Fusion Fuel Green PLC announced that it has entered into a non-binding Memorandum of Understanding ('MoU') with Grupo Industrial CL and EREE Desarrollos Empresariales SL regarding a partnership to develop a feasibility study to produce hydrogen using renewable energy resulting in zero carbon emissions ('Green Hydrogen') and for the purpose of creating synthetic fuels from captured carbon dioxide (CO2). The companies submitted a project to the Fondo Europeo de Recuperación: Hidrógeno Renovable in Spain, aiming to produce 35,000 tons of synthetic fuels using 100,000 tons of captured CO2 and 14,000 tons of Green Hydrogen created using Fusion Fuel’s technology. If the study to be conducted under the MoU is successful and the project is approved, the companies expect to start development in 2022 and go live in 2023 and expect the project will have a lifespan of 25 years. The project and the various elements of its design are still in progress; however, it is expected to require an investment of approximately €270 million. The company believes the project will lead to the reduction of thousands of tons of CO2 emissions per year. Fusion Fuel has developed a disruptive micro-electrolyzer solution, which, in conjunction with proven 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.