6-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of: January 2024

Commission File Number: 005-91913

Fusion Fuel Green PLC
(Translation of registrant’s name into English)

The Victorians

15-18 Earlsfort Terrace

Saint Kevin’s
Dublin 2, D02 YX28, Ireland
(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒   Form 40-F ☐

This Report of Foreign Private Issuer on Form 6-K (“Form 6-K”) of Fusion Fuel Green PLC (the “Company”) contains the Company’s unaudited interim condensed consolidated financial statements for the six months ended June 30, 2023 and 2022, and related notes thereto.

This Report on Form 6-K is hereby incorporated by reference into the Company’s registration statements on Form F-3 (File Nos. 333-251990 and 333-264714).

FUSION FUEL GREEN PLC

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS PERIOD ENDED JUNE 30, 2023

F-1

Condensed consolidated statements of financial position (Unaudited)

			As at,
	Note		30 June 2023			31 December 2022 (Audited)
				€'000			€'000
Non-current assets
Property, plant and equipment		8		28,755			21,273
Intangible assets		7		5,184			5,350
Other assets				1,176			-
Total non-current assets				35,115			26,623
Current assets
Inventory		5		19,017			22,336
Prepayments and other receivables		9		4,468			8,242
Cash and cash equivalents		6		3,085			8,164
Total current assets				26,570			38,742
Total assets				61,685			65,365
Non-current liabilities
Trade and other payables - Leases				10,036			7,651
Deferred income		12		5,642			2,925
Total non-current liabilities				15,678			10,576
Current liabilities
Trade and other payables		10		12,916			7,262
Provisions		11		8,403			8,403
Deferred income		12		1,375			186
Cost accruals				2,452			1,934
Derivative financial instruments – warrants		13		2,368			7,651
Loans and borrowings				414			-
Total current liabilities				27,928			25,436
Total liabilities				43,606			36,012
Net assets				18,079			29,353
Equity
Share capital				2			2
Share premium				219,561			217,156
Share-based payments reserve				4,139			3,972
Retained earnings				(205,623	)		(191,777	)
Total equity				18,079			29,353

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

F-2

Condensed consolidated statements of profit or loss and other comprehensive income (Unaudited)

	Note		For the six months ended June 30, 2023			For the six months ended June 30, 2022
				€'000			€'000
Revenue				-			-
Cost of sales – impairment on inventory		5		(7,573	)		(660	)
Gross profit				(7,573	)		(660	)
Operating expenses
Administration expenses		2		(10,814	)		(6,980	)
Share-based payment expense		3		(167	)		(1,755	)
Operating loss				(18,554	)		(9,395	)
Net finance income
Finance income				37			1,236
Finance costs				-			(898	)
Interest receivable and similar income				29			9
Interest payable and similar expense				(277	)		(16	)
Derivative financial instruments at FVTPL		13		5,283			1,694
Net finance income/(costs)				5,072			2,025
Share of losses of equity-accounted investees				(205	)		(282	)
Loss before tax				(13,687	)		(7,652	)
Income tax expense				(159	)		(34	)
Total comprehensive loss for the year				(13,846	)		(7,686	)
Basic loss per share		15		(0.96	)		(0.59	)
Diluted loss per share		15		(0.96	)		(0.59	)

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

F-3

Condensed consolidated statement of changes in equity (Unaudited)
 

	Number of shares outstanding	Share capital	Share premium	Share-based payment reserve		Retained earnings		Total
		€'000	€'000	€'000		€'000		€'000
Balance at January 1, 2021	12,054,217	1	194,053	1,438		(188,128	)	7,364
Profit during the year	-	-	-	-		23,564		23,564
Total comprehensive income for the year	-	-	-	-		23,564		23,564
Issue of share capital:
Vesting of shares	10,000	-	-	(134	)	134		-
Exercise of warrants	1,059,506	1	10,050	-		-		10,051
Derecognition of warrant liability on exercise	-	-	9,374	-		-		9,374
Share based payments:
Equity-settled share-based compensation	-	-	-	(841	)	-		(841	)
Balance at December 31, 2021	13,123,723	2	213,477	463		(164,430	)	49,512
Balance at January 1, 2022	13,123,723	2	213,477	463		(164,430	)	49,512
Loss during the year	-	-	-	-		(27,347	)	(27,347	)
Total comprehensive income for the year	-	-	-	-		(27,347	)	(27,347	)
Issue of share capital:
ATM – share sales	681,926	-	3,679	-		-		3,679
Share based payments:
Equity-settled share-based compensation	-	-	-	3,509		-		3,509
Balance at December 31, 2022	13,805,649	2	217,156	3,972		(191,777	)	29,353
Balance at January 1, 2023	13,805,649	2	217,156	3,972		(191,777	)	29,353
Loss during the period	-	-	-	-		(13,846	)	(13,846	)
Total comprehensive income for the period	-	-	-	-		(13,846	)	(13,846	)
Issue of share capital:
ATM – share sales	726,851	-	2,405	-		-		2,405
Share based payments:
Share based payments - reversal	-	-	-	(1,040	)	-		(1,040	)
Equity-settled share-based compensation	-	-	-	1,207		-		1,207
Balance at June 30, 2023	14,532,500	2	219,561	4,139		(205,623	)	18,079

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

F-4

Condensed consolidated statements of cash flows (Unaudited)

	For the 6 months ended June 30
		2023		2022
		€'000		€'000
Cash flows from operating activities
Net loss for the period		(13,846	)	(7,686	)
Adjusted for:
Equity settled share-based payment transactions		167		1,755
Fair value movement in warrants		(5,283	)	(1,694	)
Depreciation and amortization		1,192		276
Net finance income		(66	)	(360	)
Share of losses of equity-accounted investee		205		282
Impairment losses on property, plant and equipment		205		-
Impairment on inventory		7,463		-
		(9,963	)	(7,427	)
Changes in working capital:
Decrease /(increase) in receivables		2,703		(1,884	)
Increase in inventories		(4,144	)	(5,145	)
Increase/(decrease) in payables and accruals		6,964		(2,152	)
Interest and similar expenses - paid		(277	)	-
Net cash used by operating activities		(4,717	)	(16,608	)
Cash flows from investing activities
Payment of Intellectual property (business combination)		-		(250	)
Purchase of tangible assets		(5,509	)	(6,470	)
Development expenditure		(341	)	(1,422	)
Receipt of government grants		816		-
Proceeds from realisation of financial assets		-		19,011
Investment in equity-accounted investees		(135	)	(370	)
Net cash (used) /from investing activities		(5,169	)	10,499
Cash flows from financing activities
Proceeds from issuance of shares		2,405		-
Proceeds from loans and borrowings		414		-
Payment of lease liabilities		(630	)	(101	)
Net cash provided by financing activities		2,189		(101	)
Net (decrease) in cash and cash equivalents		(7,697	)	(6,210	)
Cash and cash equivalents at beginning of period		5,239		7,681
Transfer from restricted cash		2,925		-
Effects of movements in exchange rates on cash held		(17	)	525
Cash and cash equivalents at end of period		450		1,996
Add restricted cash		2,635		-
Cash and cash equivalents at end of period including restricted cash		3,085		1,996

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 

F-5

Notes forming part of the unaudited condensed consolidated financial statements.

1.     Summary of significant accounting policies

Business activity

Fusion Fuel Green plc (the “Parent” or “Company”) was incorporated in Ireland on April 3, 2020. The Company and its subsidiaries are collectively referred to as the “Group”. The registered office of the Company is The Victorians, 15-18 Earlsfort Terrace, Saint Kevin’s, Dublin 2, D02 YX28, Ireland.

The Group’s mission is to produce hydrogen with zero carbon emissions, thereby contributing to a future of sustainable and affordable clean energy and the reversal of climate change. The hydrogen will be produced using renewable energy resulting in zero carbon emissions (“Green Hydrogen”) with components built in-house and using the know-how and accumulated experience of its team’s strategic and continuous investment in research and development (“R&D”) around solar technologies.

The Company has a well-established risk management process which is managed through its management team, finance committee and board of directors. The key risks are evaluated throughout the period with key business leaders tasked to manage each risk as required. These risks are assessed through a risk matrix which evaluates each risk’s impact and likelihood.

Basis of presentation

The unaudited condensed consolidated financial statements are prepared in accordance with International Accounting Standard 34 “Interim Financial Reporting” (IAS 34). In the opinion of the Company’s management, the condensed consolidated financial statements reflect all adjustments, which are normal and recurring in nature, necessary for fair financial statement presentation. The condensed consolidated financial statements and accompanying notes were prepared in conformity with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) which requires management to make estimates and assumptions that affect the amounts reported. Actual results could differ materially from those estimates. These condensed consolidated financial statements and accompanying notes should be read in conjunction with the Group’s annual consolidated financial statements and accompanying notes included in its Annual Report on Form 20-F for the fiscal year ended December 31, 2022 (the “2022 Form 20-F”). These condensed consolidated financial statements are presented in Euro, the functional and presentation currency of the Company. All financial information presented in euro has been rounded to the nearest thousand, unless otherwise stated.

As a result of rounding, numbers or percentages may not add up to the total.

Use of estimates

Preparation of condensed consolidated financial statements in conformity with IFRS requires the use of estimates and judgments that affect the reported amounts in the condensed consolidated financial statements and accompanying notes. IFRS requires the Company to make estimates and judgments in several areas, including, but not limited to, revenue, expenses, assets and liabilities, income taxes and the accompanying disclosures. Significant estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to, onerous contract provisions, impairment of capitalized development costs, impairment of property, plant and equipment and the valuation of inventory. The Company bases its estimates on historical experience, known trends and other market-specific or other relevant factors that it believes to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates as there are changes in circumstances, facts and experience. Actual results could differ materially from those estimates.

Significant accounting policies

There have been no material changes to the Company’s significant accounting policies as compared to the significant accounting policies described in the 2022 Form 20-F.

F-6

New standards or amendments

There were no new standards effective for the period commencing 1 January 2023 that had a material impact on the Group. A number of new standards, amendments to standards and interpretations are not yet effective for the period and have not yet been applied in preparing the unaudited condensed consolidated financial statements. The Group is in the process of assessing the impact on the financial statements of these new standards and amendments. Management currently expects no material impact on the Group’s financial statements on adoption of these amendments.

Segment information

The Group manages its operations as a single segment for purposes of assessing performance and making operating decisions. The Group’s focus is on the research and development around solar technologies. The Executive Committee, and in particular the Chief Financial Officer, is the chief operating decision maker that regularly reviews the consolidated operating results and makes decisions about the allocation of the Group’s resources.

At the Market Issuance Sales Agreement (“ATM”)

On June 6, 2022, the Parent entered into an At the Market Issuance Sales Agreement (“the ATM”) with B. Riley Securities, Inc., Fearnley Securities Inc., and H.C. Wainwright & Co., LLC, pursuant to which the Company may offer and sell, from time to time, through or to the agents, acting as agent or principal, Class A ordinary shares of the Company having an aggregate offering price of up to $30 million under the Company’s Form F-3 registration statement. During 2022, the Parent sold 681,926 class A ordinary shares for net proceeds of $3.7 million (€3.7 million) and paid $0.1 million (€0.1 million) in commissions to agents as part of these trades.

During the six months ended June 30, 2023, the Parent sold 726,851 class A ordinary shares for net proceeds of $2.6 million (€2.4 million) and paid $0.1 million (€0.1 million) in commissions to agents as part of these trades.

Going concern

In adopting the going concern basis in preparing the unaudited condensed consolidated financial statements, the Directors have considered the Group’s cash on hand, its future cash generation projections and plans, together with factors likely to affect its future performance, as well as the Group’s principal risks and uncertainties.

As of June 30, 2023, the Group had €3.1 million of cash and cash equivalents, which included €2.6 million of restricted cash. This €2.6 million is deemed restricted as it can only be used on specific projects so is not readily available to be spent on selling, general and administrative expenses. The Group is an early stage and emerging growth company and is subject to the corresponding risk of such companies. Since inception, the Group has incurred operating losses and had an accumulated deficit of €205.6 million at June 30, 2023. Included in the accumulated deficit are non-cash items of €160.7 million which related to fair value adjustments on our warrants, share based compensation expenses, foreign currency adjustments on our financial assets and expenses from the 2020 merger transaction described previously.

