Fusion Fuel Green PLC announced on November 14, 2024, that it has issued a damages claim against Hydrogenial S.A. and its principal, Mr. Norbert Bindner. This action follows their failure to fund a $33.5 million Subscription Agreement, which was disclosed in the company's Form 6-K on September 11, 2024.
Under the terms of the agreement, signed on August 28, 2024, Hydrogenial committed to purchase 43,790,850 Class A ordinary shares and warrants for an additional 13,137,254 Class A Shares. The closing and full payment were due by September 30, 2024, but despite all conditions being met, the investor failed to fund the agreement.
As a direct consequence of this funding delay, Fusion Fuel has filed for insolvency for its Portuguese subsidiary, Fusion Fuel Portugal S.A. This subsidiary was responsible for the most significant portion of the company’s technology sales and project development activities.
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