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Fusion Fuel Completes Commercial Operations for Biomass Steam Project in South Africa
Fusion Fuel announced that Biosteam Energy, the company's majority-owned joint venture has completed installation and commissioning and commenced commercial operations for its first biomass-powered industrial steam project at a well-established dairy facility in South Africa. This project is expected to generate approximately $0.7M in annual revenue with further potential projects in the pipeline. Developed in partnership with Alien Fuel, the project establishes Fusion Fuel's first operations in Southern Africa. The system replaces a fossil-fuel-based steam generation process with a biomass alternative, and is expected to reduce the facility's carbon footprint while enabling the generation of carbon credits through landfill avoidance and fuel-switching benefits. Under the terms of the joint venture, Fusion Fuel holds a 51% interest in BioSteam Energy and has a right of first refusal on future projects developed by or offered to Alien Fuel or its related entities within the scope of the joint venture's business.
Fusion Fuel Changes Board and Senior Management
Fusion Fuel announced changes to its board of directors and senior management. James Passin, who was recently appointed to the board, has been appointed chairman of the board, and Frederico Figueira de Chaves has been appointed CEO. John-Paul Backwell has stepped down as chairman and CEO due to personal and health reasons following his tenure with the company. Backwell will continue to serve on the board as a non-executive director, while supporting the company in a consulting capacity. Figueira de Chaves has been appointed CEO, in addition to his continuing roles as interim CFO and chief strategy officer.
Fusion Fuel Green Highlights Royal Uranium's Royalty Income Potential
Fusion Fuel Green highlighted potential royalty income tied to the 1.0% net smelter return royalty held by Royal Uranium on the Huemul Project, a 27,700-hectare uranium-copper-vanadium district in Mendoza Province, Argentina, centered on Argentina's first-ever producing uranium mine. Through Fusion Fuel's previously announced planned acquisition of a controlling interest in Royal Uranium, the Company expects to gain capital-efficient royalty exposure to potential future production from the Huemul Project.
Fusion Fuel's Subsidiary Secures 16 New Contracts Worth Approximately $1.14M
Fusion Fuel announced that its indirect majority-owned subsidiary, Al Shola Al Modea Gas Distribution, an industrial gas engineering and distribution company, was awarded 16 new engineering subcontracts with a combined expected value of approximately $1.14M as of April. The awarded subcontracts encompass residential and mixed-use development projects across a number of locations in Dubai, United Arab Emirates, supporting infrastructure for several thousand residential units. The largest award within the portfolio is the Terra Heights dual-tower residential development in Expo City Dubai, with a contract value of approximately $0.5M, representing a significant multi-building LPG infrastructure project. The scope of work includes the design, engineering, supply, installation, testing, and commissioning of centralized liquefied petroleum gas systems, across a mix of low- to high-rise buildings, with project execution expected to begin immediately.
Fusion Fuel Green Acquires Uranium Royalty Portfolio
Fusion Fuel Green provided certain highlights of the uranium royalty portfolio anticipated to be acquired through its previously announced definitive agreement with Royal Uranium, highlighting a 2.0% Net Smelter Return royalty on the PLS Regional uranium exploration project, operated by Cameco Corporation in joint venture with Denison Mines Corp in Canada's Athabasca Basin. Upon closing of the Royal Uranium transaction, Fusion Fuel is expected to gain royalty exposure to exploration and potential future development activity in the Athabasca Basin without funding exploration or mine development capital. The PLS Regional royalty is one of 16 uranium royalty interests included in the Royal Uranium portfolio spanning the Athabasca Basin, Newfoundland, Colombia, and Argentina. Management believes the Royal Uranium transaction positions Fusion Fuel to build exposure to uranium exploration and development activity across multiple projects, operators and jurisdictions through a capital-efficient royalty structure. Fusion Fuel expects to highlight additional royalty assets within the portfolio in the coming weeks.
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