The Group expects to continue to incur net losses for the foreseeable future and is highly dependent on its ability to find additional sources of funding in the form of debt or equity financing to fund its planned operations. The Group's success depends on the profitable commercialization of its proprietary HEVO technology. There is no assurance that the Group will be successful in the profitable commercialization of its technology. These conditions raise significant doubt about the Group’s ability to continue as a going concern and therefore, to continue realizing their assets and discharging their liabilities in the normal course of business absent the mitigating actions set out below.

F-7

On November 27, 2023, the Parent entered into an agreement for financing of up to $20 million of senior convertible notes with Belike Nominees Pty Ltd., a Macquarie Group entity. This facility has a two-year term and it’s expected that amounts will be drawn down in tranches. The first tranche is expected to be drawn down in the first quarter of 2024.

Based upon its current operating and financial plans, management believes it will have sufficient access to financial resources to fund operations for at least one year after the date the financial statements are issued. In making this assessment, management has considered the Group’s available cash resources, the recently announced agreement with Belike Nominees Pty Ltd expected inflows from both technology sales and grant award agreements, future financing options available to the Group (debt and/or equity), the planned operations of the Group and the ability to adjust its plans if required.

The inability to operationalize the financing agreement with Belike Nominees Pty Ltd would have a negative impact on the Group’s financial conditions and ability to pursue its business strategies. If the Group is unable to operationalize or obtain alternative funding, the Group could be forced to delay, reduce, or eliminate some or all of its research and development programs or strategic partnerships efforts, which could adversely affect its business prospects, or the Group may be unable to continue operations. Although management intends to pursue plans to obtain alternative funding to finance its operations, there is no assurance that the Group will be successful in obtaining sufficient funding on terms acceptable to the Group to fund continuing operations, if at all.

The accompanying unaudited condensed consolidated financial statements do not include any adjustments that might result from the outcome of this material uncertainty. Accordingly, the consolidated financial statements have been prepared on a basis that assumes the Group will continue as a going concern and which contemplates the realization of assets and satisfaction of liabilities and commitments in the ordinary course of business.

For this reason, the Directors adopt the going concern basis in preparing the unaudited condensed consolidated financial statements.

2.      Administration expenses

	For the six months ended June 30, 2023		For the six months ended June 30, 2022
		€’000		€’000
Wages and salaries		4,943		3,688
Depreciation and amortization		1,192		276
Professional fees		879		835
Consulting fees		895		750
Other expenses		2,905		1,431
		10,814		6,980

3.      Share-based payments

2021 Equity Incentive Plan

On August 5, 2021, the Company’s Board of Directors adopted and approved the 2021 Equity Incentive Plan (the 2021 Plan), which authorized the Company to grant up to 1,000,000 Class A ordinary shares in the form of incentive share options, non-qualified share options, share appreciation rights, restricted awards, performance share awards, cash awards and other share awards. The types of share-based awards, including the rights amount, terms, and exercisability provisions of grants are determined by the Company’s Board of Directors.

Restricted Share Units (RSUs)

The Company granted 68,273 RSU’s to employees, directors and consultants during the six -month period ended June 30, 2023 (2022: 57,041). The table below shows the number of RSUs granted covering an equal number of the Company’s Class A ordinary shares and the weighted-average grant date fair value of the RSUs granted:

F-8

	Number of RSUs			Weighted average Grant date fair value per share
RSUs outstanding December 31, 2021		42,896		$	12.24
Granted		59,441		$	8.00
Vested (1)		(14,253	)	$	12.17
Forfeited		(442	)	$	12.24
RSUs outstanding December 31, 2022		87,642		$	11.43
Granted		68,273		$	3.57
Vested (1)		(19,013	)	$	9.27
Forfeited		(14,149	)	$	12.73
RSUs outstanding June 30, 2023		122,753			6.63

(1) No ordinary shares were issued in connection with the RSUs that vested during the six-month period ended June 30, 2023 and the year ended December 31, 2022.

The fair value of the RSUs is determined on the date of grant based on the market price of the Company’s ordinary shares on that date. The fair value of RSUs is expensed rateably over the vesting period, which is generally three years for employees and consultants. The total expense recognized related to the RSUs was €0.2 million for the period ended June 30, 2023 (2022: €0.27 million). Total unamortized compensation expense related to the RSUs was €0.38 million as of June 30, 2023, which is expected to be recognized over a remaining average vesting period of 2.5 years as of June 30, 2023.

Share options

On January 3, 2022, the Company announced that under the 2021 Plan, its Board of Directors (“the Board”) approved an award of options for five of its senior managers. With regard to each senior manager, the award comprises three elements:

· A grant of an option to purchase 200,000 Class A ordinary shares having an exercise price of $10.50 per share to vest over a three-year period.

· A grant of an option to purchase an additional 200,000 Class A ordinary shares having an exercise price of $10.50 per share to vest once Parent’s share price closed at or above $18.00 during twenty trading days out of any thirty consecutive trading day period.

· Eligibility to receive an option to purchase up to an additional 50,000 Class A ordinary shares having an exercise price equal to the average last sales price of the Class A ordinary shares over the five (5) consecutive trading day period ending on the date of grant, but in no event to be lower than $10.50 per share, for each of calendar years 2022, 2023 and 2024, each to be granted based on individual performance at the discretion of the Compensation Committee of the board of directors.

All options granted will expire on December 31, 2028.

The Company granted 143,628 options to employees, directors and consultants during the six-month period ended June 30, 2023 (2022: 2,128,554). In June 2023, 800,000 of the options that were initially granted in January 2022 were forfeited.

The fair value of the options granted during the six-month period ended June 30, 2023 were estimated using the Black-Scholes option-pricing model. The inputs for the Black-Scholes model require management’s significant assumptions. The risk-free interest rate was based on a normalized estimate of the 7-year U.S. treasury yield. Expected share volatility has been based on historical volatility information of reasonably comparable guideline public companies and itself. The Company expects to continue to do so until such time as it has adequate historical data regarding the volatility of its own traded share price. Expected dividend yield is based on the fact that the Company has never paid cash dividends and its future ability to pay cash dividends on its shares may be limited by the terms of any future debt or preferred securities. The Company has elected to account for forfeitures as they occur.

F-9

The range of assumptions that the Company used to determine the grant date fair value of employee and director options granted were as follows:

	Tranche 1			Tranche 2			Directors
Volatility		70.91	%		70.91	%		75.32	%
Expected term in years		7			7			6.92
Dividend rate		0	%		0	%		0	%
Risk-free interest rate		1.58	%		1.58	%		1.58
Hurdle price		-		$	18			-
Exercise price	$	10.50		$	10.50		$	6.45
Share price	$	9.42		$	9.42		$	5.03
Fair value of option on grant date	$	6.14		$	6.18		$	3.31

The table below shows the number of options granted covering an equal number of the Company’s Class A ordinary shares and the weighted-average grant date fair value of the options granted:

	Number of options			Weighted average Grant date fair value per share
Options outstanding December 31, 2021		-		$	-
Granted		2,128,554		$	5.21
Vested		(461,887	)	$	3.31
Forfeited		-			-
Options outstanding December 31, 2022		1,666,667		$	5.21
Granted		154,074		$	2.87
Vested		(10,446	)	$	2.64
Forfeited		(800,000	)	$	6.16
Options outstanding June 30, 2023		1,010,295		$	5.94

There were 1,010,295 unvested employee and director options outstanding as of June 30, 2023. Total expense recognized related to the employee and director share options was €0.22 million for the period ended June 30, 2023. Total unamortized compensation expense related to employee and director share options was €4.4 million as of June 30, 2023, expected to be recognized over a remaining weighted average vesting period of 4 years as of June 30, 2023.

Incentive shares

As part of their compensation package, the non-executive directors that were appointed in December 2020 were granted 5,000 shares for each year of service to the Company.

	Number of shares			Weighted average Grant date fair value per share
Incentive shares outstanding December 31, 2021		30,000		$	23
Granted		-		$	-
Vested		-		$	-
Forfeited		(25,000	)	$	-
Incentive shares outstanding December 31, 2022		5,000		$	23
Granted		-		$	-
Vested		-		$	-
Incentive shares outstanding June 30, 2023		5,000			23

F-10

The above shares vest at the discretion of the board of directors. In exchange for the share options that were granted above, the holders of the incentive shares agreed to forfeit their rights to incentive shares relating to years two and three of their tenure as a non-executive director. The total expense for these shares recognised in the six-month periods ended June 30, 2023 and 2022 was €0.03 million and €nil million respectively.

As of June 30, 2023, there was no unrecognised share-based payment expense related to the incentive shares. The shares have been recorded at their fair value at June 30, 2023.

Reconciliation to statement of profit or loss – for the six months ended June 30

€’000	2023			2022
RSUs		204			275
Incentive shares		28			-
Options		(65	)		1,480
Share-based payment expense		167			1,755

4.     Taxation

The Group generated tax losses during the six-month periods ended June 30, 2023 and 2022. The current tax expense booked for the six-month period ended June 30, 2023 is €0.16 million (2022: €0.03 million). The Group recognised a deferred tax expense of €nil for each period.

During the six-month periods ended June 30, 2023 and 2022, the Group’s Portuguese operations were subject to a statutory tax rate of 21%. In Ireland, the headline corporate income tax rate for trading companies is 12.5%, with a rate of 25% applicable to other non-trading sources.

As of June 30, 2023 and December 31, 2022, the Group had unrecognised deferred tax assets of €5.6 million and €5.6 million respectively, mostly relating to tax losses incurred. No deferred tax assets have been recognized due to the uncertainty of the Group’s ability to generate taxable profits in the foreseeable future. The current assessment regarding the usability of deferred tax assets may change, depending on the Group’s taxable income in future years.

5.     Inventory

	2023		2022
		€’000		€’000
Raw materials		3,609		5,785
Work in progress		15,408		16,551
		19,017		22,336

Inventories of €3.5 million (2022: €nil ) were consumed during the six-month periods ended June 30, 2023 and 2022, which includes conversion and other costs incurred in bringing the inventory to its present condition.

During the six-month period ended June 30, 2023, an impairment charge of €7.5 million was recorded against the components within the inventory balance that were manufactured to legacy design and to those components that were earmarked for the two development projects that will not proceed as planned during 2023 (2022: €0.7 million).

The cost of scrapped materials through the normal production cycle amounted to €0.1 million (2022: €nil ). These items were recognised as an expense during the six-month periods ended June 30, 2023 and 2022, in ‘cost of sales’.

F-11

6.      Cash and cash equivalents

	2023		2022
		€’000		€’000
Cash and cash equivalents		450		5,239
Restricted cash		2,635		2,925
		3,085		8,164

The restricted cash relates to amounts from the Agency for Competitiveness and Innovation (“IAPMEI") as grant aid towards our C-5 development project. This cash is subject to a variety of conditions relating to its disbursements and remains restricted until such time that project development commences.

7.      Intangible assets

	Completed Development Technology			Product development in progress			Intellectual property and patents registration		Software			Total
2023	€’000			€’000			€’000		€’000			€’000
Cost
At January 1, 2023		2,971			717			1,911		104			5,703
Additions – other*		-			298					40			338
At June 30, 2023		2,971			1,015			1,911		144			6,041
Amortisation
At January 1, 2023		(330	)		-			-		(23	)		(353	)
Amortisation charge		(496	)		-			-		(8	)		(504	)
At June 30, 2023		(826	)		-			-		(31	)		(857	)
Net book value
At June 30, 2023		2,145			1,015			1,911		113			5,184
2022
Cost
At January 1, 2022		-			1,918			1,911		23			3,852
Additions – other*		37			1,733			-		81			1,851
Transfers during the year		2,934			(2,934	)		-		-			-
At December 31, 2022		2,971			717			1,911		104			5,703
Amortisation
At January 1, 2022		-			-			-		(5	)		(5	)
Amortisation charge		(330	)		-			-		(18	)		(348	)
At December 31, 2022		(330	)		-			-		(23	)		(353	)
Net book value
At December 31, 2022		2,641			717			1,911		81			5,350

* The additions relate to materials acquired during the period for the purpose of developing our HEVO technology.

Intellectual property of €1.9 million (2022: €1.9 million) and capitalised project development costs of €1 million (2022: €0.7 million) are considered to be of indefinite life and accordingly are not amortized. Completed development technology represents the costs incurred on bringing our first generation HEVO electrolyzer to market and is being amortised over a useful life of 3 years.

