Fusion Fuel Green PLC (NASDAQ: HTOO) shares sprouted wings Wednesday. The company,, a leading provider of full-service energy engineering, advisory, and utility solutions, today announced that Al Shola Al Modea Gas Distribution LLC, a full-service industrial gas solution provider in which the Company indirectly holds an ownership interest, has signed two new engineering contracts with a combined value of approximately $1.37 million from clients located in Dubai, with an additional estimated annual recurring revenue of $629,000 from Liquified Petroleum Gas supply.
The two projects cover the design, construction, commissioning, and authority approvals for central LPG gas systems in two major residential developments. Revenue will be recognized in accordance with contractual progress milestones.
The first new LPG system engineering contract relates to a large mixed-use residential complex located in Motor City, Dubai, comprising seven residential towers, 2,900 residential units, 18 commercial boiler rooms, and 18 food and beverage units. The approximate project value (converted from AED) is $1.23 million.
“In addition,” continues this morning’s news release, “the project is expected to generate an estimated annual recurring operational revenue from LPG supply of approximately $630,000. Once in operation, this development is believed to represent the largest single complex in the Al Shola Gas portfolio.”
HTOO shares hiked 57 cents, or 16.2%, early Wednesday to $4.07.
