Fusion Fuel Shares Are Up Premarket Monday: What's Going On?

Fusion Fuel Green PLC HTOO shares are trading higher after the company received approval for a €1.015 million grant from the European Innovation Fund’s Horizon Europe Programme.

The company was included as a member of H2tALENT, which was one of three consortia funded in the topic (HORIZON-JTI-CLEANH2-2023-1) created to develop small-scale hydrogen valleys that demonstrate the decarbonization potential of hydrogen and cover the entire value chain.

The projects envisioned within the hydrogen valley would produce over 1,200 tonnes of green hydrogen per annum, expected to be used by multiple offtakers within the industrial ecosystem in Sines, while deepwater port represents a strategic multi-modal hub for integration within the broader European economy.

Fusion Fuel’s contribution to the consortium includes developing and supplying electrolyzer technology for green hydrogen projects in the Alentejo region, which began with the demonstration projects in Evora.

The grant fund will be used for automation equipment for the company’s Evora demonstration facility and engineering work for the Sines I project.

Pedro Caçorino Dias, Fusion Fuel’s Head of Commercial for Portugal, said, “We are thrilled to receive this grant from the European Innovation Fund’s Horizon Europe Programme, which highlights our commitment to advancing the green hydrogen economy within the Alentejo region.” 

“It is an honor to have been selected by the University of Evora last year to join the H2tALENT consortium, which has enabled us to collaborate with leading players within the hydrogen ecosystem across Europe. This grant will propel our efforts in Evora and Sines, further solidifying our position as a key player in the transition towards a sustainable energy future.”

Last month, the company 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. 

Price Action: HTOO shares are up 9.30% at $1.41 premarket on the last check Monday.

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