Fusion Fuel Green PLC(HTOO) - 2022 Q3 - Quarterly Report

FORM 6-K Filing Information Fusion Fuel Green PLC filed a Form 6-K report as a foreign private issuer, with registration number 005-91913, opting to file annual reports on Form 20-F General Information Fusion Fuel Green PLC, as a foreign private issuer, submitted a Form 6-K report and opts to file annual reports on Form 20-F - Fusion Fuel Green PLC, a foreign private issuer, submitted a Form 6-K report and opts to file annual reports on Form 20-F[1][2][3] Application of Home Country Practice Rules The company, as a foreign private issuer, opts to follow Irish corporate governance practices instead of Nasdaq listing rules for shareholder approval of certain securities issuances - The company opts to follow Irish corporate governance practices instead of Nasdaq Listing Rules 5635(c) and 5635(d)(2) regarding shareholder approval for certain securities issuances[6][7] - Irish law and generally accepted business practices do not require shareholder approval for such transactions, thus the company does not require shareholder approval[7] Business and Operational Updates The company actively expands strategic collaborations, advances production and technology, secures project funding, and enters new markets in the green hydrogen sector Strategic Partnerships and Collaborations The company is actively expanding strategic collaborations in green hydrogen, including a MoU with Toshiba ESS, successful commissioning of H2Évora with Ballard, and a commercial agreement with Duferco Energia SpA - A Memorandum of Understanding was signed with Toshiba ESS to evaluate the use of Toshiba ESS's Membrane Electrode Assemblies (MEAs) in HEVO micro-electrolyzers and explore sales of the company's PEM electrolyzers in Australia and other countries[8] - The H2Évora plant, Portugal's first solar-to-green hydrogen facility and fully integrated hydrogen generation demonstration project, was successfully commissioned with Ballard Power Systems[9] - A commercial agreement was reached with Duferco Energia SpA to jointly develop green hydrogen ecosystems in Italy, with the first project being a 1.25 MW green hydrogen pilot project in Giammoro, Sicily[9] Production and Technology Development The company completed its HEVO production line in Portugal, exceeding HEVO-Solar system performance, and launched the HEVO-Chain system for the centralized electrolyzer market - In June 2022, the company completed the installation of its HEVO production line at the Benavente factory in Portugal, with electrolyzer production capacity expected to reach 100 MW in 2023 and approximately 500 MW in 2025[8] - A performance audit by TUV SUD showed that the overall performance of the HEVO-Solar technology system (solar-to-hydrogen) exceeded product datasheet specifications by over 15%[8] - On November 23, 2022, the company launched the HEVO-Chain system, entering the centralized electrolyzer market, which consists of 16 interconnected HEVO micro-electrolyzers with an 11.2 kW electrolysis capacity, expected for commercial use in the second half of 2024[13] Project Developments and Grant Funding The company secured significant grants and contracts for green hydrogen projects in Portugal and Spain, including a €36 million grant for the Sines Green Hydrogen Valley Alliance Project Developments and Grant Funding | Project Name | Location | Grant/Contract Amount | Description | | :--- | :--- | :--- | :--- | | Sines Green Hydrogen Valley Alliance (H2 HEVO-SINES) | Sines, Portugal | €36 million (of which €22.5 million allocated to H2 HEVO-SINES project, €3.5 million for R&D) | 75 MW electrolysis capacity, Final Investment Decision (FID) expected in 2024 | | 6.6MW HEVO-Industria | Sines, Portugal | €10 million | €25 million total investment, 300 HEVO-Solar units, FID expected in H1 2023 | | Gedisol Energiá Project | Andalucía, Spain | €5 million contract | 144 HEVO-Solar units, 3.2 MW, expected annual production of 200 tons of green hydrogen | | KEME Energy Project | Sines, Portugal | €2 million contract | 62 HEVO-Solar units, 1.2 MW | | H2 Pioneros Project (four projects) | Spain | Up to €12.9 million grant | Expected to generate €31.7 million in revenue, of which €16.4 million from company technology sales, totaling 423 HEVO-Solar units (10.5 MW electrolysis capacity) | Market Entry and Expansion The company entered the US market through a joint venture with Electus Energy to develop a 75 MW green hydrogen project in California, focusing on mobility and logistics - An exclusive joint venture