Fusion Fuel Inks JV Deal With Electus For Green Hydrogen Project In California

Fusion Fuel Green PLC HTOO has entered into a joint venture agreement with Electus Energy to develop a large-scale green hydrogen project in Bakersfield, California.
The proposed project is roughly a 75 MW solar-to-hydrogen facility using Fusion Fuel's HEVO technology.
The facility will be capable of producing up to 9,300 tons of green hydrogen per annum, including nighttime operation.
The project would require an estimated €175 million (about $180 million) in capital investment.
A final investment decision is expected in early 2024, and commissioning will be in the first half of 2025.
"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," said chief commercial officer Jason Baran.
Price Action: HTOO shares closed higher by 12.9% at $4.64 on Friday.