The Dublin-based firm said BrightHy would receive the funds from an unnamed “green energy technologies provider” after signing a non-binding term sheet in 2025.

The deal sees Bright Hydrogen Holdings established, with the unnamed partner as a majority shareholder, which will serve as a standalone investment vehicle for future projects.

Under the deal, BrightHy remains a wholly-owned Fusion Fuel subsidiary, but will act as the exclusive developer and manager of projects being undertaken by the investment vehicle.

Project funding and ownership will sit with Bright Hydrogen Holdings, with individual project companies financed and approved at the holding company level.

The first project, anticipated in the first quarter of 2026, will be a green hydrogen production facility supplying an industrial cement operator in Spain.

This investment will be released in three payments of €10m ($11.7m) across an unspecified period, at the approval of Bright Hydrogen Holding’s investment committee and board.

BrightHy CEO, Frederico Figueira de Chaves, said the approach would lower upfront capital commitments.

The deal marks another step back towards green hydrogen for Fusion Fuel after the firm pivoted towards fossil fuels in 2024.

Originally established as a key southern European hydrogen player, Dubai-headquartered LPG services firm Quality Industrial Corp. effectively took 70% ownership after Fusion Fuel’s Portuguese subsidiary fell into insolvency.

Subsequently, BrightHy was established to provide third-party green hydrogen engineering and advisory services.

Last year, the hydrogen subsidiary inked deals to see it support the expansion of two Chinese electrolyser makers into the European market.