agreement was signed with Electus Energy to develop a 75 MW, $180 million green hydrogen project in Bakersfield, California, with an annual production of up to 9,300 tons of green hydrogen, FID expected in early 2024, and commissioning in H1 2025[13] - The Bakersfield project is a cornerstone of the company's US commercial strategy, focusing on opportunities in hydrogen mobility and logistics[13] Capital Raising Activities The company entered an At-the-Market (ATM) sales agreement to potentially issue up to $30 million in Class A ordinary shares, having already raised over $3.6 million - The company entered an At-the-Market (ATM) issuance sales agreement on June 6, 2022, with B. Riley Securities, Inc. and others, potentially allowing for the issuance of up to $30 million in Class A ordinary shares[9] Capital Raising Activities | Period | Shares Sold | Net Proceeds | | :--- | :--- | :--- | | July 11 to November 14, 2022 | 681,926 | $3,685,792 | Financial Information (Unaudited Interim Condensed Consolidated Financial Statements) The company's unaudited interim condensed consolidated financial statements show a decrease in total assets and net equity, alongside a significant increase in comprehensive loss for the nine months ended September 30, 2022 Condensed Consolidated Statements of Financial Position (Balance Sheet) As of September 30, 2022, total assets decreased to €60.08 million, primarily due to a significant reduction in current assets, while total liabilities slightly decreased Condensed Consolidated Statements of Financial Position (Unaudited) | Indicator | September 30, 2022 (€'000) | December 31, 2021 (€'000) | Change (€'000) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Non-current assets | 33,548 | 21,958 | 11,590 | 52.78% | | Current assets | 26,536 | 47,291 | (20,755) | -43.89% | | Total Assets | 60,084 | 69,249 | (9,165) | -13.24% | | Non-current liabilities | 904 | 411 | 493 | 119.95% | | Current liabilities | 15,419 | 19,326 | (3,907) | -20.22% | | Total Liabilities | 16,323 | 19,737 | (3,414) | -17.30% | | Net Equity | 43,761 | 49,512 | (5,751) | -11.61% | Condensed Consolidated Statements of Profit or Loss and Other Comprehensive Income (Income Statement) For the nine months ended September 30, 2022, the company reported a total comprehensive loss of €10.56 million, significantly wider than the prior year, driven by increased administrative and equity-settled share-based payment expenses Condensed Consolidated Statements of Profit or Loss and Other Comprehensive Income (Unaudited) | Indicator | Nine Months Ended September 30, 2022 (€'000) | Nine Months Ended September 30, 2021 (€'000) | Change (€'000) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Revenue | — | — | — | — | | Cost of sales | (1,172) | — | (1,172) | N/A | | Gross loss | (1,172) | — | (1,172) | N/A | | Administrative expenses | (11,572) | (4,920) | (6,652) | 135.20% | | Equity-settled share-based payment expenses | (2,633) | (14,688) | 12,055 | -82.07% | | Operating loss | (16,086) | (19,608) | 3,522 | -17.96% | | Net finance income | 6,084 | 18,026 | (11,942) | -66.25% | | Share of loss from equity-accounted investments | (522) | — | (522) | N/A | | Loss before tax | (10,524) | (1,582) | (8,942) | 565.23% | | Income tax expense | (34) | — | (34) | N/A | | Total Comprehensive Loss | (10,558) | (1,582) | (8,976) | 567.38% | | Basic and diluted loss per share | (0.80) | (0.12) | (0.68) | 566.67% | Condensed Consolidated Statement of Changes in Equity As of September 30, 2022, total equity decreased to €43.76 million, primarily due to a €10.56 million comprehensive loss for the period, partially offset by increases in share premium and share-based payment reserves Condensed Consolidated Statement of Changes in Equity (Unaudited) | Indicator | September 30, 2022 (€'000) | December 31, 2021 (€'000) | Change (€'000) | | :--- | :--- | :--- | :--- | | Share capital | 2 | 2 | 0 | | Share premium | 215,651 | 213,477 | 2,174 | | Share-based payment reserve | 3,096 | 463 | 2,633 | | Retained earnings | (174,988) | (164,430) | (10,558) | | Total Equity | 43,761 | 49,512 | (5,751) | - The total comprehensive loss for the period was €10,558 thousand, leading to a reduction in retained earnings[17] Condensed Consolidated Statements of Cash Flows For the nine months ended September 30, 2022, the company experienced a net cash outflow from operating activities of €23.36 million, with a net cash inflow from investing activities of €17.28 million, resulting in a lower cash balance Condensed Consolidated Statements