Fusion Fuel Secures €36M in Grant Funding from Sines Green Hydrogen Valley Alliance
Fusion Fuel has secured €36M in grant funding for its “Sines Green Hydrogen Valley Alliance” through Component 5 of Portugal’s Recovery and Resilience Plan.
Component 5 spells out Portugal’s plan for Mobilising Agendas for Business Innovation and is intended to align stakeholders from across the entire value chain to develop a domestic green hydrogen ecosystem.
The grant money will be split into sections. The first allocation of €22.5M will go to Fusion Fuel’s H2 HEVO-SINES project. This 3,000 HEVO-Solar facility will be developed on 121 hectares of land within the Sines area. The green hydrogen to be produced is expected to be used in decarbonizing local industry, mobility applications, and for blending into the natural gas grid..
The second allocation of €3.5M will fund Fusion Fuel’s R&D efforts for their proprietary electrolysis technology.
The balance of the funding will be distributed across other projects for which the company is a technology partner. This includes those sponsored by KEME Energy, Transition2Green, and HyLAB Collaborative Laboratory.
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Research and development is the engine of economic growth in an increasingly knowledge-based global economy, however more investment is needed to help boost human creativity, innovation and economic output.
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To find out more about R&D or to determine the eligibility of your business for receiving an R&D tax credit, contact a Swanson Reed R&D Tax Advisor today.
