Fusion Fuel, a Portuguese company that develops solar-to-hydrogen technology, has announced that four of its projects have been pre-selected for grant funding of up to €12.9 million ($13.2 million).
If successful, the grants provided by Spain’s H2 Pioneros Program are intended to encourage business ventures along the renewable hydrogen value chain. For the four projects, Fusion Fuel expects to provide a total of 423 of its HEVO-Solar PEM units.
A final investment decision (FID) for the units, which will have an equal 10.5MW of electrolysis capacity, is anticipated in 2023, ahead of its turnkey delivery date of 2024.
The company estimates that the four projects will bring in €31.7 million ($32.4 million) in income, of which €16.4 million ($16.7 million) is expected to come from the sale of Fusion Fuel technology.
All four projects are expected to have land acquired for development, and once the conditions of acceptance for the grants have been agreed upon, the companies are anticipated to start the permitting process.
Three of the initiatives are centered on hydrogen refueling, which appears to be in line with Fusion Fuel’s strategic goal of creating an Iberian mobility infrastructure. The final project will generate green hydrogen for use in regional industry.