of Cash Flows (Unaudited) | Cash Flow Activity | Nine Months Ended September 30, 2022 (€'000) | Nine Months Ended September 30, 2021 (€'000) | Change (€'000) | | :--- | :--- | :--- | :--- | | Net cash flow from operating activities | (23,360) | (15,624) | (7,736) | | Net cash flow from investing activities | 17,280 | (43,966) | 61,246 | | Net cash flow from financing activities | 1,872 | 9,823 | (7,951) | | Net (decrease)/increase in cash and cash equivalents | (4,208) | (49,767) | 45,559 | | Cash and cash equivalents at end of period | 3,610 | 7,875 | (4,265) | - Cash flow from investing activities shifted from a net outflow of €43,966 thousand in 2021 to a net inflow of €17,280 thousand in 2022, primarily due to the realization of financial assets[18] Notes to Unaudited Condensed Consolidated Financial Statements The notes provide details on the company's mission, accounting policies, significant estimates, and going concern considerations, highlighting its focus on green hydrogen production and liquidity management Summary of Significant Accounting Policies The company, focused on zero-carbon green hydrogen production, prepares financial statements under IAS 34 and IFRS in Euros, using significant management estimates and addressing going concern uncertainties - The Group's mission is to produce zero-carbon hydrogen to enable a sustainable and affordable clean energy future[20] - As of September 30, 2022, the Group's cash and cash equivalents were €3.6 million, with accumulated losses of €174.99 million, raising significant doubt about its ability to continue as a going concern[28] - Management expects that anticipated grants, a sale and leaseback of production facilities (estimated net inflow of €7.5 million to €8.5 million), and a working capital credit line (approximately €2.5 million) will provide sufficient liquidity for at least one year of operations[29] Business Activity and Mission Fusion Fuel Green PLC, incorporated in Ireland, is dedicated to producing zero-carbon green hydrogen through internal components and R&D for sustainable clean energy - Fusion Fuel Green PLC, incorporated in Ireland on April 3, 2020, is dedicated to producing zero-carbon green hydrogen, achieving sustainable clean energy through internal components and R&D experience[19][20] Basis of Presentation and Estimates Unaudited condensed consolidated financial statements are prepared under IAS 34 and IFRS in Euros, involving significant management estimates for derivatives, share-based payments, and intangible assets - The unaudited condensed consolidated financial statements are prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting" (IAS 34) and comply with International Financial Reporting Standards (IFRS), with the Euro as the functional and presentation currency[22] - The preparation of financial statements involves significant management estimates and judgments in areas such as derivative valuation, share-based payment award valuation, and intangible asset valuation[24] Going Concern The company's cash position and accumulated losses raise significant doubt about its ability to continue as a going concern, but management plans to secure liquidity through grants, asset sales, and credit lines - As of September 30, 2022, the Group's cash and cash equivalents were €3.6 million, and accumulated losses were €174.99 million, which constitute a material uncertainty regarding the Group's ability to continue as a going concern[28] - Management plans to mitigate going concern doubts through anticipated grants, a sale and leaseback of production facilities (expected net inflow of €7.5 million to €8.5 million), and a working capital credit line (approximately €2.5 million), and is also in financing discussions with third parties[29][30] Share-based Payments The company granted RSUs, share options, and incentive shares under its 2021 equity incentive plan, resulting in €2.63 million in expenses for the nine months ended September 30, 2022 Share-based Payment Expenses (Thousand Euros) | Item | 2022 | 2021 | | :--- | :--- | :--- | | 2020 Earn-out Payment | — | 4,730 | | RSUs | 412 | — | | Incentive Shares | — | 166 | | Options | 2,221 | — | | Total Share-based Payment Expenses | 2,633 | 4,896 | - As of September 30, 2022, unamortized RSU compensation expense was €0.47 million, expected to be recognized over the next 1.9 years; unamortized employee and director share option compensation expense was €9.01 million, expected to be recognized over the next 2.92 years[35][40] Taxation The company incurred tax