Why Is Fusion Fuel Green PLC (NASDAQ: HTOO) Stock up 36% In a Week?
On Monday, Fusion Fuel Green PLC (NASDAQ: HTOO) had been on the radars of investors, and that became apparent from the price action in the company’s stock. The stock went up by 12% for the day, and that took the gains for the previous week to as much as 36%.
The company announced its financial results for the third fiscal quarter ended on September 30, 2023, yesterday. The company revealed that it had managed to generate revenues of 2.5 million euros through its green hydrogen plant located in Madrid, Spain.
Fusion Fuel projected revenues of 34 million euros for the 2024 fiscal year. The company revealed that the projection was predicated on project and technology sales. In the third quarter, the company received grant funding to the tune of 2.3 million euros. Fusion Fuel also repaid 1.3 million euros, which it had drawn from a debt facility with a financial institution based in Portugal.
The cash outflows for the quarter included 1.6 million euros in investment in production, procurement, and research and development of Fusion Fuel’s HEVO technologies. The compensation expenses for the company had been lower in the third quarter than in the previous one since headcount had gone down.
On November 30, the company announced that it had signed a sales contract pertaining to a 1.25 MW HEVO-Chain Series NC electrolyzer. In the news release, Fusion Fuel revealed that the system would deploy its plug-and-play HEVO technology. The technology in question consists of the use of modular building blocks, which help with the design of green hydrogen solutions. The solutions are then customized to the specific needs of individual customers. The Chief Executive Officer of the company, Frederico Figueira de Chaves, stated that at the time, everyone at the company was excited about entering into the contract.
