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Tuesday, January 31, 2023

Fusion Fuel (NASDAQ: HTOO) To Join Forces With BGR Energy

Fusion Fuel Green Plc (NASDAQ: HTOO) disclosed that it has signed MoU for the development of green hydrogen ventures in India with BGR Energy Systems Limited. Both the firms have decided to create a primary facility in India in 2021.

Using the facility, both the firms are intending to expand the ventures in the region for the delivery of hydrogen for the creation of green ammonia and bio-ethanol, and as a raw material for other heavy industrial applications. In the second half of 2021, HTOO is planning to utilize the HEVO-SOLAR technology to position a small installation for BGR Energy in the region of Cuddalore, Tamil Nadu.

Furthermore, after the deployment both the firms will cooperate to commence new ventures in the entire India. In the project development, HTOO will utilize the broad customer network of BGR and its strongest position in the market in the project development. BGR and HTOO will further search for new areas of possible collaboration.

BGR has built more than 12,000 MW of power facility and a Balance of Facility related services in India since its establishment. It has also been recognized for its skills in the modeling and manufacturing of high-tech equipment. BGR has been the prominent leader in the advancement of hydrogen in the region.

Hydrogen plays a crucial role, and it has been projected that the consumption of nearly 6 million of “H” yearly in India. Research reports disclosed that the estimated request for hydrogen by 2025 will be 28 million tons.

Almost all the hydrogen used in India today is grey hydrogen, the manufacturing of which radiates nearly 9 tons of CO2 per ton of hydrogen. Allowing cost-efficient national output of green “H” will be crucial to lessen the carbon concentration of heavy business and assist India to attain its energy safety and discharges objectives.

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