Fusion Fuel (NASDAQ:HTOO) stock is heading higher on Wednesday after the company secured a deal with the Portuguese government.
This has the company approved for 36 million euros in grant funding through the Recovery and Resilience Plan. This has Portugal working toward the creation of a domestic green hydrogen ecosystem.
The 36 million euros is being split up for different uses. Of it, 22.5 million euros will go into the development of Fusion Fuel’s H2 HEVO-SINES project. This is a 3,000 HEVO-Solar facility the company will develop, own and operate.
Another 3.5 million euros from the funding will be used for research and development of Fusion Fuel’s proprietary electrolysis technology. The rest of the funds will also see use in various other projects from the company.
Pedro Cacorino Dias, Head of Commercial for Portugal at Fusion Fuel, said the following about the news:
“For Fusion Fuel, this decision will spur further progress on our flagship Sines project portfolio, which is the centerpiece of our European development pipeline.”
HTOO Gains on Heavy Trading
Fusion Fuel seeing heavy trading of HTOO stock on today’s news. As of this writing, more than 281,000 shares have changed hands. For the record, the company’s daily average trading volume is closer to 161,000 shares.
HTOO stock is up 10.8% as of Wednesday afternoon but is still down 40.1% since the start of the year.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.