Fusion Fuel Announces Completion of QIND Acquisition and Executive Leadership Changes

DUBLIN, Nov. 26, 2024 (GLOBE NEWSWIRE) – Fusion Fuel Green PLC (NASDAQ: HTOO) (“Fusion Fuel” or the “Company”), a leader in full-service green hydrogen solutions, has successfully closed its previously announced acquisition of a controlling stake in Quality Industrial Corp. (OTC Pink: QIND) through a share exchange. This strategic acquisition bolsters Fusion Fuel’s position in energy engineering, supply, and services, creating a platform to meet growing demand in the renewable energy and industrial gas sectors.

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Leadership Updates

As part of this acquisition, Fusion Fuel has made key leadership changes to align with its strategic vision:

• John-Paul Backwell has been appointed Chief Executive Officer and will join Fusion Fuel’s Board of Directors while continuing as CEO of QIND.

• Frederico Figueira de Chaves, formerly CEO of Fusion Fuel, transitions to Chief Strategy Officer and Head of Hydrogen Solutions.

• Gavin Jones remains Chief Financial Officer.

Jeffrey Schwarz, Chairman of the Board of Fusion Fuel, remarked, “We are thrilled to welcome Mr. Backwell to our executive leadership team. His extensive multidisciplinary experience in scaling companies, international market development, and mergers and acquisitions will be instrumental in driving Fusion Fuel’s growth and delivering long-term value to stakeholders.”

Schwarz added, “In his new role as Chief Strategy Officer, Mr. Figueira de Chaves will focus on operational excellence and driving innovation in Fusion Fuel’s core hydrogen engineering capabilities.”

Strategic Vision

John-Paul Backwell stated, “I am honored to lead Fusion Fuel at this pivotal moment. This acquisition is a significant milestone, providing the scale, synergies, and expertise needed to drive growth and exceptional stakeholder value.” Backwell emphasized the goal of creating a world-class platform for engineering and advisory services across energy and industrial sectors to help shape the future of energy and sustainability.

Fusion Fuel plans to host an investor presentation to outline the strategic rationale behind the acquisition, its vision for the combined entity, and plans for growth in the hydrogen and industrial gases markets. Details will be announced on the Company’s website.

Nasdaq Compliance Update

The Company has scheduled a hearing for January 7, 2025, to appeal Nasdaq’s delisting of its securities. Management is confident that the completion of this transaction and financial consolidation will ensure compliance with Nasdaq’s stockholder equity requirements for continued listing.

About Fusion Fuel Green PLC

Fusion Fuel Green PLC (NASDAQ: HTOO) specializes in full-service energy engineering and advisory solutions, focusing on green hydrogen and industrial gas applications. Through its majority-owned subsidiary, Quality Industrial Corp., Fusion Fuel offers services such as system design, supply, installation, maintenance, and liquefied petroleum gas distribution. The Company supports diverse industries, including commercial buildings, heavy industry, and food services, while advancing innovation in renewable energy.

About the Transaction

The Stock Purchase Agreement, dated November 19, 2024, among Fusion Fuel, QIND, and certain shareholders of QIND, is detailed in a report on Form 6-K filed with the SEC on November 20, 2024. Fusion Fuel acquired approximately 70% of QIND’s share capital, with post-closing conditions including stockholder approval and Nasdaq clearance. Failure to meet these requirements could lead to the unwinding of the acquisition.