losses for the nine-month periods in 2022 and 2021, with €3.6 million in unrecognised deferred tax assets due to uncertainty of future taxable profits - The company generated no revenue and recorded a loss before tax for the nine-month periods in both 2022 and 2021[45] Unrecognized Deferred Tax Assets (Thousand Euros) | Date | Amount | | :--- | :--- | | September 30, 2022 | 3,600 | | December 31, 2021 | 1,700 | - Unrecognized deferred tax assets primarily result from tax losses incurred, but these assets have not been recognized due to the uncertainty of future taxable profits[47] Intangible Assets As of September 30, 2022, net book value of intangible assets increased to €5.28 million, primarily from product development projects and intellectual property, with amortization commencing for some costs Intangible Assets Net Book Value (Thousand Euros) | Item | September 30, 2022 | December 31, 2021 | | :--- | :--- | :--- | | Product development in progress | 3,322 | 1,918 | | Intellectual property and patent registrations | 1,911 | 1,911 | | Software | 48 | 18 | | Total | 5,281 | 3,847 | - For the nine months ended September 30, 2022, additions to intangible assets amounted to €1.445 million, primarily for HEVO technology development[48] - Amortization of certain product development costs commenced in the fourth quarter of 2022, with an amortization period of 3 to 5 years[49] Property, Plant and Equipment Net book value of property, plant, and equipment significantly increased to €28.27 million as of September 30, 2022, driven by construction in progress for hydrogen plants and production facilities Property, Plant and Equipment Net Book Value (Thousand Euros) | Item | September 30, 2022 | December 31, 2021 | | :--- | :--- | :--- | | Construction in progress | 26,261 | 17,161 | | Office and other equipment | 645 | 157 | | Right-of-use assets | 1,361 | 793 | | Total | 28,267 | 18,111 | - Construction in progress costs are primarily related to the Évora hydrogen plant, HEVO-Sul project, and Benavente production facility construction[51] - The company received an €0.8 million government grant related to the Benavente production facility, which has been offset against the asset's carrying value using the net presentation method under IAS 20[52] Financial Assets at Fair Value Through Profit or Loss As of September 30, 2022, the company disposed of all financial assets at fair value through profit or loss, resulting in a zero balance compared to €27.45 million at year-end 2021 Financial Assets at Fair Value Through Profit or Loss (Thousand Euros) | Date | Amount | | :--- | :--- | | December 31, 2021 | 27,453 | | September 30, 2022 | — | - The company disposed of all such financial assets during the nine months ended September 30, 2022, resulting in a zero balance at period-end[53] Prepayments and Other Receivables Total prepayments and other receivables increased to €10.87 million as of September 30, 2022, primarily due to higher VAT recoverable and a new grant receivable Prepayments and Other Receivables (Thousand Euros) | Item | September 30, 2022 | December 31, 2021 | | :--- | :--- | :--- | | Prepayments | 2,808 | 4,575 | | VAT recoverable | 6,574 | 3,564 | | Grant receivable | 803 | — | | Other receivables | 688 | 333 | | Total | 10,873 | 8,472 | - VAT recoverable increased from €3.564 million at year-end 2021 to €6.574 million as of September 30, 2022[54] Trade and Other Payables Total trade and other payables increased to €3.42 million as of September 30, 2022, mainly driven by an increase in trade payables Trade and Other Payables (Thousand Euros) | Item | September 30, 2022 | December 31, 2021 | | :--- | :--- | :--- | | Trade payables | 1,865 | 1,029 | | Amounts due to related parties | 752 | 801 | | Lease liabilities – current | 470 | 389 | | Payroll taxes | 295 | 149 | | Other | 34 | 509 | | Total | 3,416 | 2,877 | - Trade payables increased from €1.029 million at year-end 2021 to €1.865 million as of September 30, 2022[55] Inventory / Provisions for Onerous Contracts The company recognized a €1.17 million impairment for inventory and a €0.71 million provision for onerous contracts related to the Exolum project, totaling €1.88 million in expenses - The Exolum project is expected to incur a loss, and the company has recognized an impairment of €1.17 million for related inventory, which is included in the cost of sales[57] - The company recognized a provision for onerous contracts of €0.71 million, which excludes amounts related to general equipment warranties or performance guarantees[61] - As