A grant of €3.3 million has been given to Fusion Fuel Spain for capital expenditure in a 2.4 Megawatt green hydrogen project intended to accelerate Spain’s industrial decarbonization.
The funding was given out as a result of the H2 Pioneros Program, for which €150 million had been set aside to encourage business endeavors all throughout the value chain for renewable hydrogen. The Strategic Projects for Economic Recovery and Transformation (‘PERTE’) program, a €6.9 billion financing instrument established under Spain’s recovery and resilience facility to support initiatives in renewable energy, green hydrogen, and energy storage, included H2 Pioneros as one of the first funding calls. Only 19 projects in Spain, including Fusion Fuel’s, received grant funding from H2 Pioneros.
To replace the carbon-intensive natural gas now utilized in industrial operations, Toledo’s 2.4 Megawatt project will be built and will deliver green hydrogen to local industrial clients. The green hydrogen plant, which will use Fusion Fuel’s newest HEVO solution, will create about 110 metric tonnes of green hydrogen annually. The project’s estimated total capital cost is €3.3 million, or roughly 57% of it. The business plans to construct and launch the project in 2024.