Core Viewpoint - Fusion Fuel Green Plc has filed a damages claim against Hydrogenial S.A. due to their failure to fund a 33.5 million [1]. - The closing of the agreement was scheduled for September 30, 2024, but Hydrogenial failed to provide timely funding despite all conditions being met [2]. - A revised closing date of October 25, 2024, was proposed by Hydrogenial, but as of now, Fusion Fuel has not received any proceeds from the investment [2]. Group 2: Consequences of Funding Delay - As a direct result of the funding delay, Fusion Fuel has filed for insolvency for its Portuguese subsidiary, Fusion Fuel Portugal S.A., which was crucial for the company's technology sales and project development [3]. - The company has submitted a claim in Portugal for damages incurred due to Hydrogenial's breach, while asserting that the Investor's obligations under the Subscription Agreement remain in effect [3]. Group 3: Strategic Alternatives - In light of these developments, Fusion Fuel is exploring strategic alternatives to preserve shareholder value, including potential transactions that could enhance its hydrogen business and create significant synergies [4].
Fusion Fuel Issues Damages Claim Against Hydrogenial S.A. for Failure to Fund $33.5 Million Subscription Agreement; Announces Insolvency of Portuguese Subsidiary