Fusion Fuel gets €1 mln grant from European Innovation Fund

Fusion Fuel (NASDAQ: HTOO) said this week it had received approval for a EUR 1.015 million grant from the European Innovation Fund’s Horizon Europe Programme.

Fusion Fuel was included as a member of H2tALENT – a consortium of 29 partners from 6 countries across Europe that is sponsored by the Universidade de Évora.

The scope of the company’s contribution to the consortium relates to its continuing commitment to developing and providing electrolyzer technology to green hydrogen projects in the Alentejo region of Portugal.

“We are thrilled to receive this grant from the European Innovation Fund’s Horizon Europe Programme, which highlights our commitment to advancing the green hydrogen economy within the Alentejo region,” Pedro Caçorino Dias, Fusion Fuel’s Head of Commercial for Portugal, said in a press release.

“It is an honor to have been selected by the University of Evora last year to join the H2tALENT consortium, which has enabled us to collaborate with leading players within the hydrogen ecosystem across Europe. This grant will propel our efforts in Evora and Sines, further solidifying our position as a key player in the transition towards a sustainable energy future.”

Stock Performance

The shares of Fusion Fuel Green PLC (HTOO) closed 32.56% ($0.42) higher at $1.71 on Nasdaq on Monday, as they reversed a loss from the previous market session.

The company’s total market cap now stands at $25.511 million.

The shares of Fusion Fuel Green PLC (HTOO) have risen 52.68% so far this year, following a 74.72% loss in 2023.

Analyst stock price forecast and recommendation

According to TipRanks, at least 1 out of 2 surveyed investment analysts had rated Fusion Fuel Green’s stock as “Buy”, while other 1 – as “Hold”. The median price target on the stock stands at $2.65, which translates into a 54.97% upside compared to the closing price on Monday.

The high point of the analyst forecast range stands at $3.50.