Fusion Fuel Green (NASDAQ: HTOO) stock shot up by more than 10% in pre-market trading on Wednesday after the developer of modular, integrated solar-to-hydrogen generators announced that it had been awarded a grant of €36 million.
Pick the best stocks and maximize your portfolio:
- Discover top-rated stocks from highly ranked analysts with Analyst Top Stocks!
- Easily identify outperforming stocks and invest smarter with Top Smart Score Stocks
This grant has been awarded by Component 5 (C-05) of Portugal´’s Recovery and Resilience Plan for its “Sines Green Hydrogen Valley Alliance.” Through this alliance, HTOO intends to ” align stakeholders from across the entire value chain to develop the domestic green hydrogen ecosystem.”
From this €36 million grant, €22.5 million will be “allocated to Fusion Fuel’s H2 HEVO-SINES project, a 3,000 HEVO-Solar facility – equivalent to 75 MW of electrolysis capacity – that will be developed, owned, and operated by the company. “
Analysts are cautiously optimistic about HTOO with a Moderate Buy consensus rating based on one Buy and one Hold.