F-12

Research and development expenditure (excluding those related to wages and salaries) of €0.94 million (2022: €0.40 million) have been recognised during the six-month periods ended June 30, 2023 and 2022.

The Group considers that there have been no indicators of impairment during the period. The annual impairment analysis will be performed as at December 31, 2023.

8.      Property, plant and equipment

	Assets under construction			Plant and machinery			Office and other equipment			Right of use assets			Total
2023	€'000			€'000			€'000			€'000			€'000
Cost
At January 1, 2023		15,106			1,337			389			8,762			25,594
Additions during the period		5,379			113			18			2,842			8,352
Revaluation of right of use assets		-			-			-			19			19
Reclassifications		(101	)		101									-
At June 30, 2023		20,384			1,551			407			11,623			33,965
Depreciation/Impairment
At January 1, 2023		(3,321	)		(151	)		(84	)		(765	)		(4,321	)
Charge for year		-			(175	)		(48	)		(461	)		(684	)
Impairment charge		-			-			(205	)		-			(205	)
At June 30, 2023		(3,321	)		(326	)		(337	)		(1,226	)		(5,210	)
Net book values
At June 30, 2023		17,063			1,225			70			10,397			28,755
At December 31, 2022		11,785			1,186			305			7,997			21,273
2022
Cost
At January 1, 2022		17,161			-			185			1,111			18,457
Additions during the year		9,191			1,267			274			322			11,054
Revaluation		-			-			-			708			708
Transfers during the year		(2,149	)		70			(70	)		-			(2,149	)
Sale-and-leaseback		(8,294	)		-			-			6,673			(1,621	)
Disposals		-			-			-			(52	)		(52	)
Grant income		(803	)		-			-			-			(803	)
At December 31, 2022		15,106			1,337			389			8,762			25,594
Depreciation/Impairment
At January 1, 2022		-			-			(28	)		(319	)		(347	)
Charge for year		-			(141	)		(66	)		(454	)		(661	)
Transfers during the year		-			(10	)		10			-			-
Impairment charge		(3,321	)		-			-			-			(3,321	)
Derecognition		-			-			-			8			8
At December 31, 2022		(3,321	)		(151	)		(84	)		(765	)		(4,321	)
Net book values
At December 31, 2022		11,785			1,186			305			7,997			21,273
At December 31, 2021		17,161			-			157			793			18,111

Depreciation expense on property and equipment was €0.68 million and €0.27 million for the six-month periods ended June 30, 2023 and 2022, respectively. Assets under construction includes costs mostly related to construction of the Group's two Évora hydrogen plants, costs incurred on the Group's HEVO-Sul project and its Benavente production facility.

F-13

During the six-month periods ended June 30, 2023, the Company entered into two new land lease agreements – Hevo Portugal and Hevo Sines – which right of use is €1.82 million and €0.99 million, respectively.

9.      Prepayments and other receivables

	2023		2022
		€'000		€'000
Prepayments		1,496		2,010
VAT recoverable		1,397		3,669
Grant receivable		803		803
Other receivables		772		1,760
		4,468		8,242

10.   Trade and other payables

	2023		2022
		€'000		€'000
Trade payables (1)		9,953		3,680
Amounts owed to related parties (2)		1,565		2,468
Lease liability – current		763		671
Payroll taxes		444		278
Other		191		165
		12,916		7,262

(1)    The company entered into a facility agreement with KEME for an amount equal to €690,073. The purpose of this agreement is to enable KEME to finance their hydrogen production plant and was negotiated along with the Equipment supply and installation services contract. Interest is accrued at a rate of 7%. Under this agreement, we transferred €0.53 million on May 17, 2023. This amount remains outstanding at June 30, 2023. As part of the Equipment supply and installation services contract, KEME made an advanced payment of €1.1 million during the first quarter of 2023. As no revenue has been recognised to date for this contract, the net payable position at June 30, 2023 to KEME was €0.53 million.

(2)    This amount relates to a balance owing to an affiliate, MagP Inovação, S.A. ("MagP"). Please refer to the 2022 Form 20-F for details of the Group's relationship with MagP.

11.   Provisions

Onerous contract provisions	€'000
At January 1, 2022		-
Provisions made during the year		8,403
At December 31, 2022		8,403
Movements during the period		-
At June 30, 2023		8,403

F-14

12.    Deferred income

	2023		2022
Current		€'000		€'000
Grant – C5 (IAPMEI)		330		186
Income Deferrals - Exolum		800		-
Income Deferrals – CSIC		245		-
		1,375		186
Non-Current
Grant – C5 (IAPMEI)		5,642		2,925
		5,642		2,925

In December 2022, €2.9 million was advanced to the Group as part of its C-5 grant award. During the six-month period of 2023 the company received any additional €3.1 million. This grant funding can only be spent on a specific project and cannot be used by the Group in the ordinary course of business. As no project expenditure has been incurred to date, this amount will be recognised as deferred income until such time that it can be offset against project expenditure.

13.    Warrants

The functional currency of the Company is the Euro and as the exercise price of the Company’s share purchase warrants is fixed in US Dollars, these warrants are considered a liability as a variable amount of cash in the Company’s functional currency will be received on exercise. Accordingly, these warrants are classified and accounted for as a derivative liability at fair value through profit or loss.

As of June 30, 2023 and December 31, 2022 there were 8,869,633 warrants outstanding. The warrants entitle the holder to purchase one Class A ordinary share of Parent at an exercise price of $11.50 per share. Until warrant holders acquire the Parent’s Class A ordinary shares upon exercise of such warrants, they have no rights with respect to the Parent’s Class A ordinary shares. The warrants expire on December 10, 2025, or earlier upon redemption or liquidation in accordance with their terms.

The fair value of the tradeable warrants is determined with reference to the prevailing market price for warrants that are trading on the NASDAQ under the ticker HTOOW.

	Total no. of warrants
In issue at December 31, 2021		8,869,633
Exercise of warrants during the year		-
In issue at December 31, 2022		8,869,633
Exercise of warrants during the period		-
In issue at June 30, 2023		8,869,633

The fair value of the warrants as at June 30, 2022 and December 31, 2022 was $0.29 and $0.92 respectively. See reconciliation of fair values below.

	€’000
Balance – January 1, 2021		52,932
Fair value movement on warrants exercised*		3,211
Warrants exercised – foreign exchange differences**		67
Fair value movement on warrants unexercised (including exchange differences)*		(31,565	)
Derecognition of warrant liability on exercise***		(9,374	)
Balance – December 31, 2021		15,271
Fair value movement on warrants unexercised (including exchange differences)		(7,620	)
Balance – December 31, 2022		7,651
Fair value movement on warrants unexercised (including exchange differences)*		(5,283	)
Balance – June 30, 2023		2,368

* recognised in profit or loss - Adjustments to the fair value of derivatives – warrants

** recognised in profit or loss - Other finance income

*** recognised in equity – Share premium

F-15

14.    Financial instruments and risk management

The Group’s operations expose it to various financial risks that include credit risk, liquidity risk and market risk. The Group has a risk management framework in place which seeks to limit the impact of these risks on the financial performance of the Group. It is the policy of the Group to manage these risks in a non-speculative manner. These unaudited condensed consolidated financial statements do not include all financial risk management information and disclosures required in the annual financial statements and should be read in conjunction with the 2022 Form 20-F. There have been no changes in the Group’s risk management policies in the period. 

Accounting classifications and fair value

The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique:

· Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities;

· Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly; and

· Level 3: techniques which use inputs that have a significant effect on the recorded fair value that are not based on observable market data.

The Company recognises transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred. There were no transfers between fair value levels during the period.

As at June 30, 2023, the tradeable warrants are measured at fair value using Level 1 inputs. The fair value of the tradeable warrants is measured based on quoted market prices at each reporting date. Until the Group disposed of all its positions, the short-term investments were previously measured at fair value using Level 1 inputs.

	Carrying value						Fair value
		Cash and receivables	Liabilities		Total carrying amount			Level 1		Level 2	Level 3	Total
		€’000	€’000		€’000			€’000		€’000	€’000	€’000
30 June 2023
Cash and cash equivalents		3,085	-		3,085			-		-	-	-
Other receivables*		772	-		772			-		-	-	-
Trade payables		-	(9,953	)	(9,953	)		-		-	-	-
Warrants		-	(2,368	)	(2,368	)		(2,368	)	-	-	(2,368	)
Amounts owed to related parties		-	(1,565	)	(1,565	)		-		-	-	-
Other payables**		-	(191	)	(191	)		-		-	-	-
		3,857	(14,077	)	(10,220	)		(2,368	)	-	-	(2,368	)
31 December 2022
Cash and cash equivalents		8,164	-		8,164			-		-	-	-
Other receivables*		2,311	-		2,311			-		-	-	-
Trade payables		-	(3,680	)	(3,680	)		-		-	-	-
Warrants		-	(7,651	)	(7,651	)		(7,651	)	-	-	(7,651	)
Amounts owed to related parties		-	(2,468	)	(2,468	)		-		-	-	-
Other payables**		-	(165	)	(165	)		-		-	-	-
		10,475	(13,964	)	(3,489	)		(7,651	)	-	-	(7,651	)

* Prepayments and VAT have been excluded as they are not classified as a financial asset.

** Employment taxes have been excluded as these are statutory liabilities.

F-16

Cash and cash equivalents including the short-term bank deposits

For cash and cash equivalents, all of which have a maturity of less than six months, the carrying value is deemed to reflect a reasonable approximation of fair value.

Other receivables and payables

For the receivables and payables with a remaining term of less than one year or on demand balances, the carrying amount less impairment allowances, where appropriate, is a reasonable approximation of fair value.

Foreign exchange risk

The Group uses the Euro as its functional currency. Foreign exchange rate risk is the risk that the fair value of Group assets or liabilities, or future expected cash flows will fluctuate because of changes in foreign currency exchange rates. While the Company’s shares are listed in US dollars, the currency of the primary operating environment of the Group is the Euro, and its exposure to the risk of changes in foreign currency would arise primarily when revenue or expense is denominated in a currency other than the Euro. The Company currently has no operations outside of the Eurozone, so the effect of the translation of foreign operations is not significant to the Group. At June 30, 2023 and December 31, 2022, the Company had USD and EUR cash balances of approximately $0.02 million (December 2022: $0.3 million), and €3 million (December 2022: €7.8 million) respectively. The following significant exchange rates have been applied during the period.

	Average rate				Period-end spot rate
	2023		2022		2023		2022
Euro
USD		1.081		1.0530		1.0866		1.0666

15.   Loss per ordinary share

	2023		2022
Basic loss per Class A ordinary share	(0.96	)	(0.59	)
Diluted (loss) per Class A ordinary share	(0.96	)	(0.59	)
Number of ordinary shares used for loss per share (weighted average)
Basic	14,439,644		13,123,722
Diluted	14,439,644		13,123,722

Basic loss per share is calculated by dividing the loss for the year attributable to ordinary equity holders of the parent by the weighted average number of Class A ordinary shares outstanding during the period.

Diluted loss per share is calculated by dividing the loss attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the year plus the weighted average number of Class A ordinary shares that would be issued on conversion of all the dilutive potential ordinary shares into Class A ordinary shares.

The diluted loss per share reflects the basic loss per share since the effects of potentially dilutive securities are anti-dilutive. For the periods included in these financial statements the Group was loss-making, therefore, the following anti-dilutive instruments are excluded in the calculation of diluted weighted average number of ordinary shares outstanding:

	30 June 2023	31 December 2022
Warrants	8,869,633	8,869,633
RSUs - outstanding	127,071	88,084
RSUs – vested but no ordinary shares issued	48,165	29,253
Incentive shares	15,446	5,000
Share options	2,272,182	2,128,554

F-17

16.   Commitments and contingencies 

As previously disclosed, the costs paid by the Group on behalf of Fusion Fuel Spain have been treated as an advancement of a €2 million loan facility for accounting purposes. A further commitment of €0.51 million remains at June 30, 2023.

The Group has provided a payment guarantee of €0.1 million to Corum as part of the sale-and-leaseback transaction entered in December 2022. This guarantee is in place for the full lease term.

The Group has provided a payment guarantee of €0.1 million to CSIC as part of the commercial agreement entered during the period relating to the manufacture and supply of a hydrogen production system.

