Fusion Fuel leaves State with €5.8 million debt

Fusion Fuel Portugal, which had an electrolyzer production plant in Benavente for green hydrogen projects and closed in 2024 leaving 104 on the dole, has only managed to recover €217,000 leaving €5.8 million owing to the state.

Folding with a total of around 300 creditors, the collapse of Fusion Fuel Portugal left debts of around €24 million with the State owed €5.8 million and IAPMEI (Portugal’s Agency for Competitiveness and Innovation) owed €2.5 million, the Environmental Fund €2 million, Social Security €1.1 million, and the tax authorities €226,000.

The largest single creditor the German group Baumann is owed €7.5 million and also owns assets in Fusion Fuel worth €2 million.

From a total of €217,000 clawed back, 25% has been set aside to cover liquidation costs while a court decided in June to recognise all of the failed company’s credits owed to the creditors, going against the decision of the official receiver, as well as not accepting an underwritten credit note of €100,000 from bank BPI to pay labour compensation costs.

Payments to workers are likely to be paid in installments as ordered by the court from the remaining salvaged funds followed by monies owed to Social Security.

In November last year, four days after the Portuguese subsidiary had filed for bankruptcy, Fusion Fuel – the subsidiary in Portugal produced electrolysers in the country – had announced a binding agreement to acquire around 70% of the US company QUIND – Quality Industrial Corp that operates in the gas supply and services sector.

Source: Jornal de Negócios