of September 30, 2022, the Exolum project recorded total expenses of €1.88 million, reflecting the company's best estimate of the total expected contract loss[61] Warrants Warrants are classified as derivative liabilities and measured at fair value through profit or loss due to fixed USD exercise prices and the company's Euro functional currency, with 8,869,633 warrants outstanding at €9.74 million fair value - Warrants are classified as derivative liabilities and measured at fair value through profit or loss due to their fixed exercise price in USD and the company's Euro functional currency[62] Warrants Quantity and Fair Value (Thousand Euros) | Date | Warrants Quantity | Fair Value (€'000) | | :--- | :--- | :--- | | December 31, 2021 | 8,869,633 | 15,271 | | September 30, 2022 | 8,869,633 | 9,736 | - The fair value of tradable warrants is determined based on Nasdaq market prices (ticker HTOOW)[64] Financial Instruments and Risk Management The company manages credit, liquidity, and market risks through a non-speculative framework, using a three-level fair value hierarchy for financial instruments and addressing foreign exchange exposure - The Group faces credit risk, liquidity risk, and market risk, and has a risk management framework in place to manage these risks in a non-speculative manner[67] - The fair value of financial instruments is determined using a three-level hierarchy, with tradable warrants using Level 1 inputs (quoted prices in active markets)[69][71] - The company's functional currency is the Euro, and foreign exchange risk primarily arises from non-Euro denominated income or expenses; as of September 30, 2022, the company held cash balances of approximately $2.1 million and €1.1 million[77] Loss per Ordinary Share For the nine months ended September 30, 2022 and 2021, basic and diluted loss per ordinary share remained at €0.80 and €0.12 respectively, as potential dilutive securities were anti-dilutive due to the company's loss position Loss per Ordinary Share | Indicator | 2022 | 2021 | | :--- | :--- | :--- | | Basic loss per share | (0.80) | (0.12) | | Diluted loss per share | (0.80) | (0.12) | | Weighted average number of ordinary shares for loss per share (basic) | 13,189,385 | 13,123,723 | - Due to the company's loss position, potential dilutive securities such as warrants, RSUs, incentive shares, and share options are considered anti-dilutive, resulting in diluted loss per share being the same as basic loss per share[81] Commitments and Contingencies As of September 30, 2022, the company has minimum commitments of approximately €2.52 million under an agreement with MagP and an undrawn participation loan of €0.8 million to Fusion Fuel Spain S.L - As of September 30, 2022, the company has minimum commitments of approximately €2.52 million under an agreement with related party MagP until the contract expires on March 31, 2023[82] - Of the €2 million participation loan provided by the company to Fusion Fuel Spain S.L., €0.5 million (including expenses paid on behalf) had been drawn as of September 30, 2022, with €0.8 million remaining undrawn[83] Subsequent Events No significant subsequent events requiring disclosure or amendment to the unaudited condensed consolidated financial statements have occurred since the balance sheet date - No significant events requiring disclosure or amendment to the unaudited condensed consolidated financial statements have occurred since the balance sheet date[84] Group Companies The company's group includes subsidiaries in Portugal, the US, Spain, and Australia, primarily engaged in hydrogen production and operations, with several new subsidiaries established in 2022 Group Companies List | Entity Name | Country of Incorporation | Principal Activity | Group Shareholding as of December 31, 2021 | | :--- | :--- | :--- | :--- | | Fusion Fuel Portugal, S.A. | Portugal | Operating company | 100% | | Fuel Cell Évora, Unipessoal LDA | Portugal | Hydrogen production | 100% | | Fuel Cell Évora I, Unipessoal LDA | Portugal | Hydrogen production | 100% | | Fusion Fuel USA, Inc. | United States | No activity | 100% | | Fusion Fuel Spain, S.L. | Spain | Hydrogen production | 50% | | Fusion Fuel Australia, PTY Ltd | Australia | Hydrogen production | 100% | | Fusion Fuel Australia – Pilot PTY Ltd | Australia | Hydrogen production | 100% | | Hevo Sines, Unipessoal LDA (1) | Portugal | Hydrogen production | N/A | | Hevo Sines II, Unipessoal LDA (2) | Portugal | Hydrogen production | N/A | | Hevo Sines III, Unipessoal LDA (3) | Portugal | Hydrogen