The Group issued a bank warranty to a supplier during the period amounting to €2 million. Subsequent to the period end, this bank warranty was executed, and no such commitment is in place.

17.    Subsequent events

There have been no significant events since the statement of financial position date that would require disclosure or amendment to the unaudited condensed consolidated financial statements, other than items disclosed in other footnotes.

18.    Group companies

Entity name	Country of incorporation	Principal activities	Group interest at June 30, 2023
Fusion Fuel Portugal, S.A.	Portugal	Operating company	100%
Fuel Cell Évora, Unipessoal LDA	Portugal	Hydrogen production	100%
Fuel Cell Évora I, Unipessoal LDA	Portugal	Hydrogen production	100%
Fusion Fuel USA, Inc.	United States	Operating company	100%
Fusion Fuel Spain, S.L.	Spain	Hydrogen production	50%
Fusion Fuel Australia, PTY Ltd	Australia	Hydrogen production	100%
Fusion Fuel Australia – Pilot PTY Ltd	Australia	Hydrogen production	100%
Hevo Sines, Unipessoal LDA	Portugal	Hydrogen production	100%
Hevo Sines II, Unipessoal LDA	Portugal	Hydrogen production	100%
Hevo Sines III, Unipessoal LDA	Portugal	Hydrogen production	100%
Hevo Portugal, Unipessoal, LDA	Portugal	Hydrogen production	100%
Hanoi Asset Management, S.L.	Spain	No activity to date	100%
Hevo Aveiro, Unipessoal LDA	Portugal	Hydrogen production	100%

18.    Approval of financial statements

The directors approved the unaudited condensed consolidated financial statements on January 13, 2024.

F-18

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	Fusion Fuel Green PLC
	(Registrant)
Date: January 16, 2024	/s/ Frederico Figueira de Chaves
	Frederico Figueira de Chaves
	Chief Executive Officer

XML

Cover	6 Months Ended
	Jun. 30, 2023
Cover [Abstract]
Document Type	6-K
Amendment Flag	false
Document Period End Date	Jun. 30, 2023
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2023
Current Fiscal Year End Date	--12-31
Entity File Number	005-91913
Entity Registrant Name	Fusion Fuel Green PLC
Entity Central Index Key	0001819794
Entity Address, Address Line One	The Victorians
Entity Address, Address Line Two	15-18 Earlsfort Terrace
Entity Address, Address Line Three	Saint Kevin’s
Entity Address, City or Town	Dublin 2
Entity Address, Country	IE
Entity Address, Postal Zip Code	D02 YX28

XML

Condensed consolidated statements of financial position (Unaudited) - EUR (€) € in Thousands	Jun. 30, 2023	Dec. 31, 2022
Non-current assets
Property, plant and equipment	€ 28,755	€ 21,273
Intangible assets	5,184	5,350
Other assets	1,176
Total non-current assets	35,115	26,623
Current assets
Inventory	19,017	22,336
Prepayments and other receivables	4,468	8,242
Cash and cash equivalents	3,085	8,164
Total current assets	26,570	38,742
Total assets	61,685	65,365
Non-current liabilities
Trade and other payables - Leases	10,036	7,651
Deferred income	5,642	2,925
Total non-current liabilities	15,678	10,576
Current liabilities
Trade and other payables	12,916	7,262
Provisions	8,403	8,403
Deferred income	1,375	186
Cost accruals	2,452	1,934
Derivative financial instruments – warrants	2,368	7,651
Loans and borrowings	414
Total current liabilities	27,928	25,436
Total liabilities	43,606	36,012
Net assets	18,079	29,353
Equity
Share capital	2	2
Share premium	219,561	217,156
Share-based payments reserve	4,139	3,972
Retained earnings	(205,623)	(191,777)
Total equity	€ 18,079	€ 29,353

XML

Condensed consolidated statements of profit or loss and other comprehensive income (Unaudited) - EUR (€) € in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Profit or loss [abstract]
Revenue
Cost of sales – impairment on inventory	(7,573)	(660)
Gross profit	(7,573)	(660)
Operating expenses
Administration expenses	(10,814)	(6,980)
Share-based payment expense	(167)	(1,755)
Operating loss	(18,554)	(9,395)
Net finance income
Finance income	37	1,236
Finance costs		(898)
Interest receivable and similar income	29	9
Interest payable and similar expense	(277)	(16)
Derivative financial instruments at FVTPL	5,283	1,694
Net finance income/(costs)	5,072	2,025
Share of losses of equity-accounted investees	(205)	(282)
Loss before tax	(13,687)	(7,652)
Income tax expense	(159)	(34)
Total comprehensive loss for the year	€ (13,846)	€ (7,686)
Basic loss per share	€ (0.96)	€ (0.59)
Diluted loss per share	€ (0.96)	€ (0.59)

XML

Condensed consolidated statement of changes in equity (Unaudited) - EUR (€) € in Thousands	Issued capital [member]	Share premium [member]	Sharebased payment reserve [member]	Retained earnings [member]	Total
Beginning balance, value at Dec. 31, 2020	€ 1	€ 194,053	€ 1,438	€ (188,128)	€ 7,364
Beginning balance, shares at Dec. 31, 2020	12,054,217
IfrsStatementLineItems [Line Items]
Loss during the period				23,564	23,564
Vesting of shares			(134)	134
Vesting of shares (in Shares)	10,000
Exercise of warrants	€ 1	10,050			10,051
Exercise of Warrants, shares	1,059,506
Total comprehensive income for the period				23,564	23,564
Derecognition of warrant liability on exercise		9,374			9,374
Share based payments:
Equity-settled share-based compensation			(841)		(841)
Ending balance, value at Dec. 31, 2021	€ 2	213,477	463	(164,430)	49,512
Ending balance, shares at Dec. 31, 2021	13,123,723
IfrsStatementLineItems [Line Items]
Loss during the period				(27,347)	(27,347)
Total comprehensive income for the period				(27,347)	(27,347)
Share based payments:
Equity-settled share-based compensation			3,509		3,509
ATM – share sales		3,679			3,679
ATM - share sales, shares	681,926
Ending balance, value at Dec. 31, 2022	€ 2	217,156	3,972	(191,777)	29,353
Ending balance, shares at Dec. 31, 2022	13,805,649
IfrsStatementLineItems [Line Items]
Loss during the period				(13,846)	(13,846)
Total comprehensive income for the period				(13,846)	(13,846)
Share based payments:
Equity-settled share-based compensation			1,207		1,207
ATM – share sales		2,405			2,405
Share based payments - reversal			(1,040)		(1,040)
ATM - share sales, shares	726,851
Ending balance, value at Jun. 30, 2023	€ 2	€ 219,561	€ 4,139	€ (205,623)	€ 18,079
Ending balance, shares at Jun. 30, 2023	14,532,500

XML

Condensed consolidated statements of cash flows (Unaudited) - EUR (€) € in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities
Net loss for the period	€ (13,846)	€ (7,686)
Adjusted for:
Equity settled share-based payment transactions	167	1,755
Fair value movement in warrants	(5,283)	(1,694)
Depreciation and amortization	1,192	276
Net finance income	(66)	(360)
Share of losses of equity-accounted investee	205	282
Impairment losses on property, plant and equipment	205
Impairment on inventory	7,463
Total adjusted	(9,963)	(7,427)
Changes in working capital:
Decrease /(increase) in receivables	2,703	(1,884)
Increase in inventories	(4,144)	(5,145)
Increase/(decrease) in payables and accruals	6,964	(2,152)
Interest and similar expenses - paid	(277)
Net cash used by operating activities	(4,717)	(16,608)
Cash flows from investing activities
Payment of Intellectual property (business combination)		(250)
Purchase of tangible assets	(5,509)	(6,470)
Development expenditure	(341)	(1,422)
Receipt of government grants	816
Proceeds from realisation of financial assets		19,011
Investment in equity-accounted investees	(135)	(370)
Net cash (used) /from investing activities	(5,169)	10,499
Cash flows from financing activities
Proceeds from issuance of shares	2,405
Proceeds from loans and borrowings	414
Payment of lease liabilities	(630)	(101)
Net cash provided by financing activities	2,189	(101)
Net (decrease) in cash and cash equivalents	(7,697)	(6,210)
Supplemental Cash Flow Information
Cash and cash equivalents at beginning of period	5,239	7,681
Transfer from restricted cash	2,925
Effects of movements in exchange rates on cash held	(17)	525
Cash and cash equivalents at end of period	450	1,996
Add restricted cash	2,635
Cash and cash equivalents at end of period including restricted cash	€ 3,085	€ 1,996

XML

Summary of significant accounting policies

6 Months Ended

Jun. 30, 2023

Notes and other explanatory information [abstract]

Summary of significant accounting policies

1.     Summary of significant accounting policies

Business activity

Fusion Fuel Green plc (the “Parent” or “Company”) was incorporated in Ireland on April 3, 2020. The Company and its subsidiaries are collectively referred to as the “Group”. The registered office of the Company is The Victorians, 15-18 Earlsfort Terrace, Saint Kevin’s, Dublin 2, D02 YX28, Ireland.

The Group’s mission is to produce hydrogen with zero carbon emissions, thereby contributing to a future of sustainable and affordable clean energy and the reversal of climate change. The hydrogen will be produced using renewable energy resulting in zero carbon emissions (“Green Hydrogen”) with components built in-house and using the know-how and accumulated experience of its team’s strategic and continuous investment in research and development (“R&D”) around solar technologies.

The Company has a well-established risk management process which is managed through its management team, finance committee and board of directors. The key risks are evaluated throughout the period with key business leaders tasked to manage each risk as required. These risks are assessed through a risk matrix which evaluates each risk’s impact and likelihood.

Basis of presentation

The unaudited condensed consolidated financial statements are prepared in accordance with International Accounting Standard 34 “Interim Financial Reporting” (IAS 34). In the opinion of the Company’s management, the condensed consolidated financial statements reflect all adjustments, which are normal and recurring in nature, necessary for fair financial statement presentation. The condensed consolidated financial statements and accompanying notes were prepared in conformity with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) which requires management to make estimates and assumptions that affect the amounts reported. Actual results could differ materially from those estimates. These condensed consolidated financial statements and accompanying notes should be read in conjunction with the Group’s annual consolidated financial statements and accompanying notes included in its Annual Report on Form 20-F for the fiscal year ended December 31, 2022 (the “2022 Form 20-F”). These condensed consolidated financial statements are presented in Euro, the functional and presentation currency of the Company. All financial information presented in euro has been rounded to the nearest thousand, unless otherwise stated.

As a result of rounding, numbers or percentages may not add up to the total.

Use of estimates

Preparation of condensed consolidated financial statements in conformity with IFRS requires the use of estimates and judgments that affect the reported amounts in the condensed consolidated financial statements and accompanying notes. IFRS requires the Company to make estimates and judgments in several areas, including, but not limited to, revenue, expenses, assets and liabilities, income taxes and the accompanying disclosures. Significant estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to, onerous contract provisions, impairment of capitalized development costs, impairment of property, plant and equipment and the valuation of inventory. The Company bases its estimates on historical experience, known trends and other market-specific or other relevant factors that it believes to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates as there are changes in circumstances, facts and experience. Actual results could differ materially from those estimates.

Significant accounting policies

There have been no material changes to the Company’s significant accounting policies as compared to the significant accounting policies described in the 2022 Form 20-F.

New standards or amendments

There were no new standards effective for the period commencing 1 January 2023 that had a material impact on the Group. A number of new standards, amendments to standards and interpretations are not yet effective for the period and have not yet been applied in preparing the unaudited condensed consolidated financial statements. The Group is in the process of assessing the impact on the financial statements of these new standards and amendments. Management currently expects no material impact on the Group’s financial statements on adoption of these amendments.

Segment information

The Group manages its operations as a single segment for purposes of assessing performance and making operating decisions. The Group’s focus is on the research and development around solar technologies. The Executive Committee, and in particular the Chief Financial Officer, is the chief operating decision maker that regularly reviews the consolidated operating results and makes decisions about the allocation of the Group’s resources.

