Fusion Fuel Green PLC (Nasdaq: HTOO) is making significant strides in its turnaround strategy, as outlined in a recent shareholder update. The green hydrogen and energy solutions provider completed a 1-for-35 reverse stock split effective July 14 to regain compliance with Nasdaq listing requirements, addressing a critical governance issue. Following the 2024 insolvency of its Portuguese subsidiary, the company acquired a controlling stake in Quality Industrial Corp. and its operating unit Al Shola Al Modea Gas Distribution LLC (“Al Shola Gas”), which is now targeting $20 million in revenue for 2025.
Al Shola Gas has demonstrated strong operational momentum, booking $7.4 million in new contracts since November and adding over 1,800 residential and two commercial service agreements. These contracts contribute approximately $0.9 million in recurring annual revenue, providing a stable base for growth. The subsidiary provides full-service industrial gas solutions, including design, supply, and maintenance of liquefied petroleum gas (LPG) systems, as well as transport and distribution across commercial, industrial, and residential sectors.
To stabilize its capital structure, Fusion Fuel raised $2.58 million through convertible notes and secured a $25 million equity line. This injection of capital is intended to support ongoing operations and strategic initiatives. In May, the company agreed to acquire a UK-based fuel distributor for approximately £50 million, a move that expands its geographic footprint and service capabilities. Additionally, Bright Hydrogen Solutions Ltd. (“BrightHy Solutions”), a subsidiary focused on hydrogen solutions, signed an agency agreement with Sungrow Hydrogen Sci. & Tech. Co. Ltd. to deploy electrolyzer systems in Iberia.
CEO John-Paul Backwell commented on the progress, stating that the company has addressed legacy issues, injected fresh capital, and built momentum through Al Shola Gas and BrightHy Solutions. He emphasized a clear path to long-term shareholder value. The company’s strategy leverages its comprehensive suite of energy engineering and advisory solutions, positioning it as an emerging leader in the energy services sector.
For more information, visit the company’s website at https://www.fusion-fuel.eu. The full press release is available at https://ibn.fm/0QER9.
