SABUGO, Portugal, May 19, 2022 (GLOBE NEWSWIRE) — Fusion Fuel Green PLC (NASDAQ: HTOO), (“Fusion Fuel”) and Toshiba Energy Systems and Solutions Corporation (“Toshiba ESS”) are pleased to announce that they have signed a memorandum of understanding for the companies to seek technical and commercial opportunities in the fast-growing green hydrogen sector.
As part of this collaboration, Fusion Fuel will evaluate the use of Toshiba’s ESS Membrane Electrode Assemblies (MEA) in its proprietary Proton Exchange Membrane (PEM) electrolyzers. MEAs are a core component of PEM electrolysers, and those being developed by Toshiba ESS are very cost competitive and require far less catalyst than conventional solutions. In addition, Toshiba ESS will explore the use of local sales channels it has developed in areas such as the thermal power sector to expand sales of Fusion Fuel’s PEM electrolysers in Australia and other countries. In addition, the two companies will also explore potential collaboration for future sales of Toshiba ESS Solid Oxide Electrolysis Cells (“SOEC”), which Toshiba ESS aims to bring to market in 2025.
The development of the green hydrogen economy has accelerated with the mobilization of significant financial support in Europe and Asia for hydrogen projects and electrolyser technology as part of a decarbonization initiative wider. The European Union has set targets of 6 GW of electrolyser capacity by 2024 and 40 GW by 2030, which would produce around 5 million metric tons of low-carbon hydrogen per year. Australia has also taken an interest in the hydrogen industry, with the federal government announcing its own National Hydrogen Strategy in 2019 and various investments planned as part of a long-term technology investment roadmap. term aimed at creating a new world-leading export industry.
Fusion Fuel, which has significant operations in Portugal, Spain and Ireland, has developed a solar hydrogen generator that can produce green hydrogen using only solar energy. At the heart of its technology is a proprietary miniaturized PEM electrolyser, which harvests waste heat from the integrated solar concentration process to improve efficiency by reducing the energy needed to split water. The company has built a pipeline of over 2.4 GW of green hydrogen projects that spans opportunities across Europe, MENA and Australia. Fusion Fuel has been identified in the Portuguese National Hydrogen Strategy as a company of strategic importance involved in the development and production of green technologies related to hydrogen.
Jaime Silva, Chief Technology Officer of Fusion Fuel, said, “We are very pleased to have entered into this agreement with Toshiba ESS to work together towards achieving our collective ambition of a low carbon society powered by fuel. green hydrogen. We see this partnership as an opportunity to leverage our complementary strengths and create a unique and differentiated business offering in European and global markets. Toshiba’s advances in MEA design and production promise to further extend our near-term cost advantage, while our longer-term aspiration to collaborate on SOEC technology – for which our new solar hydrogen solution is particularly well-suited – has the potential to make Toshiba and Fusion Fuel leaders at the forefront of hydrogen innovation.
Shigehiro Kawahara, Vice President of the Energy Aggregation Division, said, “Since Toshiba ESS began working on fuel cell systems in the 1960s, we have advanced the development of hydrogen-related technologies. In view of the realization of a hydrogen society, we aim to provide high added value hydrogen solutions by integrating related technologies such as hydrogen energy derived from renewable energies. By expanding our business through this collaboration, we will help make a carbon neutral society a reality.
About Toshiba Energy Systems and Solutions Corporation
Toshiba Energy Systems & Solutions Corporation is a leading provider of integrated energy solutions. With its long experience and expertise in a wide range of power generation and transmission systems and energy management technologies, the company provides innovative, reliable and efficient energy solutions worldwide. Split from Toshiba Corporation (TOKYO: 6502) in October 2017.
About Fusion Fuel Green plc
Fusion Fuel is an emerging leader in the green hydrogen sector committed to accelerating the energy transition through the development of innovative, clean hydrogen solutions. Fusion Fuel has created a revolutionary, integrated solar hydrogen generator that enables off-grid hydrogen production without carbon emissions. Fusion Fuel’s business areas include selling electrolyser technology to customers interested in building their own green hydrogen production, developing turnkey hydrogen plants to be owned and operated by Fusion Fuel , and the sale of green hydrogen as a commodity to end users through long-term hydrogen purchase agreements. For more information, visit https://www.fusion-fuel.eu
Forward-looking statements
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