At the Market Issuance Sales Agreement (“ATM”)

On June 6, 2022, the Parent entered into an At the Market Issuance Sales Agreement (“the ATM”) with B. Riley Securities, Inc., Fearnley Securities Inc., and H.C. Wainwright & Co., LLC, pursuant to which the Company may offer and sell, from time to time, through or to the agents, acting as agent or principal, Class A ordinary shares of the Company having an aggregate offering price of up to $30 million under the Company’s Form F-3 registration statement. During 2022, the Parent sold 681,926 class A ordinary shares for net proceeds of $3.7 million (€3.7 million) and paid $0.1 million (€0.1 million) in commissions to agents as part of these trades.

During the six months ended June 30, 2023, the Parent sold 726,851 class A ordinary shares for net proceeds of $2.6 million (€2.4 million) and paid $0.1 million (€0.1 million) in commissions to agents as part of these trades.

Going concern

In adopting the going concern basis in preparing the unaudited condensed consolidated financial statements, the Directors have considered the Group’s cash on hand, its future cash generation projections and plans, together with factors likely to affect its future performance, as well as the Group’s principal risks and uncertainties.

As of June 30, 2023, the Group had €3.1 million of cash and cash equivalents, which included €2.6 million of restricted cash. This €2.6 million is deemed restricted as it can only be used on specific projects so is not readily available to be spent on selling, general and administrative expenses. The Group is an early stage and emerging growth company and is subject to the corresponding risk of such companies. Since inception, the Group has incurred operating losses and had an accumulated deficit of €205.6 million at June 30, 2023. Included in the accumulated deficit are non-cash items of €160.7 million which related to fair value adjustments on our warrants, share based compensation expenses, foreign currency adjustments on our financial assets and expenses from the 2020 merger transaction described previously.

The Group expects to continue to incur net losses for the foreseeable future and is highly dependent on its ability to find additional sources of funding in the form of debt or equity financing to fund its planned operations. The Group's success depends on the profitable commercialization of its proprietary HEVO technology. There is no assurance that the Group will be successful in the profitable commercialization of its technology. These conditions raise significant doubt about the Group’s ability to continue as a going concern and therefore, to continue realizing their assets and discharging their liabilities in the normal course of business absent the mitigating actions set out below.

On November 27, 2023, the Parent entered into an agreement for financing of up to $20 million of senior convertible notes with Belike Nominees Pty Ltd., a Macquarie Group entity. This facility has a two-year term and it’s expected that amounts will be drawn down in tranches. The first tranche is expected to be drawn down in the first quarter of 2024.

Based upon its current operating and financial plans, management believes it will have sufficient access to financial resources to fund operations for at least one year after the date the financial statements are issued. In making this assessment, management has considered the Group’s available cash resources, the recently announced agreement with Belike Nominees Pty Ltd expected inflows from both technology sales and grant award agreements, future financing options available to the Group (debt and/or equity), the planned operations of the Group and the ability to adjust its plans if required.

The inability to operationalize the financing agreement with Belike Nominees Pty Ltd would have a negative impact on the Group’s financial conditions and ability to pursue its business strategies. If the Group is unable to operationalize or obtain alternative funding, the Group could be forced to delay, reduce, or eliminate some or all of its research and development programs or strategic partnerships efforts, which could adversely affect its business prospects, or the Group may be unable to continue operations. Although management intends to pursue plans to obtain alternative funding to finance its operations, there is no assurance that the Group will be successful in obtaining sufficient funding on terms acceptable to the Group to fund continuing operations, if at all.

The accompanying unaudited condensed consolidated financial statements do not include any adjustments that might result from the outcome of this material uncertainty. Accordingly, the consolidated financial statements have been prepared on a basis that assumes the Group will continue as a going concern and which contemplates the realization of assets and satisfaction of liabilities and commitments in the ordinary course of business.

For this reason, the Directors adopt the going concern basis in preparing the unaudited condensed consolidated financial statements.

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Administration expenses

6 Months Ended

Jun. 30, 2023

Administration Expenses

Administration expenses

2.      Administration expenses

	For the six months ended June 30, 2023		For the six months ended June 30, 2022
		€’000		€’000
Wages and salaries		4,943		3,688
Depreciation and amortization		1,192		276
Professional fees		879		835
Consulting fees		895		750
Other expenses		2,905		1,431
		10,814		6,980

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Share-based payments

6 Months Ended

Jun. 30, 2023

Notes and other explanatory information [abstract]

Share-based payments

3.      Share-based payments

2021 Equity Incentive Plan

On August 5, 2021, the Company’s Board of Directors adopted and approved the 2021 Equity Incentive Plan (the 2021 Plan), which authorized the Company to grant up to 1,000,000 Class A ordinary shares in the form of incentive share options, non-qualified share options, share appreciation rights, restricted awards, performance share awards, cash awards and other share awards. The types of share-based awards, including the rights amount, terms, and exercisability provisions of grants are determined by the Company’s Board of Directors.

Restricted Share Units (RSUs)

The Company granted 68,273 RSU’s to employees, directors and consultants during the six -month period ended June 30, 2023 (2022: 57,041). The table below shows the number of RSUs granted covering an equal number of the Company’s Class A ordinary shares and the weighted-average grant date fair value of the RSUs granted:

	Number of RSUs			Weighted average Grant date fair value per share
RSUs outstanding December 31, 2021		42,896		$	12.24
Granted		59,441		$	8.00
Vested (1)		(14,253	)	$	12.17
Forfeited		(442	)	$	12.24
RSUs outstanding December 31, 2022		87,642		$	11.43
Granted		68,273		$	3.57
Vested (1)		(19,013	)	$	9.27
Forfeited		(14,149	)	$	12.73
RSUs outstanding June 30, 2023		122,753			6.63

(1) No ordinary shares were issued in connection with the RSUs that vested during the six-month period ended June 30, 2023 and the year ended December 31, 2022.

The fair value of the RSUs is determined on the date of grant based on the market price of the Company’s ordinary shares on that date. The fair value of RSUs is expensed rateably over the vesting period, which is generally three years for employees and consultants. The total expense recognized related to the RSUs was €0.2 million for the period ended June 30, 2023 (2022: €0.27 million). Total unamortized compensation expense related to the RSUs was €0.38 million as of June 30, 2023, which is expected to be recognized over a remaining average vesting period of 2.5 years as of June 30, 2023.

Share options

On January 3, 2022, the Company announced that under the 2021 Plan, its Board of Directors (“the Board”) approved an award of options for five of its senior managers. With regard to each senior manager, the award comprises three elements:

· A grant of an option to purchase 200,000 Class A ordinary shares having an exercise price of $10.50 per share to vest over a three-year period.

· A grant of an option to purchase an additional 200,000 Class A ordinary shares having an exercise price of $10.50 per share to vest once Parent’s share price closed at or above $18.00 during twenty trading days out of any thirty consecutive trading day period.

· Eligibility to receive an option to purchase up to an additional 50,000 Class A ordinary shares having an exercise price equal to the average last sales price of the Class A ordinary shares over the five (5) consecutive trading day period ending on the date of grant, but in no event to be lower than $10.50 per share, for each of calendar years 2022, 2023 and 2024, each to be granted based on individual performance at the discretion of the Compensation Committee of the board of directors.

All options granted will expire on December 31, 2028.

The Company granted 143,628 options to employees, directors and consultants during the six-month period ended June 30, 2023 (2022: 2,128,554). In June 2023, 800,000 of the options that were initially granted in January 2022 were forfeited.

The fair value of the options granted during the six-month period ended June 30, 2023 were estimated using the Black-Scholes option-pricing model. The inputs for the Black-Scholes model require management’s significant assumptions. The risk-free interest rate was based on a normalized estimate of the 7-year U.S. treasury yield. Expected share volatility has been based on historical volatility information of reasonably comparable guideline public companies and itself. The Company expects to continue to do so until such time as it has adequate historical data regarding the volatility of its own traded share price. Expected dividend yield is based on the fact that the Company has never paid cash dividends and its future ability to pay cash dividends on its shares may be limited by the terms of any future debt or preferred securities. The Company has elected to account for forfeitures as they occur.

The range of assumptions that the Company used to determine the grant date fair value of employee and director options granted were as follows:

	Tranche 1			Tranche 2			Directors
Volatility		70.91	%		70.91	%		75.32	%
Expected term in years		7			7			6.92
Dividend rate		0	%		0	%		0	%
Risk-free interest rate		1.58	%		1.58	%		1.58
Hurdle price		-		$	18			-
Exercise price	$	10.50		$	10.50		$	6.45
Share price	$	9.42		$	9.42		$	5.03
Fair value of option on grant date	$	6.14		$	6.18		$	3.31

The table below shows the number of options granted covering an equal number of the Company’s Class A ordinary shares and the weighted-average grant date fair value of the options granted:

	Number of options			Weighted average Grant date fair value per share
Options outstanding December 31, 2021		-		$	-
Granted		2,128,554		$	5.21
Vested		(461,887	)	$	3.31
Forfeited		-			-
Options outstanding December 31, 2022		1,666,667		$	5.21
Granted		154,074		$	2.87
Vested		(10,446	)	$	2.64
Forfeited		(800,000	)	$	6.16
Options outstanding June 30, 2023		1,010,295		$	5.94

There were 1,010,295 unvested employee and director options outstanding as of June 30, 2023. Total expense recognized related to the employee and director share options was €0.22 million for the period ended June 30, 2023. Total unamortized compensation expense related to employee and director share options was €4.4 million as of June 30, 2023, expected to be recognized over a remaining weighted average vesting period of 4 years as of June 30, 2023.

Incentive shares

As part of their compensation package, the non-executive directors that were appointed in December 2020 were granted 5,000 shares for each year of service to the Company.

	Number of shares			Weighted average Grant date fair value per share
Incentive shares outstanding December 31, 2021		30,000		$	23
Granted		-		$	-
Vested		-		$	-
Forfeited		(25,000	)	$	-
Incentive shares outstanding December 31, 2022		5,000		$	23
Granted		-		$	-
Vested		-		$	-
Incentive shares outstanding June 30, 2023		5,000			23

The above shares vest at the discretion of the board of directors. In exchange for the share options that were granted above, the holders of the incentive shares agreed to forfeit their rights to incentive shares relating to years two and three of their tenure as a non-executive director. The total expense for these shares recognised in the six-month periods ended June 30, 2023 and 2022 was €0.03 million and €nil million respectively.

As of June 30, 2023, there was no unrecognised share-based payment expense related to the incentive shares. The shares have been recorded at their fair value at June 30, 2023.

Reconciliation to statement of profit or loss – for the six months ended June 30

€’000	2023			2022
RSUs		204			275
Incentive shares		28			-
Options		(65	)		1,480
Share-based payment expense		167			1,755

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Taxation

6 Months Ended

Jun. 30, 2023

Notes and other explanatory information [abstract]

Taxation

4.     Taxation

The Group generated tax losses during the six-month periods ended June 30, 2023 and 2022. The current tax expense booked for the six-month period ended June 30, 2023 is €0.16 million (2022: €0.03 million). The Group recognised a deferred tax expense of €nil for each period.

During the six-month periods ended June 30, 2023 and 2022, the Group’s Portuguese operations were subject to a statutory tax rate of 21%. In Ireland, the headline corporate income tax rate for trading companies is 12.5%, with a rate of 25% applicable to other non-trading sources.

As of June 30, 2023 and December 31, 2022, the Group had unrecognised deferred tax assets of €5.6 million and €5.6 million respectively, mostly relating to tax losses incurred. No deferred tax assets have been recognized due to the uncertainty of the Group’s ability to generate taxable profits in the foreseeable future. The current assessment regarding the usability of deferred tax assets may change, depending on the Group’s taxable income in future years.

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Inventory

6 Months Ended

Jun. 30, 2023

Disclosure Inventory Abstract

Inventory

5.     Inventory

	2023		2022
		€’000		€’000
Raw materials		3,609		5,785
Work in progress		15,408		16,551
		19,017		22,336

Inventories of €3.5 million (2022: €nil ) were consumed during the six-month periods ended June 30, 2023 and 2022, which includes conversion and other costs incurred in bringing the inventory to its present condition.

During the six-month period ended June 30, 2023, an impairment charge of €7.5 million was recorded against the components within the inventory balance that were manufactured to legacy design and to those components that were earmarked for the two development projects that will not proceed as planned during 2023 (2022: €0.7 million).

The cost of scrapped materials through the normal production cycle amounted to €0.1 million (2022: €nil ). These items were recognised as an expense during the six-month periods ended June 30, 2023 and 2022, in ‘cost of sales’.

