Shares of Fusion Fuel Green PLC skyrocketed on massive volume Friday, after the green hydrogen producer said it received the necessary approval to start funding negotiations for its project in Portugal.
The stock
HTOO,
+5.26%
blasted 235% higher toward a one-year high, enough to make it the biggest gainer on major U.S. exchanges in the premarket. The stock was headed for a record one-day rally, well above its current record gain of 44.9% on Nov. 27, 2023.
Trading volume soared to 36.7 million shares ahead of the open, which compares with the full-day average volume over the past 30 days of 59,250 shares, and the current record for volume of 2.2 million shares on Jan. 14, 2021.
The company said Friday that it received notice from the European Commission that its HEVO-Portugal project was among the 33 projects selected for approval under the Important Projects of Common European Interest (IPCEI) Huy2Infra program.
“This is a game changing achievement for Fusion Fuel, solidifying our position amongst the leading companies in the green hydrogen industry,” said Fusion Fuel Chief Executive Frederico Figueira de Chaves.
The company’s EUR650 million ($699.8 million) project will be developed in Sines, Portugal and will produce 62,000 tons of green hydrogen per year.
The EC’s approval allows Fusion Fuel to start funding negotiations with government stakeholders and the European Investment Bank.
Fusion Fuel had a market capitalization of $17.9 million at Thursday’s close. The stock has rallied 103.1% over the past three months through Thursday, but has tumbled 65.2% over the past 12 months.
In comparison, the Global X Hydrogen ETF
HYDR
has dropped 54.2% over the past 12 months while the S&P 500 index
SPX
has rallied 23%.
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