Fusion Fuel Completes €9M Sale and Leaseback of Benavente Factory to CORUM Eurion

Source: www.gulfoilandgas.com 12/23/2022, Location: Europe

Fusion Fuel has completed a sale and leaseback of its electrolyzer manufacturing factory in Benavente, Portugal to CORUM Eurion, an ESG certified real estate investment fund managed by CORUM Asset Management. The €9.3 million transaction generated net proceeds of nearly €7.5 million after certain holdbacks and deposits for the lease-back contract. The proceeds are expected to be used by the Company to continue the buildout of the Benavente factory, fund the development of Fusion Fuel owned projects and HEVO-Chain technology, as well as for general corporate purposes. Savills Portugal advised the Company on the transaction.

The 14,333 sqm factory, which is located in the Vale Tripeiro Industrial Park in Benavente, was originally built in 2004. The site was acquired by Fusion Fuel in 2021 and was fully refurbished by Fusion Fuel as part of its transformation into a world-class PEM electrolyzer manufacturing facility, and now features a 1 MW rooftop solar PV array along with electric vehicle chargers.

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

Frederico Figueira de Chaves, Fusion Fuel’s Co-Head and Chief Financial Officer, added, “We are thrilled to enter into this long-term partnership with CORUM. This marks a significant milestone for our Company, one which has been on the strategic roadmap since we acquired the site last year. The sale and leaseback of our Benavente facility enables us to recoup our investment in the asset and apply that capital to our core business—the maturation of our expansive project portfolio and the continued development of our microelectrolyzer technology and HEVO-Chain solution. We are confident this transaction will further strengthen our balance sheet and provide the Company with greater flexibility to fund our growth initiatives in Europe and North America.”


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