Fusion Fuel Green PLC (Nasdaq: HTOO), a provider of green hydrogen and energy solutions, has successfully regained compliance with Nasdaq listing requirements through a 1-for-35 reverse stock split effective July 14. This move marks a significant step in the company's turnaround strategy following the 2024 insolvency of its Portuguese subsidiary.
The company has also announced strategic acquisitions, including a controlling stake in Quality Industrial Corp. and its operating unit, Al Shola Al Modea Gas Distribution LLC ('Al Shola Gas'), aiming for $20 million in revenue by 2025. Al Shola Gas has already secured $7.4 million in new contracts since November and added over 1,800 residential and two commercial service agreements, contributing $0.9 million in recurring annual revenue.
To strengthen its financial position, Fusion Fuel raised $2.58 million through convertible notes and secured a $25 million equity line. Additionally, the company has agreed to acquire a UK-based fuel distributor for approximately £50 million and, through its subsidiary Bright Hydrogen Solutions Ltd. ('BrightHy Solutions'), signed an agency agreement with Sungrow Hydrogen Sci. & Tech. Co. Ltd. to deploy electrolyzer systems in Iberia.
CEO John-Paul Backwell stated that these developments address legacy issues, inject fresh capital, and build momentum, setting a clear path for long-term shareholder value. These strategic moves underscore Fusion Fuel's commitment to expanding its footprint in the green energy sector and its potential to play a pivotal role in the global transition to sustainable energy solutions.