production | N/A | - Hevo Sines, Unipessoal LDA, Hevo Sines II, Unipessoal LDA, and Hevo Sines III, Unipessoal LDA are newly established subsidiaries in 2022[85] Approval of Financial Statements The unaudited condensed consolidated financial statements were approved by the Board of Directors on December 13, 2022 - The unaudited condensed consolidated financial statements were approved by the Board of Directors on December 13, 2022[86] Management's Discussion and Analysis (MD&A) Fusion Fuel, a holding company, focuses on producing zero-carbon green hydrogen, with a business plan encompassing technology sales, hydrogen plant development, and green hydrogen sales, anticipating significant future capital and operating expenditures Overview Fusion Fuel, as a holding company, is committed to producing zero-carbon green hydrogen through internal production and collaboration, with a business plan involving technology sales, plant operations, and green hydrogen sales - Fusion Fuel's mission is to produce zero-carbon green hydrogen, achieved through internal production and collaboration with MagP Inovação, S.A[89] - The business plan includes selling technology to third parties, developing and operating hydrogen plants, and selling green hydrogen[90] - The company anticipates significant increases in future capital and operating expenditures to support internal manufacturing facility construction, commercialization of HEVO-Solar technology, R&D investments, market expansion, and public company operations[91][92] Operating Results For the nine months ended September 30, 2022, the company reported a total comprehensive loss of approximately €10.6 million, primarily influenced by administrative expenses, share-based payments, and Exolum project costs - For the nine months ended September 30, 2022, the company's total comprehensive loss was approximately €10.6 million, primarily driven by administrative expenses (€11.57 million), equity-settled share-based payment expenses (€2.63 million), and Exolum project expenses (€1.9 million)[94] - The Exolum project is expected to result in a loss of €1.88 million to €2.58 million, with the company having recognized a €1.2 million inventory impairment and a €0.7 million provision for onerous contracts[93] Research and Development Expenses (Thousand Euros) | Period | Amount | | :--- | :--- | | Nine Months Ended September 30, 2022 | 3,040 | | Nine Months Ended September 30, 2021 | 2,290 | Key Factors Affecting Operating Results Operating results are influenced by public company costs, the launch of HEVO-Solar, construction of green hydrogen plants, significant grant funding, and market expansion into the US with the HEVO-Chain system - As an SEC-registered public company, the company incurs additional annual expenses due to regulatory requirements and customary practices, including directors' and officers' liability insurance, director fees, and additional accounting, legal, and administrative resources[101] - The H2Évora plant was officially commissioned in the fourth quarter of 2022, marking the Iberian Peninsula's first integrated green hydrogen production and utilization facility[102][103] - The company secured multiple green hydrogen project grants in Portugal and Spain, including €36 million for the Sines Green Hydrogen Valley Alliance and €12.9 million for H2 Pioneros, and signed technology sales and collaboration agreements with Gedisol Energiá, KEME Energy, and Duferco Energia SpA[109][110][112][113][114] - The company launched the HEVO-Chain system, entering the centralized electrolyzer market, and partnered with Electus Energy to develop a 75 MW green hydrogen project in Bakersfield, California, as a cornerstone of its US commercial strategy[115][116] Critical Accounting Policies and Estimates The company relies on critical accounting policies and estimates for valuing derivative liabilities (warrants), share-based payment arrangements, and intangible assets (development expenditures) - Warrants are classified as derivative liabilities and measured at fair value through profit or loss due to their fixed exercise price in USD and the company's Euro functional currency[123] - The grant-date fair value of share-based payment arrangements is recognized as an expense over the vesting period, adjusted for expected satisfaction of service and non-market performance conditions[125] - Development expenditures are capitalized only when criteria such as reliable measurement, technical and commercial feasibility, probable future economic benefits, and sufficient