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Cash and cash equivalents

6 Months Ended

Jun. 30, 2023

Notes and other explanatory information [abstract]

Cash and cash equivalents

6.      Cash and cash equivalents

	2023		2022
		€’000		€’000
Cash and cash equivalents		450		5,239
Restricted cash		2,635		2,925
		3,085		8,164

The restricted cash relates to amounts from the Agency for Competitiveness and Innovation (“IAPMEI") as grant aid towards our C-5 development project. This cash is subject to a variety of conditions relating to its disbursements and remains restricted until such time that project development commences.

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Intangible assets

6 Months Ended

Jun. 30, 2023

Intangible Assets

Intangible assets

7.      Intangible assets

	Completed Development Technology			Product development in progress			Intellectual property and patents registration		Software			Total
2023	€’000			€’000			€’000		€’000			€’000
Cost
At January 1, 2023		2,971			717			1,911		104			5,703
Additions – other*		-			298					40			338
At June 30, 2023		2,971			1,015			1,911		144			6,041
Amortisation
At January 1, 2023		(330	)		-			-		(23	)		(353	)
Amortisation charge		(496	)		-			-		(8	)		(504	)
At June 30, 2023		(826	)		-			-		(31	)		(857	)
Net book value
At June 30, 2023		2,145			1,015			1,911		113			5,184
2022
Cost
At January 1, 2022		-			1,918			1,911		23			3,852
Additions – other*		37			1,733			-		81			1,851
Transfers during the year		2,934			(2,934	)		-		-			-
At December 31, 2022		2,971			717			1,911		104			5,703
Amortisation
At January 1, 2022		-			-			-		(5	)		(5	)
Amortisation charge		(330	)		-			-		(18	)		(348	)
At December 31, 2022		(330	)		-			-		(23	)		(353	)
Net book value
At December 31, 2022		2,641			717			1,911		81			5,350

* The additions relate to materials acquired during the period for the purpose of developing our HEVO technology.

Intellectual property of €1.9 million (2022: €1.9 million) and capitalised project development costs of €1 million (2022: €0.7 million) are considered to be of indefinite life and accordingly are not amortized. Completed development technology represents the costs incurred on bringing our first generation HEVO electrolyzer to market and is being amortised over a useful life of 3 years.

Research and development expenditure (excluding those related to wages and salaries) of €0.94 million (2022: €0.40 million) have been recognised during the six-month periods ended June 30, 2023 and 2022.

The Group considers that there have been no indicators of impairment during the period. The annual impairment analysis will be performed as at December 31, 2023.

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Property, plant and equipment

6 Months Ended

Jun. 30, 2023

Notes and other explanatory information [abstract]

Property, plant and equipment

8.      Property, plant and equipment

	Assets under construction			Plant and machinery			Office and other equipment			Right of use assets			Total
2023	€'000			€'000			€'000			€'000			€'000
Cost
At January 1, 2023		15,106			1,337			389			8,762			25,594
Additions during the period		5,379			113			18			2,842			8,352
Revaluation of right of use assets		-			-			-			19			19
Reclassifications		(101	)		101									-
At June 30, 2023		20,384			1,551			407			11,623			33,965
Depreciation/Impairment
At January 1, 2023		(3,321	)		(151	)		(84	)		(765	)		(4,321	)
Charge for year		-			(175	)		(48	)		(461	)		(684	)
Impairment charge		-			-			(205	)		-			(205	)
At June 30, 2023		(3,321	)		(326	)		(337	)		(1,226	)		(5,210	)
Net book values
At June 30, 2023		17,063			1,225			70			10,397			28,755
At December 31, 2022		11,785			1,186			305			7,997			21,273
2022
Cost
At January 1, 2022		17,161			-			185			1,111			18,457
Additions during the year		9,191			1,267			274			322			11,054
Revaluation		-			-			-			708			708
Transfers during the year		(2,149	)		70			(70	)		-			(2,149	)
Sale-and-leaseback		(8,294	)		-			-			6,673			(1,621	)
Disposals		-			-			-			(52	)		(52	)
Grant income		(803	)		-			-			-			(803	)
At December 31, 2022		15,106			1,337			389			8,762			25,594
Depreciation/Impairment
At January 1, 2022		-			-			(28	)		(319	)		(347	)
Charge for year		-			(141	)		(66	)		(454	)		(661	)
Transfers during the year		-			(10	)		10			-			-
Impairment charge		(3,321	)		-			-			-			(3,321	)
Derecognition		-			-			-			8			8
At December 31, 2022		(3,321	)		(151	)		(84	)		(765	)		(4,321	)
Net book values
At December 31, 2022		11,785			1,186			305			7,997			21,273
At December 31, 2021		17,161			-			157			793			18,111

Depreciation expense on property and equipment was €0.68 million and €0.27 million for the six-month periods ended June 30, 2023 and 2022, respectively. Assets under construction includes costs mostly related to construction of the Group's two Évora hydrogen plants, costs incurred on the Group's HEVO-Sul project and its Benavente production facility.

During the six-month periods ended June 30, 2023, the Company entered into two new land lease agreements – Hevo Portugal and Hevo Sines – which right of use is €1.82 million and €0.99 million, respectively.

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Prepayments and other receivables

6 Months Ended

Jun. 30, 2023

Prepayments And Other Receivables

Prepayments and other receivables

9.      Prepayments and other receivables

	2023		2022
		€'000		€'000
Prepayments		1,496		2,010
VAT recoverable		1,397		3,669
Grant receivable		803		803
Other receivables		772		1,760
		4,468		8,242

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Trade and other payables

6 Months Ended

Jun. 30, 2023

Notes and other explanatory information [abstract]

Trade and other payables

10.   Trade and other payables

	2023		2022
		€'000		€'000
Trade payables (1)		9,953		3,680
Amounts owed to related parties (2)		1,565		2,468
Lease liability – current		763		671
Payroll taxes		444		278
Other		191		165
		12,916		7,262

(1)    The company entered into a facility agreement with KEME for an amount equal to €690,073. The purpose of this agreement is to enable KEME to finance their hydrogen production plant and was negotiated along with the Equipment supply and installation services contract. Interest is accrued at a rate of 7%. Under this agreement, we transferred €0.53 million on May 17, 2023. This amount remains outstanding at June 30, 2023. As part of the Equipment supply and installation services contract, KEME made an advanced payment of €1.1 million during the first quarter of 2023. As no revenue has been recognised to date for this contract, the net payable position at June 30, 2023 to KEME was €0.53 million.

(2)    This amount relates to a balance owing to an affiliate, MagP Inovação, S.A. ("MagP"). Please refer to the 2022 Form 20-F for details of the Group's relationship with MagP.

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Provisions

6 Months Ended

Jun. 30, 2023

Provisions [abstract]

Provisions

11.   Provisions

Onerous contract provisions	€'000
At January 1, 2022		-
Provisions made during the year		8,403
At December 31, 2022		8,403
Movements during the period		-
At June 30, 2023		8,403

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Deferred income

6 Months Ended

Jun. 30, 2023

Notes and other explanatory information [abstract]

Deferred income

12.    Deferred income

	2023		2022
Current		€'000		€'000
Grant – C5 (IAPMEI)		330		186
Income Deferrals - Exolum		800		-
Income Deferrals – CSIC		245		-
		1,375		186
Non-Current
Grant – C5 (IAPMEI)		5,642		2,925
		5,642		2,925

In December 2022, €2.9 million was advanced to the Group as part of its C-5 grant award. During the six-month period of 2023 the company received any additional €3.1 million. This grant funding can only be spent on a specific project and cannot be used by the Group in the ordinary course of business. As no project expenditure has been incurred to date, this amount will be recognised as deferred income until such time that it can be offset against project expenditure.

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Warrants

6 Months Ended

Jun. 30, 2023

Warrants

Warrants

13.    Warrants

The functional currency of the Company is the Euro and as the exercise price of the Company’s share purchase warrants is fixed in US Dollars, these warrants are considered a liability as a variable amount of cash in the Company’s functional currency will be received on exercise. Accordingly, these warrants are classified and accounted for as a derivative liability at fair value through profit or loss.

As of June 30, 2023 and December 31, 2022 there were 8,869,633 warrants outstanding. The warrants entitle the holder to purchase one Class A ordinary share of Parent at an exercise price of $11.50 per share. Until warrant holders acquire the Parent’s Class A ordinary shares upon exercise of such warrants, they have no rights with respect to the Parent’s Class A ordinary shares. The warrants expire on December 10, 2025, or earlier upon redemption or liquidation in accordance with their terms.

The fair value of the tradeable warrants is determined with reference to the prevailing market price for warrants that are trading on the NASDAQ under the ticker HTOOW.

	Total no. of warrants
In issue at December 31, 2021		8,869,633
Exercise of warrants during the year		-
In issue at December 31, 2022		8,869,633
Exercise of warrants during the period		-
In issue at June 30, 2023		8,869,633

The fair value of the warrants as at June 30, 2022 and December 31, 2022 was $0.29 and $0.92 respectively. See reconciliation of fair values below.

	€’000
Balance – January 1, 2021		52,932
Fair value movement on warrants exercised*		3,211
Warrants exercised – foreign exchange differences**		67
Fair value movement on warrants unexercised (including exchange differences)*		(31,565	)
Derecognition of warrant liability on exercise***		(9,374	)
Balance – December 31, 2021		15,271
Fair value movement on warrants unexercised (including exchange differences)		(7,620	)
Balance – December 31, 2022		7,651
Fair value movement on warrants unexercised (including exchange differences)*		(5,283	)
Balance – June 30, 2023		2,368

* recognised in profit or loss - Adjustments to the fair value of derivatives – warrants

** recognised in profit or loss - Other finance income

*** recognised in equity – Share premium

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Financial instruments and risk management

6 Months Ended

Jun. 30, 2023

Financial Instruments And Risk Management

Financial instruments and risk management

14.    Financial instruments and risk management

The Group’s operations expose it to various financial risks that include credit risk, liquidity risk and market risk. The Group has a risk management framework in place which seeks to limit the impact of these risks on the financial performance of the Group. It is the policy of the Group to manage these risks in a non-speculative manner. These unaudited condensed consolidated financial statements do not include all financial risk management information and disclosures required in the annual financial statements and should be read in conjunction with the 2022 Form 20-F. There have been no changes in the Group’s risk management policies in the period. 

Accounting classifications and fair value

The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique:

· Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities;

· Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly; and

· Level 3: techniques which use inputs that have a significant effect on the recorded fair value that are not based on observable market data.

The Company recognises transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred. There were no transfers between fair value levels during the period.

As at June 30, 2023, the tradeable warrants are measured at fair value using Level 1 inputs. The fair value of the tradeable warrants is measured based on quoted market prices at each reporting date. Until the Group disposed of all its positions, the short-term investments were previously measured at fair value using Level 1 inputs.

	Carrying value						Fair value
		Cash and receivables	Liabilities		Total carrying amount			Level 1		Level 2	Level 3	Total
		€’000	€’000		€’000			€’000		€’000	€’000	€’000
30 June 2023
Cash and cash equivalents		3,085	-		3,085			-		-	-	-
Other receivables*		772	-		772			-		-	-	-
Trade payables		-	(9,953	)	(9,953	)		-		-	-	-
Warrants		-	(2,368	)	(2,368	)		(2,368	)	-	-	(2,368	)
Amounts owed to related parties		-	(1,565	)	(1,565	)		-		-	-	-
Other payables**		-	(191	)	(191	)		-		-	-	-
		3,857	(14,077	)	(10,220	)		(2,368	)	-	-	(2,368	)
31 December 2022
Cash and cash equivalents		8,164	-		8,164			-		-	-	-
Other receivables*		2,311	-		2,311			-		-	-	-
Trade payables		-	(3,680	)	(3,680	)		-		-	-	-
Warrants		-	(7,651	)	(7,651	)		(7,651	)	-	-	(7,651	)
Amounts owed to related parties		-	(2,468	)	(2,468	)		-		-	-	-
Other payables**		-	(165	)	(165	)		-		-	-	-
		10,475	(13,964	)	(3,489	)		(7,651	)	-	-	(7,651	)

* Prepayments and VAT have been excluded as they are not classified as a financial asset.

