SABUGO, Portugal, Jan. 30, 2023 (GLOBE NEWSWIRE) -- Fusion Fuel (NASDAQ: HTOO) announced today that the company has signed an offtake agreement with Portuguese natural gas utility Dourogás for green hydrogen produced from Fusion Fuel’s projects in Portugal. This represents Fusion Fuel’s first offtake contract aimed at blending green hydrogen within the Portuguese natural gas grid, and a first-of-its-kind agreement to support the Portuguese government in meeting its decarbonization objectives. Portugal’s national hydrogen strategy, adopted in 2020, laid out high-impact targets including a 15% blend of hydrogen in its natural gas distribution network and 2 GW of electrolyzer capacity by 2030.
The first hydrogen to be blended will be produced at Fusion Fuel’s GreenGas project in Evora. The facility is expected to be commissioned in 2023 and would produce roughly 40 tonnes of green hydrogen per annum. Dourogás will be able to use this hydrogen in its domestic, industrial and mobility NGV segments, sectors where the Dourogás Group is the market leader. Portugal's largest gas distribution network, Galp Gás Natural Distribuição – recently renamed Floene – is expected to build the infrastructure to enable blending in the grid as part of its broader commitment to the energy transition.
On January 25, Fusion Fuel welcomed the senior executives of Dourogás and Floene to its Benavente electrolyzer factory to formally mark the execution of the agreement. Pedro Caçorino Dias, Fusion Fuel’s Head of Portugal, shared his thoughts on the accomplishment: “This is a critical milestone in the development of the green hydrogen economy in Portugal. Our agreement with Dourogás is the first large-scale green hydrogen offtake contract in Portugal to date, and a concrete commitment by players across the value chain to establish a liquid market for green hydrogen. Not only will this help us strengthen our footprint in the industrial decarbonization space, but it will also help lay the groundwork for Portugal achieve the aspirations it laid out over two years ago in its national hydrogen strategy. With its extensive service network and stated emphasis on sustainability and energy innovation, Dourogás is the ideal counterpart in this endeavour. We hope to continue to cultivate our partnership with Dourogás and explore further opportunities for collaboration, particularly in the area of hydrogen mobility.”
Nuno Moreira, CEO of Dourogás Group, affirmed, “This is an important agreement for the Dourogás Group since it represents a step forward in its mission to provide clean energy to and within Portugal. Dourogás has a public commitment to the decarbonization of the economy through the production and promotion of renewable gases, including biomethane and green hydrogen, and the Fusion Fuel project is innovative and develops with this same purpose. Dourogás is the leading gas company in the national NGV mobility sector and this project aligns with our commitment to contribute towards Portugal’s decarbonization goals. Our action and operations remain set to support the decarbonization agenda of the national gas sector and economy, aligned with national and European policies.”
About Fusion Fuel
Fusion Fuel is an emerging leader in the green hydrogen sector committed to accelerating the energy transition through the development of disruptive, clean hydrogen solutions. Fusion Fuel has created a modular, integrated solar-to-hydrogen generator, powered by a proprietary miniaturized PEM electrolyzer, that enables off-grid production of green hydrogen. Its business lines include the sale of electrolyzer technology to customers interested in building their own green hydrogen production, the development of turnkey hydrogen plants to be owned and operated by Fusion Fuel, and the sale of green hydrogen as a commodity to end-users through long-term hydrogen purchase agreements. For more information, please visit https://www.fusion-fuel.eu
About Dourogás
The Dourogás Group, which has its roots in the north of Portugal, more specifically in Vila Real, was born in 1994 by the will of a businessmen in conjunction with the municipalities that were excluded from the first Natural Gas national concession. Having in its genesis the construction of gas distribution networks, the Dourogás Group - which recently won the Green Energy Award of the Green Awards initiative of Visão magazine and Águas de Portugal Group - is investing heavily in research, development and production of renewable gases for the mobility sector, such as biomethane and green hydrogen, providing a cleaner and more environmentally friendly energy and helping the country to meet the goals set by the National Plan Energy and Climate 2021-2030 underway, and that will put Portugal on the path of the economy’s decarbonization.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts. The words “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “could,” “target,” “potential,” “is likely,” “will,” “expect” and similar expressions, as they relate to us, are intended to identify forward-looking statements. Fusion Fuel has based these forward-looking statements largely on its current expectations and projections about future events and financial trends that Fusion Fuel believes may affect its financial condition, results of operations, business strategy and financial needs. Such forward-looking statements are subject to risks (including those set forth in Fusion Fuel’s Annual Report on Form 20-F, filed with the Securities and Exchange Commission on May 2, 2022) and uncertainties which could cause actual results to differ from the forward-looking statements. Any forward-looking statement made by Fusion Fuel herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for Fusion Fuel to predict all of them. Fusion Fuel undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.
Investor Relations Contact
Ben Schwarz
ir@fusion-fuel.eu
Media Relations Contact
Robert Collins
fusionfuel@gatewayir.com
