HL Acquisitions Corp. and its business combination partner, Fusion Fuel Green plc jointly announced that Fusion Fuel has entered into a partnership with EREE Desarrollos Empresariales SL (“EREE”) to deploy its innovative micro-electrolyzer technology for producing green hydrogen. EREE's partners, Ignacio Esteve, Javier Esteban and Grant Greatrex, have extensive commercial experience in Spain as developers of large-scale solar projects, as well as waste-to-gas technology.

The new joint venture, Fusion Fuel Spain, will be focused on developing and installing green hydrogen plants in Spain, using Fusion Fuel's cost competitive green hydrogen solution. Fusion Fuel has developed a disruptive micro-electrolyzer solution which, in conjunction with 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.

The production and distribution of green hydrogen fits within the decarbonization targets identified by the European Commission. Conventional hydrogen production emits more than 9 tons of CO2 per ton of hydrogen, so transitioning to new methods of production is critically important to the reduction of carbon emissions. Green hydrogen has broad applications as an energy source for uses as varied as power generation, heavy-duty transport, and in industrial settings, and can be used to help decarbonize many highly energy- and carbon-intensive industries.

Spain recently announced its Green Hydrogen Strategy, in which it outlined targets of 4 GW of installed electrolyzer capacity and 4.6 million tons in carbon emissions reductions to be achieved by 2030. To kickstart the development of its hydrogen economy, Spain has already announced several large strategic green hydrogen projects and is rapidly ramping up investment in its hydrogen infrastructure.