I copy below a part of the note by my favorite broker at Fearnleys:
Fusion Fuel (HTOO US) – Trading at 57% of net cash
The HTOO stock has fallen back recently despite its first solar-to-hydrogen plant Evora now being onstream and producing hydrogen. Evora 2 is now in full swing. Speaking with management/founders earlier this week, they expect to have signed orders before year end for technology sales in addition to their own in-house projects. HTOO continues to built out their team in order to capture the many growth opportunities they have. Evora, which will be the most expensive plant, has a production cost of hydrogen above €3.5 per kilo and a selling price around $4/kg (without account for the grant the company will get which partly covers the costs incurred). For Sines Phase I, cost of production will be around €2.5/kg and a sales price around €3/kg which includes some of the subsidies (however, if this delays into the start of 2023 the cost will be closer to €2/kg). Subtracting net cash, HTOO’s market cap is a mere $54m.
I bought the stock- through the warrants ticker WHTOO US