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Leaseback of Fusion Fuel´s Benavente facility

Leaseback

The leaseback transaction will strengthen Fusion Fuel‘s balance sheet. This transaction will provide flexibility in financing future growth initiatives.

Fusion Fuel announced the completion of the sale and subsequent leaseback of its electrolyzer plant in Benavente, Portugal. They made a $9.3 million transaction to CORUM Eurion, an ESG-certified real estate investment trust managed by CORUM Asset Management.

Use of the proceeds

After retentions and leaseback contract deposits, the transaction generated nearly €7.5 million in net proceeds. The organization will use the proceeds to:

  • Continue with the construction of the factory in Benavente.
  • To finance the development of Fusion Fuel and HEVO-Chain technology projects.
  • For general corporate purposes
    Savills Portugal advised the company’s transaction.

 

Electrolyzer factory

The electrolyzer factory was built in 2004, has 14,333 square meters, and is located in the Vale Tripeiro industrial park in Benavente. In 2021 Fusion Fuel acquired the facility and completely renovated it. This renovation was part of its transformation into a world-class PEM electrolyzer manufacturing plant. Which now features a 1 MW photovoltaic installation on the rooftop and electric vehicle chargers.

 

Statements

José Gavino, Director of CORUM Investments in Portugal, stated, “We are very pleased with this investment by CORUM Eurion in Portugal, reinforcing the commitment to our country, ESG criteria, and the real economy. We believe that this asset and this tenant fit perfectly with how we manage our clients’ savings: long-term oriented and looking for financially sound companies. This investment brings together our teams’ vision in the search for opportunities and our willingness to invest in the real economy, in this case further enabling the development of an innovative green energy business.”

Moreover, Frederico Figueira de Chaves, co-director and CFO of Fusion Fuel, added: “We are happy to enter into this long-term partnership with CORUM. This marks an important milestone for our company. Which has been on the strategic roadmap since we acquired the site last year. The sale and leaseback of our Benavente facility allow us to recoup our investment in the asset. And then apply that capital to our core business:

  • the maturation of our extensive project portfolio and the continued development of our microelectrolyzer technology and HEVO-Chain solution.

We are confident that this transaction will strengthen our balance sheet and give the company greater flexibility to fund our growth initiatives in Europe and North America.”

 

It can be of your interest:  DOE´s Clean Energy Retrospective 2022

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