Fusion Fuel Signs 10-Year Deal with Hydrogen Ventures
Fusion Fuel has entered into a 10-year agreement with European firm Hydrogen Ventures Ltd. to purchase 30 tonnes of green hydrogen per year.
Delivery of initial orders is anticipated in Q4 2023, with the green hydrogen being generated at Fusion Fuel's facilities in Evora, Portugal. The company is also increasing its production capacity to approximately 50 tonnes annually by the end of the year.
Hydrogen Ventures is currently working on a series of green hydrogen projects and establishing supply contracts with nearby industrial and municipal clients. The intended purpose of this hydrogen is for mobility applications within Portugal.
This recent agreement marks Fusion Fuel's second procurement deal for hydrogen in Portugal and provides a dependable, long-term solution for pricing and stability within the emerging hydrogen industry. This progress marks a crucial step towards creating a stronger and more competitive market for green hydrogen.
Pedro Caçorino Dias, who serves as Fusion Fuel's Head of Portugal, expressed his enthusiasm regarding the recent hydrogen purchase agreement with Hydrogen Ventures. This marks the second such contract the company has secured in 2023. With Fusion Fuel's approach to decentralised and distributed hydrogen production, as well as its robust project pipeline in Portugal, the company is well equipped to make green hydrogen more widely accessible to a diverse range of stakeholders. Of particular interest are emerging applications, such as mobility, which place a high value on green hydrogen. Fusion Fuel looks forward to collaborating with Hydrogen Ventures on this and future projects as the hydrogen market continues to evolve.
Horacio Carvalho, the CEO of Hydrogen Ventures, emphasised the significance of green hydrogen in combating climate change. He noted that his company is collaborating with Fusion Fuel to establish measures that will facilitate the connection between green hydrogen producers and consumers.
The ultimate objective is to create a strong national logistics infrastructure that can be integrated into Portugal's green energy mix, which is necessary for achieving the country's Net Zero commitments. This endeavour represents a valuable opportunity to join the global movement towards sustainable alternatives to fossil fuels. Hydrogen Ventures is committed to tackling this challenge and is currently engaged in similar projects with companies such as Fusion Fuel to reduce the impact of greenhouse gases on the planet.
Source: Fusion Fuel
