Fusion Fuel stops production over unpaid salaries

Fusion Fuel’s plant in Benavente (Santarém) which started operating in 2022 and was officially opened by António Costa in 2023, has shut down operations after having declared insolvency last week.

The CEO of the technology company that manufactures electrolyzers for green hydrogen projects, Frederico Figueira Chaves, told Jornal de Negócios that there are late payments, both to suppliers and to the 100 workers — whose jobs are now at risk.

The insolvency of the Portuguese subsidiary of the Irish company (listed on Wall Street) results from the failure of an investment of US$33.5 million (about €31 million), which should have been made by the end of October. “We didn’t expect this. We were talking to several banks, but when we closed with a new investor we abandoned those conversations. Without financing, the Portugal unit can’t survive,” explains Frederico Figueira Chaves.

According to Jornal Económico, Fusion Fuel delivered a lawsuit to Lisbon’s Central Civil Court on 6 November against the investor Norbert Rudolf Bindner, who is referred to a the director of Hydrogenial and is said to be interested in buying 56 million shares in the company based in Benavente, demanding the payment of €27 million.

The CEO of the Portuguese technology company says that if the investor “fulfils the contract” it will “reduce much of the damages” but “this is the maximum amount if they do not comply with the contract that is already in breach”.