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Fusion Fuel Announces Over $1.2 Million in New Gas Engineering Projects for Subsidiary Al Shola Gas, Building on Strong 2025 Contract Momentum
Globenewswireยท 2025-06-24 16:05
Core Viewpoint - Fusion Fuel Green PLC's subsidiary, Al Shola Al Modea Gas Distribution LLC, has secured additional engineering and utility projects worth AED 4.4 million (~$1.2 million USD) in Dubai, indicating strong demand and commercial momentum in the UAE's energy infrastructure market [1][2]. Summary by Sections New Engineering Projects - Al Shola Gas has secured over $2.7 million in engineering contracts and 1,800 new residential service contracts since the beginning of 2025 [2]. - The new projects will convert to recurring revenue through long-term utility service contracts [4]. Utility Business and Bulk LPG Supply - Al Shola Gas has surpassed 12,000 active customers and expects continued growth in recurring revenue as contracted assets are commissioned [5]. - Bulk LPG supply remains robust, with current volumes exceeding 600 metric tons per month, with a target of reaching 800 metric tons monthly by year-end [6]. Company Strategy and Market Position - The combination of engineering revenue and high-margin recurring utility income reflects the company's strategy to build durable, cash-generating infrastructure assets in the region [7]. - Al Shola Gas is positioned as a preferred partner for developers needing reliable and efficient LPG system delivery and service [5]. Specific Project Details - Dubai Marina Development: DBOM contract for 620 residential apartments and 5 retail outlets, total contract value AED 885,000 [9]. - Business Bay Tower: High-rise with 242 apartments and 3 retail outlets, contract value AED 395,000 [9]. - Satwa Mid-Rise Development: 240 apartments, total contract value AED 2.6 million [9]. - Additional Cluster Projects: Four smaller projects across Dubai, collectively valued at AED 520,000 [9].