** Employment taxes have been excluded as these are statutory liabilities.

Cash and cash equivalents including the short-term bank deposits

For cash and cash equivalents, all of which have a maturity of less than six months, the carrying value is deemed to reflect a reasonable approximation of fair value.

Other receivables and payables

For the receivables and payables with a remaining term of less than one year or on demand balances, the carrying amount less impairment allowances, where appropriate, is a reasonable approximation of fair value.

Foreign exchange risk

The Group uses the Euro as its functional currency. Foreign exchange rate risk is the risk that the fair value of Group assets or liabilities, or future expected cash flows will fluctuate because of changes in foreign currency exchange rates. While the Company’s shares are listed in US dollars, the currency of the primary operating environment of the Group is the Euro, and its exposure to the risk of changes in foreign currency would arise primarily when revenue or expense is denominated in a currency other than the Euro. The Company currently has no operations outside of the Eurozone, so the effect of the translation of foreign operations is not significant to the Group. At June 30, 2023 and December 31, 2022, the Company had USD and EUR cash balances of approximately $0.02 million (December 2022: $0.3 million), and €3 million (December 2022: €7.8 million) respectively. The following significant exchange rates have been applied during the period.

	Average rate				Period-end spot rate
	2023		2022		2023		2022
Euro
USD		1.081		1.0530		1.0866		1.0666

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Loss per ordinary share

6 Months Ended

Jun. 30, 2023

Notes and other explanatory information [abstract]

Loss per ordinary share

15.   Loss per ordinary share

	2023		2022
Basic loss per Class A ordinary share	(0.96	)	(0.59	)
Diluted (loss) per Class A ordinary share	(0.96	)	(0.59	)
Number of ordinary shares used for loss per share (weighted average)
Basic	14,439,644		13,123,722
Diluted	14,439,644		13,123,722

Basic loss per share is calculated by dividing the loss for the year attributable to ordinary equity holders of the parent by the weighted average number of Class A ordinary shares outstanding during the period.

Diluted loss per share is calculated by dividing the loss attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the year plus the weighted average number of Class A ordinary shares that would be issued on conversion of all the dilutive potential ordinary shares into Class A ordinary shares.

The diluted loss per share reflects the basic loss per share since the effects of potentially dilutive securities are anti-dilutive. For the periods included in these financial statements the Group was loss-making, therefore, the following anti-dilutive instruments are excluded in the calculation of diluted weighted average number of ordinary shares outstanding:

	30 June 2023	31 December 2022
Warrants	8,869,633	8,869,633
RSUs - outstanding	127,071	88,084
RSUs – vested but no ordinary shares issued	48,165	29,253
Incentive shares	15,446	5,000
Share options	2,272,182	2,128,554

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Commitments and contingencies

6 Months Ended

Jun. 30, 2023

Notes and other explanatory information [abstract]

Commitments and contingencies

16.   Commitments and contingencies 

As previously disclosed, the costs paid by the Group on behalf of Fusion Fuel Spain have been treated as an advancement of a €2 million loan facility for accounting purposes. A further commitment of €0.51 million remains at June 30, 2023.

The Group has provided a payment guarantee of €0.1 million to Corum as part of the sale-and-leaseback transaction entered in December 2022. This guarantee is in place for the full lease term.

The Group has provided a payment guarantee of €0.1 million to CSIC as part of the commercial agreement entered during the period relating to the manufacture and supply of a hydrogen production system.

The Group issued a bank warranty to a supplier during the period amounting to €2 million. Subsequent to the period end, this bank warranty was executed, and no such commitment is in place.

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Subsequent events

6 Months Ended

Jun. 30, 2023

Notes and other explanatory information [abstract]

Subsequent events

17.    Subsequent events

There have been no significant events since the statement of financial position date that would require disclosure or amendment to the unaudited condensed consolidated financial statements, other than items disclosed in other footnotes.

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Group companies

6 Months Ended

Jun. 30, 2023

Group Companies

Group companies

18.    Group companies

Entity name	Country of incorporation	Principal activities	Group interest at June 30, 2023
Fusion Fuel Portugal, S.A.	Portugal	Operating company	100%
Fuel Cell Évora, Unipessoal LDA	Portugal	Hydrogen production	100%
Fuel Cell Évora I, Unipessoal LDA	Portugal	Hydrogen production	100%
Fusion Fuel USA, Inc.	United States	Operating company	100%
Fusion Fuel Spain, S.L.	Spain	Hydrogen production	50%
Fusion Fuel Australia, PTY Ltd	Australia	Hydrogen production	100%
Fusion Fuel Australia – Pilot PTY Ltd	Australia	Hydrogen production	100%
Hevo Sines, Unipessoal LDA	Portugal	Hydrogen production	100%
Hevo Sines II, Unipessoal LDA	Portugal	Hydrogen production	100%
Hevo Sines III, Unipessoal LDA	Portugal	Hydrogen production	100%
Hevo Portugal, Unipessoal, LDA	Portugal	Hydrogen production	100%
Hanoi Asset Management, S.L.	Spain	No activity to date	100%
Hevo Aveiro, Unipessoal LDA	Portugal	Hydrogen production	100%

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Approval of financial statements

6 Months Ended

Jun. 30, 2023

Approval Of Financial Statements

Approval of financial statements

18.    Approval of financial statements

The directors approved the unaudited condensed consolidated financial statements on January 13, 2024.

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Summary of significant accounting policies (Policies)

6 Months Ended

Jun. 30, 2023

Notes and other explanatory information [abstract]

Business activity

Business activity

Fusion Fuel Green plc (the “Parent” or “Company”) was incorporated in Ireland on April 3, 2020. The Company and its subsidiaries are collectively referred to as the “Group”. The registered office of the Company is The Victorians, 15-18 Earlsfort Terrace, Saint Kevin’s, Dublin 2, D02 YX28, Ireland.

The Group’s mission is to produce hydrogen with zero carbon emissions, thereby contributing to a future of sustainable and affordable clean energy and the reversal of climate change. The hydrogen will be produced using renewable energy resulting in zero carbon emissions (“Green Hydrogen”) with components built in-house and using the know-how and accumulated experience of its team’s strategic and continuous investment in research and development (“R&D”) around solar technologies.

The Company has a well-established risk management process which is managed through its management team, finance committee and board of directors. The key risks are evaluated throughout the period with key business leaders tasked to manage each risk as required. These risks are assessed through a risk matrix which evaluates each risk’s impact and likelihood.

Basis of presentation

Basis of presentation

The unaudited condensed consolidated financial statements are prepared in accordance with International Accounting Standard 34 “Interim Financial Reporting” (IAS 34). In the opinion of the Company’s management, the condensed consolidated financial statements reflect all adjustments, which are normal and recurring in nature, necessary for fair financial statement presentation. The condensed consolidated financial statements and accompanying notes were prepared in conformity with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) which requires management to make estimates and assumptions that affect the amounts reported. Actual results could differ materially from those estimates. These condensed consolidated financial statements and accompanying notes should be read in conjunction with the Group’s annual consolidated financial statements and accompanying notes included in its Annual Report on Form 20-F for the fiscal year ended December 31, 2022 (the “2022 Form 20-F”). These condensed consolidated financial statements are presented in Euro, the functional and presentation currency of the Company. All financial information presented in euro has been rounded to the nearest thousand, unless otherwise stated.

As a result of rounding, numbers or percentages may not add up to the total.

Use of estimates

Use of estimates

Preparation of condensed consolidated financial statements in conformity with IFRS requires the use of estimates and judgments that affect the reported amounts in the condensed consolidated financial statements and accompanying notes. IFRS requires the Company to make estimates and judgments in several areas, including, but not limited to, revenue, expenses, assets and liabilities, income taxes and the accompanying disclosures. Significant estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to, onerous contract provisions, impairment of capitalized development costs, impairment of property, plant and equipment and the valuation of inventory. The Company bases its estimates on historical experience, known trends and other market-specific or other relevant factors that it believes to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates as there are changes in circumstances, facts and experience. Actual results could differ materially from those estimates.

Significant accounting policies

Significant accounting policies

There have been no material changes to the Company’s significant accounting policies as compared to the significant accounting policies described in the 2022 Form 20-F.

New standards or amendments

New standards or amendments

There were no new standards effective for the period commencing 1 January 2023 that had a material impact on the Group. A number of new standards, amendments to standards and interpretations are not yet effective for the period and have not yet been applied in preparing the unaudited condensed consolidated financial statements. The Group is in the process of assessing the impact on the financial statements of these new standards and amendments. Management currently expects no material impact on the Group’s financial statements on adoption of these amendments.

Segment information

Segment information

The Group manages its operations as a single segment for purposes of assessing performance and making operating decisions. The Group’s focus is on the research and development around solar technologies. The Executive Committee, and in particular the Chief Financial Officer, is the chief operating decision maker that regularly reviews the consolidated operating results and makes decisions about the allocation of the Group’s resources.

At the Market Issuance Sales Agreement (“ATM”)

At the Market Issuance Sales Agreement (“ATM”)

On June 6, 2022, the Parent entered into an At the Market Issuance Sales Agreement (“the ATM”) with B. Riley Securities, Inc., Fearnley Securities Inc., and H.C. Wainwright & Co., LLC, pursuant to which the Company may offer and sell, from time to time, through or to the agents, acting as agent or principal, Class A ordinary shares of the Company having an aggregate offering price of up to $30 million under the Company’s Form F-3 registration statement. During 2022, the Parent sold 681,926 class A ordinary shares for net proceeds of $3.7 million (€3.7 million) and paid $0.1 million (€0.1 million) in commissions to agents as part of these trades.

During the six months ended June 30, 2023, the Parent sold 726,851 class A ordinary shares for net proceeds of $2.6 million (€2.4 million) and paid $0.1 million (€0.1 million) in commissions to agents as part of these trades.

Going concern

Going concern

In adopting the going concern basis in preparing the unaudited condensed consolidated financial statements, the Directors have considered the Group’s cash on hand, its future cash generation projections and plans, together with factors likely to affect its future performance, as well as the Group’s principal risks and uncertainties.

As of June 30, 2023, the Group had €3.1 million of cash and cash equivalents, which included €2.6 million of restricted cash. This €2.6 million is deemed restricted as it can only be used on specific projects so is not readily available to be spent on selling, general and administrative expenses. The Group is an early stage and emerging growth company and is subject to the corresponding risk of such companies. Since inception, the Group has incurred operating losses and had an accumulated deficit of €205.6 million at June 30, 2023. Included in the accumulated deficit are non-cash items of €160.7 million which related to fair value adjustments on our warrants, share based compensation expenses, foreign currency adjustments on our financial assets and expenses from the 2020 merger transaction described previously.

The Group expects to continue to incur net losses for the foreseeable future and is highly dependent on its ability to find additional sources of funding in the form of debt or equity financing to fund its planned operations. The Group's success depends on the profitable commercialization of its proprietary HEVO technology. There is no assurance that the Group will be successful in the profitable commercialization of its technology. These conditions raise significant doubt about the Group’s ability to continue as a going concern and therefore, to continue realizing their assets and discharging their liabilities in the normal course of business absent the mitigating actions set out below.

On November 27, 2023, the Parent entered into an agreement for financing of up to $20 million of senior convertible notes with Belike Nominees Pty Ltd., a Macquarie Group entity. This facility has a two-year term and it’s expected that amounts will be drawn down in tranches. The first tranche is expected to be drawn down in the first quarter of 2024.

Based upon its current operating and financial plans, management believes it will have sufficient access to financial resources to fund operations for at least one year after the date the financial statements are issued. In making this assessment, management has considered the Group’s available cash resources, the recently announced agreement with Belike Nominees Pty Ltd expected inflows from both technology sales and grant award agreements, future financing options available to the Group (debt and/or equity), the planned operations of the Group and the ability to adjust its plans if required.

The inability to operationalize the financing agreement with Belike Nominees Pty Ltd would have a negative impact on the Group’s financial conditions and ability to pursue its business strategies. If the Group is unable to operationalize or obtain alternative funding, the Group could be forced to delay, reduce, or eliminate some or all of its research and development programs or strategic partnerships efforts, which could adversely affect its business prospects, or the Group may be unable to continue operations. Although management intends to pursue plans to obtain alternative funding to finance its operations, there is no assurance that the Group will be successful in obtaining sufficient funding on terms acceptable to the Group to fund continuing operations, if at all.