resources to complete and use or sell the asset are met, and are amortized over 3 to 5 years once in use[127] Liquidity and Capital Resources As of September 30, 2022, the company had a cash position of approximately €3.61 million and no external debt, with management planning to secure liquidity through grants, asset sales, and an ATM facility to address going concern doubts Liquidity Overview (Thousand Euros) | Indicator | September 30, 2022 | | :--- | :--- | | Cash position | 3,610 | | Other assets | 56,470 | | Liabilities | 16,320 | | External debt | 0 | - The company has secured nearly €10 million in grants for the Benavente industrial production facility, as well as €10 million and €36 million in grants under the Portuguese Recovery and Resilience Plan, which will be provided on a reimbursement basis[134][136][137][138] - Through the ATM agreement, the company sold 681,926 Class A ordinary shares between July 11 and November 14, 2022, generating net proceeds of $3,685,792[139] - Management believes that existing working capital, secured grants, and anticipated project revenues will provide sufficient liquidity for at least one year of operations, but the company still needs to seek additional financing to support operations in 2023 and beyond[140][141] Research and Development, Patents and Licenses Continuous innovation is crucial in the company's industry, with the R&D team designing next-generation HEVO-Solar products to enhance efficiency and reduce production costs - The company's R&D team has designed the next generation of HEVO-Solar products, aiming to improve efficiency and reduce production costs[142] - Continuous research and development is a core part of Fusion Fuel's strategy[142] Trend Information The company has identified no significant trends, uncertainties, demands, commitments, or events since the start of fiscal year 2021 that could materially affect its financial performance, liquidity, or capital resources, beyond those in the "Risk Factors" section - Except for the risks described in the "Risk Factors" section of the annual report, the company has not identified any trends, uncertainties, demands, commitments, or events since the beginning of fiscal year 2021 that are reasonably likely to have a material effect on net income, operating income, profitability, liquidity, or capital resources[143] Off-Balance Sheet Arrangements As of September 30, 2022, the company had no off-balance sheet arrangements - As of September 30, 2022, the company had no off-balance sheet arrangements[144] Contractual Obligations Fusion Fuel Portugal has a production agreement with MagP, guaranteeing the supply of CPV solar trackers for HEVO-Solars, with a minimum obligation of approximately €5.04 million - Fusion Fuel Portugal has a production agreement with MagP, where MagP guarantees the supply of all materials and installation services for the CPV solar trackers used in HEVO-Solars annually[145] - The company's minimum obligation under this contract is approximately €5.04 million for the payment of a minimum quantity of trackers[145] Cautionary Note Regarding Forward-Looking Statements This Form 6-K contains forward-looking statements subject to significant risks and uncertainties that could cause actual results to differ materially from expectations Cautionary Note Regarding Forward-Looking Statements This Form 6-K contains forward-looking statements that involve significant risks and uncertainties, covering company objectives, growth strategies, future performance, and market conditions - This Form 6-K contains forward-looking statements that involve significant risks and uncertainties, which could cause actual results to differ materially from expectations[149] - Forward-looking statements cover the company's objectives and growth strategies, future prospects, market acceptance, financial condition, economic and business conditions, government policies, and the impact of the COVID-19 pandemic[150][152] - The company advises investors not to place undue reliance on forward-looking statements and commits to updating or revising them only as required by law[151] Signatures The Form 6-K report for Fusion Fuel Green PLC was signed by Chief Financial Officer Frederico Figueira de Chaves on December 13, 2022 Signatures The Form 6-K report for Fusion Fuel Green PLC was signed by Chief Financial Officer Frederico Figueira de Chaves on December 13, 2022 - The Form 6-K report for Fusion Fuel Green PLC was signed by Chief Financial Officer Frederico Figueira de Chaves on December 13, 2022[154]