Fusion Fuel

What Fusion Fuel does

Fusion Fuel Green PLC (NASDAQ: HTOO, rebranding to Fusion Elements plc) is an Irish-domiciled integrated energy platform that combines legacy clean-energy activities with newly acquired traditional energy and resource-royalty businesses. The company's core operating segments are: (1) Al Shola Gas, a UAE-based LPG distribution and centralized gas systems business serving over 36,000 residential, commercial, and industrial customers, consolidated via majority-owned subsidiary Quality Industrial Corp. (QIND); (2) BrightHy Solutions, which delivers end-to-end green hydrogen project services—from advisory and FEL-1 to FEL-3 engineering through procurement, construction oversight, and owner's engineering—anchored by an exclusive Iberian Peninsula deployment arrangement with Sungrow Hydrogen; (3) BioSteam Energy, a 51%-owned joint venture with Alien Fuel pursuing biomass-powered industrial steam projects in Southern Africa; and (4) Royal Uranium, a pending acquisition of 19 uranium and natural gas royalties across Canada, Colombia, and Argentina (including a 2.0% NSR on the Shea Creek project with 67.57M lbs indicated and 28.06M lbs inferred U3O8 resources).

Underlying technologies span PEM electrolyzer-based decentralized green hydrogen production, centralized gas distribution and LPG engineering infrastructure, biomass thermal power generation, and capital-light resource royalty arrangements. Revenue mechanics are mixed: gas distribution and engineering fees (subscription/recurring character via Al Shola), hydrogen and biomass project-based services (professional/managed services with carbon credit co-benefits for biomass), and royalty income (licensing/royalty) once Royal Uranium closes. FY2025 reported revenue of €14.4M, up 798.1% from €1.6M in FY2024, with operating loss reduced 54.4% to €7.9M. The company targets $20M in QIND revenue for FY2026 and is positioning itself to participate in the projected structural uranium demand growth to 397M lbs by 2040, driven in part by AI infrastructure and data center power needs.

The company is led by Chairman James Passin (uranium and resource-finance veteran, formerly at Firebird Management) and CEO Frederico Figueira de Chaves (returning CEO with senior UBS AG background), following an April 2026 leadership transition. It employs approximately 130 people across Europe and the Middle East, maintains offices in Dublin (HQ) and Dubai, and is publicly listed on NASDAQ with a market capitalization of approximately $9M as of May 2026.

Name

Fusion Fuel

Legal name

Fusion Fuel Green Public Limited Company

Website

https://fusion-fuel.eu

Company type

Public

Founded year

2020

Operating status

Operating

Headcount range

51–100 employees

Short description

Fusion Fuel Green PLC (NASDAQ: HTOO) is an Irish-domiciled integrated energy platform operating gas distribution in the UAE (Al Shola Gas, 36,000+ customers), end-to-end green hydrogen project services (BrightHy Solutions), biomass steam generation (BioSteam Energy JV), and uranium/natural gas royalties (Royal Uranium, pending acquisition).

Ownership category

akta.pro rank

Product category

Integrated Energy Services

NAICS

Industrial Gas Manufacturing (32512), Natural Gas Distribution (221210)

SIC

Natural Gas Transmisison & Distribution (4923), Gas & Other Services Combined (4932)

akta.pro industry

PRIMARYEUABAJAC

Hydrogen & Derivative Fuels for Industry (H₂, Ammonia, Methanol)

Energy, Utilities & Environment/Carbon & Climate Solutions (Carbon Markets, Offsets, CCS/CCUS)/Industrial Decarbonization Solutions (Process Heat, Electrification, Fuel Switching)

SECONDARYEUAJAJAF

Hydrogen Production Supply & Offtake (Green/Blue H2) for Utility Blending

Energy, Utilities & Environment/Gas Utilities (Distribution)/Decarbonized Gas Programs (RNG, Hydrogen Blending & Power-to-Gas)

SECONDARYEUAKACAC

Uranium Refining & Conversion (U3O8 to UF6/UO2)

Energy, Utilities & Environment/Nuclear Energy/Nuclear Fuel Cycle (Mining, Conversion, Enrichment & Fuel Fabrication)

