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Friday, January 27, 2023

Fusion Fuel (NASDAQ: HTOO) and Toshiba ESS Announces Green Hydrogen MOU

Fusion Fuel Green PLC (NASDAQ: HTOO) confirmed that it has inked a green hydrogen Memorandum of Understanding (MoU) with Toshiba Energy Systems and Solutions Corporation (Toshiba ESS). The MoU will enable companies to opt for technical and commercial opportunities in the fast-growing green hydrogen sector.

Fusion Fuel will evaluate Toshiba ESS membrane electrode assemblies (MEAs) in its patented Proton-Exchange Membrane (PEM) electrolyzes as part of this collaboration. MEAs are a crucial element of PEM electrolyzers, and the ones Toshiba ESS is working on are highly cost-effective and require far less catalyst than traditional alternatives.

As per the partnership, Toshiba ESS plans to boost sales of Fusion Fuel’s PEM electrolyzers in Australia and other countries by using local sales channels it has created in areas such as the thermal power business. In addition, the two businesses will consider collaborating on future sales of Toshiba ESS solid oxide electrolysis cells (SOEC), which Toshiba ESS plans to launch in 2025.

Recently, the creation of the green hydrogen economy has increased as a result of major funding support for hydrogen projects and electrolyzer technologies in Europe and Asia as part of a larger decarbonization drive. The European Union has set goals for electrolyzer capacity of 6 GW by 2024 and 40 GW by 2030, which would create about 5 million metric tonnes of low-carbon hydrogen per year.

Fusion Fuel has created a solar-to-hydrogen generator that can generate green hydrogen using solely solar energy. A proprietary miniaturized PEM electrolyzer is at the heart of its technology, which captures waste heat from the integrated solar concentration process to boost efficiency by lowering the energy required to split water.

Furthermore, the company has developed a pipeline of approximately 2.4 GW of green hydrogen projects in Europe, the Middle East, and Australia. Fusion Fuel is a strategic firm specializing in the development and manufacturing of green hydrogen-related technologies, according to the Portuguese National Hydrogen Strategy.

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