conviction that Portugal and the European Union have in our ability to successfully deliver this all-important project,” Frederico Figueira de Chaves, CEO of Fusion Fuel, stated. 

Some of the green hydrogen is anticipated for green ammonia production, destined for export from Port of Sines to Port of Rotterdam. The remainder will serve industrial clients within Portugal.

Securing IPCEI approval enables Fusion Fuel and its partners to initiate funding discussions with pertinent government entities and the European Investment Bank. 

The latter is committed to offering financial and advisory backing to selected projects eligible for public funding.

“While we are still in the very early innings, we are confident that HEVO-Portugal will be instrumental in contributing to the rapid decarbonization of Portugal’s largest industrial hub and, most importantly, in helping catalyze the European green hydrogen economy,” Pedro Caçorino Dias, Fusion Fuel’s Head of Commercial for Portugal added.

Price Action: HTOO shares are trading higher by 210% to $2.72 premarket on the last check Friday.

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