Fusion Fuel nasdaq Htoo Stock Skyrockets After Eu Commission Backs Hevo portugal Project

Fusion Fuel (NASDAQ: HTOO) Stock Skyrockets After EU Commission Backs HEVO-Portugal Project

Fusion Fuel Green (NASDAQ: HTOO) stock surged on Friday after the European Commission selected its HEVO-Portugal green hydrogen project for a prestigious funding program.

The HEVO-Portugal project, with an estimated worth of €650 million and a capacity of 630 MW, will be developed in Sines, Portugal, and has been chosen as one of the 33 projects approved under the Important Projects of Common European Interest (IPCEI) Hy2Infra program.

This approval positions Fusion Fuel and its partners to enter into funding negotiations with relevant government stakeholders and the European Investment Bank, which has pledged financial support and advisory assistance to the selected projects.

CEO Frederico Figueira de Chaves lauded this milestone as a “game-changing achievement” for Fusion Fuel, highlighting HEVO-Portugal as one of the vast electrolyzer projects approved in the Hy2Infra wave.

In December, Fusion Fuel (HTOO) disclosed its financial results for the third quarter of 2023, reporting a pre-tax loss of EUR4 million alongside revenues of EUR2.51 million. The company has forecasted revenues of EUR34 million for 2024.

Fusion Fuel (NASDAQ: HTOO) Stock Price Action

HTOO stock soared 90% to close at $2.28 on Friday. The traders had exchanged hands with 82,863,979 (82.86 million) shares compared to the average daily trading volume of 190.98K. HTOO shares hold a market capitalization of  $34.02 million.