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Friday, Dec 9, 2022
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

Alternative Energy

Fusion Fuel partners with Duferco to establish ‘green’ hydrogen market in Italy

The initial project will be a 1.25MW hydrogen plant in Sicily producing 46 tonnes per year

Fusion Fuel partners with Duferco to help establish 'green' hydrogen market in Italy
Low pressure hydrogen storage tank at Fusion Fuel's new refuelling station in Madrid, Spain. Photo via Fusion Fuel

Fusion Fuel (Nasdaq: HTOO) will be helping to establish “green” hydrogen infrastructure in Italy and select markets in the MENA region (Middle East and North Africa) through a new partnership with Duferco Energia SpA.

On Friday, the environmentally-focused European company announced news of a commercial agreement with the subsidiary company of Duferco Group — an international manufacturer and distributor of steel, capable of producing approximately 1 million tons per year.

The initial project established by the agreement will be a 1.25-megawatt hydrogen plant developed at an industrial site in Giammoro, Sicily owned by Duferco. It is anticipated that Fusion will be providing 50 of its HEVO-Solar trackers — a device used to optimize solar energy and minimize hydrogen costs — for the upcoming project, with installation set to commence in 2024.

Read more: ‘Green’ hydrogen market will be worth billions by 2028: VMR

Read more: ‘Green’ hydrogen can reduce global carbon emissions: IMTY

The plant will generate approximately 46 tonnes of “green” hydrogen annually which Fusion says would be used to power a molten carbonate fuel cell (MCFC) system. This will add an innovative and novel aspect to the clean energy endeavour, according to the company.

Duferco Energia is primarily concerned with managing energy production assets and marketing energy services. The two companies plan to take advantage of Duferco’s logistics expertise, local market knowledge and sales network to establish multiple development opportunities and so-called turnkey technology-sale projects.

“This is an exciting development for Fusion Fuel as we begin to expand our commercial operation beyond Iberia into Southern Europe. This agreement not only represents our entry point into the Italian market, but more importantly the start of what we hope will become a strong anchor relationship with Duferco Group to sell our technology and develop projects in Italy and, ultimately, in adjacent markets like Tunisia and Algeria,” said Nuno Filipe, Head of Commercial for Europe at Fusion Fuel.

“As a small player in the nascent green hydrogen sector, it is critical that we remain laser-focused on the markets in which we have a compelling value proposition and material competitive advantage. Italy is one such market, and we believe this partnership with Duferco will serve as a platform for both companies to establish a significant near-term commercial footprint,” added Zach Steele, Co-Head of Fusion Fuel.

 

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