Keywords

• Green hydrogen production
• LPG gas distribution
• Biomass steam generation
• Uranium royalty investment
• Industrial engineering services

Headquarters

HQ city

Dublin

HQ country

Ireland

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Supply Chain, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Gas Distribution and Engineering (Al Shola Gas): Revenue from LPG distribution, centralized gas systems engineering, design, supply, installation, testing, and commissioning of gas infrastructure for residential and industrial developments across the UAE. First full year of consolidated operations from majority-owned subsidiary Al Shola Gas in FY2025 drove 798.1% revenue increase to €14.4M.
2. Hydrogen Project Services (BrightHy Solutions): Engineering and project delivery fees for green hydrogen production facilities. Revenue generated from construction agreements and related service agreements for industrial clients including cement manufacturers. First commercial deal: 2MW project in Spain for Çimsa Cementos.
3. Biomass Steam Generation (BioSteam Energy): Revenue from biomass-powered industrial steam projects replacing fossil-fuel-based steam generation. Joint venture (51% owned) generated approximately $0.7M in annual revenue from first project at dairy facility in South Africa. Also generates carbon credits through landfill avoidance and fuel-switching benefits.
4. Uranium and Natural Gas Royalties (Royal Uranium): Capital-light royalty income from 19 uranium and natural gas royalties across the Americas, including exposure to Canada's Athabasca Basin, Colombia, Argentina, and Newfoundland. Portfolio includes 2.0% NSR on Shea Creek (67.57M lbs indicated + 28.06M lbs inferred U3O8) and 1.0% NSR on Huemul Project.

Go-to-market motion3 records

Distribution channels5 records

Marketing channels6 records

Core offering

Fusion Fuel operates as an integrated energy platform with four operating subsidiaries: Al Shola Gas delivers LPG distribution and centralized gas systems engineering to over 36,000 Middle East customers; BrightHy Solutions provides end-to-end green hydrogen project services including advisory, FEL-1 to FEL-3 engineering, procurement, construction oversight, and owner's engineering for industrial clients such as Çimsa Cementos; BioSteam Energy transforms organic biomass into sustainable industrial steam and power; and Royal Uranium holds 19 uranium and natural gas royalties across Canada, Colombia, and Argentina, providing capital-efficient exposure to nuclear energy growth.

Product overview

Fusion Fuel is an integrated energy platform comprising multiple operating subsidiaries. The core products are Al Shola Gas (LPG distribution and gas engineering in the Middle East, serving over 36,000 customers), BrightHy Solutions (end-to-end green hydrogen project services), BioSteam Energy (biomass thermal power generation), and Royal Uranium (19 uranium and natural gas royalties across Canada, Colombia, and Argentina). The majority-owned subsidiary Quality Industrial Corp (QIND) is listed on NASDAQ and encompasses the Al Shola Gas business. Together these subsidiaries span gas infrastructure, hydrogen engineering, biomass power, and energy royalties, providing a diversified energy platform balancing near-term reliability with clean-energy growth.

Differentiator

Problem solved

Functional benefit

Brands

• Al Shola Gas: Comprehensive gas solutions provider in the Middle East specializing in centralized gas systems, LPG distribution, and bulk gas supply with design, installation, and maintenance services.
• BrightHy Solutions
• BioSteam Energy
• Royal Uranium
• Quality Industrial Corp. (QIND)

Products and services

• Al Shola Gas Comprehensive gas solutions for the Middle East, specializing in centralized gas systems, LPG distribution, and bulk gas supply with design, consultation, installation, and maintenance services for residential, commercial, and industrial customers.

Quantifiable outcome

• Uranium demand projected to reach 397 million pounds by 2040, representing 118% increase from 2025 levels
• +3 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Six partnerships are on record, tiered core and minor.

