The funding was accepted at a ceremony in Lisbon hosted by the Portuguese Prime Minister Antonio Costa, who was joined by Duarte Cordeiro, Portugal’s Minsiter of Environment and Climate Action.
The company had previously disclosed the approval of the award for its HEVO-Industria green hydrogen project in August last year, and now with the formal signing of the terms of acceptance, funding is secured.
Read more: €10m grant for Fusion Fuel’s 6.6MW green hydrogen project in Portugal
The grant will go towards developing its green hydrogen project in Sines, Portugal, which consists of 300 HEVO-Solar units, the equivalent to 6.6MW of green hydrogen production and will feature a co-located hydrogen refuelling station and associated balance of plant to support local industry.
The facility is expected to produce an estimated 764 tonnes of green hydrogen per year and the company predicts the project will serve local industrial customers in Sines, including hydrogen blending in the natural gas grid.
Pedro Caçorino Dias, Fusion Fuel Head of Portugal, said, “The signing of the terms of acceptance alongside Prime Minister Costa is yet another milestone in the maturation of our Sines portfolio, which is the cornerstone of a near-term project development pipeline of over 225MW of electrolysis capacity.
“With the C-14 grant in place, Fusion Fuel has now secured over €50m in funding support from the Portuguese government, a remarkable achievement which promises to be a significant catalyst as we move closer to taking final investment decision on these projects.”
Last year, Fusion Fuel received a €36m grant from the Portugal Recovery and Resilience Plan, with €22.2m being allocated towards the HEVO-Sines project.
Read more: €36m grant boosts Fusion Fuels Portuguese green hydrogen plans
Fusion Fuel recently revealed it has signed an offtake agreement with Portuguese natural gas utility Dourogás for green hydrogen produced from its projects.
It is understood that the hydrogen produced at Fusion Fuel’s 40-tonne per year GreenGas project in Evora will initially be blended once it is commissioned in 2023.
The agreement will support Portugal’s decarbonisation goals. Portugal was among the first countries to set a carbon neutrality target by 2050.
Read more: Fusion Fuel signs green hydrogen offtake agreement with Portuguese natural gas utility
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