An unnamed Spanish industrial group has agreed to purchase green hydrogen from a 2.5-MW project that will be realised by Ireland-based Fusion Fuel Green Plc (NASDAQ:HTOO) in the Iberian nation next year.
Fusion Fuel, which makes its own miniaturised PEM electrolysers in addition to handling the turnkey development of projects, said in a statement today that it signed a long-term contract to supply 111.5 tonnes of green hydrogen per year. The purchase agreement is tied to a project in Toleda which was awarded EUR 3.3 million (USD 3.6m) in funding earlier this year under Spain’s H2 Pioneros programme.
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The signing of this deal marks an important milestone in the pre-FID development of the project, the company added.
Javier Esteban, the head of Fusion Fuel’s Spanish subsidiary, described the counterparty as “a fellow pioneering company in the green hydrogen energy transition” and noted that the contract relates to the “decarbonisation of an off-grid project.”
“We have highlighted our focus on emergent use-cases for hydrogen, but for us to move the needle in decarbonisation, we also need to address legacy industrial segments as well,” Esteban added.
In turn, Fusion Fuel CEO Frederico Chaves said the following: “This offtake contract helps extend our footprint in the industrial decarbonisation space and brings us one step closer to monetising the value we have created in the development of the project.”
Fusion Fuel's PEM electrolysers are known as HEVOs. They are affixed to the back of high-efficiency concentrated photovoltaic (CPV) panels to create HEVO-Solar generators. According to a previous announcement, the project in Toledo will feature the latest HEVO technology.
(EUR 1.0 = USD 1.094)