Fusion Fuel Green PLC Receives Approval for Portugal Project

Shares of Fusion Fuel Green PLC experienced a staggering surge on Friday, following the announcement that the green hydrogen producer had obtained the necessary approval to initiate funding negotiations for its project in Portugal.

The stock (HTOO) skyrocketed by 235% towards a one-year high, making it the top performer on major U.S. exchanges in premarket trading. This surge is on track to surpass the company's previous record gain of 44.9% on November 27, 2023.

Trading volume also witnessed a significant increase, reaching 36.7 million shares prior to market open. This is in stark contrast to the average full-day volume of 59,250 shares over the past 30 days and the previous volume record of 2.2 million shares on January 14, 2021.

Fusion Fuel confirmed on Friday that it had received notice from the European Commission regarding the selection of its HEVO-Portugal project as one of the 33 projects approved under the Important Projects of Common European Interest (IPCEI) Huy2Infra program.

"This milestone represents a game-changing accomplishment for Fusion Fuel and reaffirms our position as one of the leading companies in the green hydrogen industry," stated Fusion Fuel Chief Executive Frederico Figueira de Chaves.

The company's ambitious EUR650 million ($699.8 million) project will be based in Sines, Portugal and is expected to produce 62,000 tons of green hydrogen annually.

The approval from the European Commission now enables Fusion Fuel to commence funding negotiations with government stakeholders and the European Investment Bank.

At the close of trading on Thursday, Fusion Fuel had a market capitalization of $17.9 million. The stock has recorded a remarkable 103.1% increase over the past three months; however, it has experienced a significant decline of 65.2% over the past 12 months.

In comparison, the Global X Hydrogen ETF (HYDR) has seen a decrease of 54.2% over the past year, while the S&P 500 index (SPX) has rallied by 23%.