• GalpcoreStrategic or Co-development Partner · 20 March 2023Co-development partnership for 1 MW green hydrogen project in Elvas, Portugal utilizing decentralized electrolysis facility on Portugal-Spain border. Project received €3.6 million grant funding under Portugal's Recovery and Resilience Plan for green hydrogen production and refueling for mobility applications.
• Alien Fuel (Proprietary) LimitedcoreStrategic or Co-development PartnerJoint venture partnership (51% Fusion Fuel ownership) for biomass-powered industrial steam projects in Southern Africa. BioSteam Energy joint venture enables Fusion Fuel's entry into African market with right of first refusal on future projects developed by Alien Fuel within JV scope.
• Sungrow HydrogencoreTechnology or IntegrationChinese OEM electrolyser supplier for BrightHy Solutions hydrogen projects. BrightHy secured exclusive arrangement to deploy Sungrow's electrolyzer systems across the Iberian Peninsula, with 2MW system installed at Çimsa cement facility in Spain.
• Orano Canada Inc.minorOthersOperator of Shea Creek Joint Venture in Saskatchewan's Western Athabasca Basin. Royal Uranium holds 2.0% NSR royalty on two mineral claims within this project containing 67.57M lbs indicated and 28.06M lbs inferred U3O8 resources.
• Uranium Energy CorpminorOthersJoint venture partner with Orano Canada in Shea Creek Joint Venture. Royal Uranium holds 2.0% NSR royalty on two mineral claims within this project as part of the 16-royalty portfolio.
• Jaguar Uranium Corp.minorOthersOperator of Huemul, Laguna Salada, and Berlin uranium projects in Argentina and Colombia where Royal Uranium holds royalties. Jaguar reported visible surface uranium-copper-vanadium mineralization at Huemul project with 200 rock samples submitted for assay. Royal Uranium expected to provide 1.0% NSR royalty exposure to potential future production.

Scale indicators15 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Plug Power: Leading PEM electrolyzer and hydrogen fuel cell company targeting industrial and mobility customers. Direct peer to BrightHy Solutions' green hydrogen project delivery business with overlapping technology (PEM) and end markets (industrial decarbonization, mobility).
• Nel ASA: Norwegian PEM electrolyzer manufacturer and hydrogen project developer. Closely comparable to Fusion Fuel's PEM electrolyzer-based green hydrogen production business with similar technology stack and project-services business model.
• ITM Power: UK-based PEM electrolyzer company focused on green hydrogen production for industrial and heavy transport applications. Direct peer given shared PEM technology platform and industrial customer focus similar to BrightHy Solutions.
• Skyharbour Resources: Canadian uranium exploration and royalty company with Athabasca Basin exposure. Most direct peer to Royal Uranium's royalty business model — both offer leverage to uranium price upside without operating risk in premier mining jurisdictions.

Broad incumbents

• Cameco Corporation: Largest pure-play uranium producer globally and major Athabasca Basin operator (partner with Orano at Shea Creek — Royal Uranium's flagship royalty asset). Broad incumbent for the uranium/nuclear thesis underlying Fusion Fuel's strategic pivot.
• Linde plc: Global industrial gas major with significant hydrogen production, distribution, and carbon capture portfolio. Broad incumbent encompassing Fusion Fuel's industrial gas and hydrogen ambitions at vastly greater scale.
• Air Products and Chemicals: Major industrial gas supplier with the world's largest announced green hydrogen project pipeline. Comparable as a broad hydrogen incumbent with utility-scale ambitions that dwarf BrightHy Solutions' 2MW reference project.
• Uranium Energy Corp: US-listed uranium mining company and joint venture partner with Orano at Shea Creek — directly relevant to Royal Uranium's 2.0% NSR exposure. Provides comparable exposure to the same Athabasca Basin asset.
• Drax Group: UK-based biomass power generation major and largest renewable power generator in Western Europe. Broad incumbent comparable to BioSteam Energy's biomass steam business with established track record in industrial-scale biomass energy.

Regional players

• Enagas: Spanish natural gas transmission system operator. Regional peer for Al Shola Gas' gas distribution franchise with comparable technical and regulatory expertise in gas infrastructure, though operating in different geography.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/fusion-fuel

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries7 records

Funding overview

Funding rounds6 records

Investors3 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A3 records

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Fusion Fuel