Fusion Fuel Portugal’s industrial production facility in Benavente has been deemed a project of merit by AICEP, Portugal’s Trade & Investment Agency, due to its special and strategic interest for the Portuguese economy, and therefore secured funding support for its development.
Fusion Fuel is building an automated industrial plant where it will make its HEVO technology and HEVO-Solar generators. The plant is expected to be up and running by the middle of 2022. When fully operational, it will be able to produce about 500 MW of electrolysis each year.
As part of the deal with AICEP, Fusion Fuel has secured funding for about 25% of the total capital investment in the production facility. This is just under €10 million. The money comes in two parts: direct financial support for eligible expenses and tax credits that the company can use for a long time.
Fusion Fuel’s Chief Production Officer, André Antunes, commented, “We are excited about the development of Fusion Fuel´s Benavente Facility. Working together with best-in-class automated manufacturing specialists from across Europe will enable us to build one of the most advanced production plants in Portugal to date, across all industries.”
Frederico Figueira de Chaves, Fusion Fuel’s Chief Financial Officer, highlighted, “The Benavente plant lies at the core of Fusion Fuel´s growth strategy and its implementation a foundational pillar for future success. We are pleased to have the support of the Portuguese government and related entities in establishing this world class facility and in investing in innovation in this important emerging industry.”
