New York, New York and Dublin, Ireland — HL Acquisitions Corp (“HL”, NASDAQ: HCCH, HCCHU, HCCHR, HCCHW) and its business combination partner, Fusion Fuel Green plc (“Fusion Fuel”), jointly announced that Fusion Fuel has entered into a partnership with EREE Desarrollos Empresariales SL (“EREE”) to deploy its innovative micro-electrolyzer technology for producing green hydrogen.
EREE’s partners, Ignacio Esteve, Javier Esteban, and Grant Greatrex, have extensive commercial experience in Spain as developers of large-scale solar projects, as well as waste-to-gas technology. The new joint venture, Fusion Fuel Spain, will be focused on developing and installing green hydrogen plants in Spain, using Fusion Fuel’s cost-competitive green hydrogen solution.
Fusion Fuel has developed a disruptive micro-electrolyzer solution which, in conjunction with concentrated photovoltaic solar technology, will produce emissions-free green hydrogen at prices competitive with brown hydrogen. Fusion Fuel believes Spain is an ideal market for its technology due to the region’s high average annual solar resource, which will enable it to produce highly competitive green hydrogen.
The production and distribution of green hydrogen fit within the decarbonization targets identified by the European Commission. Conventional hydrogen production emits more than 9 tons of CO2 per ton of hydrogen, so transitioning to new methods of production is critically important to the reduction of carbon emissions. Green hydrogen has broad applications as an energy source for uses as varied as power generation, heavy-duty transport, and in industrial settings, and can be used to help decarbonize many high energy- and carbon-intensive industries.
Spain recently announced its Green Hydrogen Strategy, in which it outlined targets of 4 GW of installed electrolyzer capacity and 4.6 million tons in carbon emissions reductions to be achieved by 2030. To kickstart the development of its hydrogen economy, Spain has already announced several large strategic green hydrogen projects and is rapidly ramping up investment in its hydrogen infrastructure.
EREE’s Partner, Javier Esteban, said “We see great potential to meet Spain’s green hydrogen objectives and believe Fusion Fuel’s technology is perfectly suited to leverage Spain’s excellent solar resource for delivering green hydrogen at a competitive price in the next few years.”
Fusion Fuel’s Head of Business Development, João Teixeira Wahnon added: “We are very excited to kick-off this exciting partnership. We see the Iberian Peninsula as having enormous potential for cost-competitive green hydrogen and we believe this joint venture positions us to capitalize on the multitude of emerging commercial opportunities in Spain. Our aim is to develop a global footprint for Fusion Fuel and we see Spain as a natural first step in that expansion, following our initial foray in Portugal.” Mr. Wahnon continued: “We expect to use the capital being raised through our proposed business combination with HL Acquisitions Corp. and the associated private placement, in part, to execute on these commercial opportunities in Spain.”
About EREE Partners
The three partners have extensive experience developing and operating solar energy and wind companies, with several GWs of capacity across Iberia and other countries. Their latest project includes the development of 300 MW of PV projects in Spain representing around €240m of investment. In addition, the team has experience in financing renewable projects in the PV, CSP, Wind, Biomass, W2E, Storage and associated sectors.
About Fusion Fuel
Fusion Fuel is a Portuguese company that has developed a Green Hydrogen production technology that is expected to be a leader in the industry for generating cost-effective and competitively priced Green Hydrogen. Fusion Fuel’s vision is to become one of the core developers of Green Hydrogen technology in the coming years and to facilitate the transition to Green Hydrogen by providing a cost competitive alternative to Brown Hydrogen. The team has extensive experience in the renewable energy space and is in the process of seeking to complete a proposed business combination with HL Acquisitions Corp. (NASDAQ: HCCH).
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