The accompanying unaudited condensed consolidated financial statements do not include any adjustments that might result from the outcome of this material uncertainty. Accordingly, the consolidated financial statements have been prepared on a basis that assumes the Group will continue as a going concern and which contemplates the realization of assets and satisfaction of liabilities and commitments in the ordinary course of business.

For this reason, the Directors adopt the going concern basis in preparing the unaudited condensed consolidated financial statements.

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Administration expenses (Tables)

6 Months Ended

Jun. 30, 2023

Administration Expenses

Schedule of administration expenses

	For the six months ended June 30, 2023		For the six months ended June 30, 2022
		€’000		€’000
Wages and salaries		4,943		3,688
Depreciation and amortization		1,192		276
Professional fees		879		835
Consulting fees		895		750
Other expenses		2,905		1,431
		10,814		6,980

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Share-based payments (Tables)

6 Months Ended

Jun. 30, 2023

Notes and other explanatory information [abstract]

Schedule of restricted share units

	Number of RSUs			Weighted average Grant date fair value per share
RSUs outstanding December 31, 2021		42,896		$	12.24
Granted		59,441		$	8.00
Vested (1)		(14,253	)	$	12.17
Forfeited		(442	)	$	12.24
RSUs outstanding December 31, 2022		87,642		$	11.43
Granted		68,273		$	3.57
Vested (1)		(19,013	)	$	9.27
Forfeited		(14,149	)	$	12.73
RSUs outstanding June 30, 2023		122,753			6.63

(1) No ordinary shares were issued in connection with the RSUs that vested during the six-month period ended June 30, 2023 and the year ended December 31, 2022.

Schedule of range of assumptions

	Tranche 1			Tranche 2			Directors
Volatility		70.91	%		70.91	%		75.32	%
Expected term in years		7			7			6.92
Dividend rate		0	%		0	%		0	%
Risk-free interest rate		1.58	%		1.58	%		1.58
Hurdle price		-		$	18			-
Exercise price	$	10.50		$	10.50		$	6.45
Share price	$	9.42		$	9.42		$	5.03
Fair value of option on grant date	$	6.14		$	6.18		$	3.31

Schedule of option outstanding

	Number of options			Weighted average Grant date fair value per share
Options outstanding December 31, 2021		-		$	-
Granted		2,128,554		$	5.21
Vested		(461,887	)	$	3.31
Forfeited		-			-
Options outstanding December 31, 2022		1,666,667		$	5.21
Granted		154,074		$	2.87
Vested		(10,446	)	$	2.64
Forfeited		(800,000	)	$	6.16
Options outstanding June 30, 2023		1,010,295		$	5.94

Schedule of incentive shares

	Number of shares			Weighted average Grant date fair value per share
Incentive shares outstanding December 31, 2021		30,000		$	23
Granted		-		$	-
Vested		-		$	-
Forfeited		(25,000	)	$	-
Incentive shares outstanding December 31, 2022		5,000		$	23
Granted		-		$	-
Vested		-		$	-
Incentive shares outstanding June 30, 2023		5,000			23

Schedule of reconciliation to statement of profit or loss

€’000	2023			2022
RSUs		204			275
Incentive shares		28			-
Options		(65	)		1,480
Share-based payment expense		167			1,755

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Inventory (Tables)

6 Months Ended

Jun. 30, 2023

Disclosure Inventory Abstract

Schedule of inventory

	2023		2022
		€’000		€’000
Raw materials		3,609		5,785
Work in progress		15,408		16,551
		19,017		22,336

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Cash and cash equivalents (Tables)

6 Months Ended

Jun. 30, 2023

Notes and other explanatory information [abstract]

Schedule of cash and cash equivalents

	2023		2022
		€’000		€’000
Cash and cash equivalents		450		5,239
Restricted cash		2,635		2,925
		3,085		8,164

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Intangible assets (Tables)

6 Months Ended

Jun. 30, 2023

Intangible Assets

Schedule of intangible assets

	Completed Development Technology			Product development in progress			Intellectual property and patents registration		Software			Total
2023	€’000			€’000			€’000		€’000			€’000
Cost
At January 1, 2023		2,971			717			1,911		104			5,703
Additions – other*		-			298					40			338
At June 30, 2023		2,971			1,015			1,911		144			6,041
Amortisation
At January 1, 2023		(330	)		-			-		(23	)		(353	)
Amortisation charge		(496	)		-			-		(8	)		(504	)
At June 30, 2023		(826	)		-			-		(31	)		(857	)
Net book value
At June 30, 2023		2,145			1,015			1,911		113			5,184
2022
Cost
At January 1, 2022		-			1,918			1,911		23			3,852
Additions – other*		37			1,733			-		81			1,851
Transfers during the year		2,934			(2,934	)		-		-			-
At December 31, 2022		2,971			717			1,911		104			5,703
Amortisation
At January 1, 2022		-			-			-		(5	)		(5	)
Amortisation charge		(330	)		-			-		(18	)		(348	)
At December 31, 2022		(330	)		-			-		(23	)		(353	)
Net book value
At December 31, 2022		2,641			717			1,911		81			5,350

* The additions relate to materials acquired during the period for the purpose of developing our HEVO technology.

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Property, plant and equipment (Tables)

6 Months Ended

Jun. 30, 2023

Notes and other explanatory information [abstract]

Schedule of property, plant and equipment

	Assets under construction			Plant and machinery			Office and other equipment			Right of use assets			Total
2023	€'000			€'000			€'000			€'000			€'000
Cost
At January 1, 2023		15,106			1,337			389			8,762			25,594
Additions during the period		5,379			113			18			2,842			8,352
Revaluation of right of use assets		-			-			-			19			19
Reclassifications		(101	)		101									-
At June 30, 2023		20,384			1,551			407			11,623			33,965
Depreciation/Impairment
At January 1, 2023		(3,321	)		(151	)		(84	)		(765	)		(4,321	)
Charge for year		-			(175	)		(48	)		(461	)		(684	)
Impairment charge		-			-			(205	)		-			(205	)
At June 30, 2023		(3,321	)		(326	)		(337	)		(1,226	)		(5,210	)
Net book values
At June 30, 2023		17,063			1,225			70			10,397			28,755
At December 31, 2022		11,785			1,186			305			7,997			21,273
2022
Cost
At January 1, 2022		17,161			-			185			1,111			18,457
Additions during the year		9,191			1,267			274			322			11,054
Revaluation		-			-			-			708			708
Transfers during the year		(2,149	)		70			(70	)		-			(2,149	)
Sale-and-leaseback		(8,294	)		-			-			6,673			(1,621	)
Disposals		-			-			-			(52	)		(52	)
Grant income		(803	)		-			-			-			(803	)
At December 31, 2022		15,106			1,337			389			8,762			25,594
Depreciation/Impairment
At January 1, 2022		-			-			(28	)		(319	)		(347	)
Charge for year		-			(141	)		(66	)		(454	)		(661	)
Transfers during the year		-			(10	)		10			-			-
Impairment charge		(3,321	)		-			-			-			(3,321	)
Derecognition		-			-			-			8			8
At December 31, 2022		(3,321	)		(151	)		(84	)		(765	)		(4,321	)
Net book values
At December 31, 2022		11,785			1,186			305			7,997			21,273
At December 31, 2021		17,161			-			157			793			18,111

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Prepayments and other receivables (Tables)

6 Months Ended

Jun. 30, 2023

Prepayments And Other Receivables

Schedule of prepayments and other receivables

	2023		2022
		€'000		€'000
Prepayments		1,496		2,010
VAT recoverable		1,397		3,669
Grant receivable		803		803
Other receivables		772		1,760
		4,468		8,242

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Trade and other payables (Tables)

6 Months Ended

Jun. 30, 2023

Notes and other explanatory information [abstract]

Schedule of trade and other receivables

	2023		2022
		€'000		€'000
Trade payables (1)		9,953		3,680
Amounts owed to related parties (2)		1,565		2,468
Lease liability – current		763		671
Payroll taxes		444		278
Other		191		165
		12,916		7,262

(1)    The company entered into a facility agreement with KEME for an amount equal to €690,073. The purpose of this agreement is to enable KEME to finance their hydrogen production plant and was negotiated along with the Equipment supply and installation services contract. Interest is accrued at a rate of 7%. Under this agreement, we transferred €0.53 million on May 17, 2023. This amount remains outstanding at June 30, 2023. As part of the Equipment supply and installation services contract, KEME made an advanced payment of €1.1 million during the first quarter of 2023. As no revenue has been recognised to date for this contract, the net payable position at June 30, 2023 to KEME was €0.53 million.

(2)    This amount relates to a balance owing to an affiliate, MagP Inovação, S.A. ("MagP"). Please refer to the 2022 Form 20-F for details of the Group's relationship with MagP.

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Provisions (Tables)

6 Months Ended

Jun. 30, 2023

Provisions [abstract]

Schedule of provisions

Onerous contract provisions	€'000
At January 1, 2022		-
Provisions made during the year		8,403
At December 31, 2022		8,403
Movements during the period		-
At June 30, 2023		8,403

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Deferred income (Tables)

6 Months Ended

Jun. 30, 2023

Notes and other explanatory information [abstract]

Deferred income

	2023		2022
Current		€'000		€'000
Grant – C5 (IAPMEI)		330		186
Income Deferrals - Exolum		800		-
Income Deferrals – CSIC		245		-
		1,375		186
Non-Current
Grant – C5 (IAPMEI)		5,642		2,925
		5,642		2,925

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Warrants (Tables)

6 Months Ended

Jun. 30, 2023

Warrants

Schedule of fair value of the tradeable warrants

	Total no. of warrants
In issue at December 31, 2021		8,869,633
Exercise of warrants during the year		-
In issue at December 31, 2022		8,869,633
Exercise of warrants during the period		-
In issue at June 30, 2023		8,869,633

Schedule of reconciliation of fair values

	€’000
Balance – January 1, 2021		52,932
Fair value movement on warrants exercised*		3,211
Warrants exercised – foreign exchange differences**		67
Fair value movement on warrants unexercised (including exchange differences)*		(31,565	)
Derecognition of warrant liability on exercise***		(9,374	)
Balance – December 31, 2021		15,271
Fair value movement on warrants unexercised (including exchange differences)		(7,620	)
Balance – December 31, 2022		7,651
Fair value movement on warrants unexercised (including exchange differences)*		(5,283	)
Balance – June 30, 2023		2,368

* recognised in profit or loss - Adjustments to the fair value of derivatives – warrants

** recognised in profit or loss - Other finance income

*** recognised in equity – Share premium

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Financial instruments and risk management (Tables)

6 Months Ended

Jun. 30, 2023

Financial Instruments And Risk Management

Schedule of unobservable inputs in fair value measurement

	Carrying value						Fair value
		Cash and receivables	Liabilities		Total carrying amount			Level 1		Level 2	Level 3	Total
		€’000	€’000		€’000			€’000		€’000	€’000	€’000
30 June 2023
Cash and cash equivalents		3,085	-		3,085			-		-	-	-
Other receivables*		772	-		772			-		-	-	-
Trade payables		-	(9,953	)	(9,953	)		-		-	-	-
Warrants		-	(2,368	)	(2,368	)		(2,368	)	-	-	(2,368	)
Amounts owed to related parties		-	(1,565	)	(1,565	)		-		-	-	-
Other payables**		-	(191	)	(191	)		-		-	-	-
		3,857	(14,077	)	(10,220	)		(2,368	)	-	-	(2,368	)
31 December 2022
Cash and cash equivalents		8,164	-		8,164			-		-	-	-
Other receivables*		2,311	-		2,311			-		-	-	-
Trade payables		-	(3,680	)	(3,680	)		-		-	-	-
Warrants		-	(7,651	)	(7,651	)		(7,651	)	-	-	(7,651	)
Amounts owed to related parties		-	(2,468	)	(2,468	)		-		-	-	-
Other payables**		-	(165	)	(165	)		-		-	-	-
		10,475	(13,964	)	(3,489	)		(7,651	)	-	-	(7,651	)

* Prepayments and VAT have been excluded as they are not classified as a financial asset.

** Employment taxes have been excluded as these are statutory liabilities.

Schedule of significant exchange rates

	Average rate				Period-end spot rate
	2023		2022		2023		2022
Euro
USD		1.081		1.0530		1.0866		1.0666

XML

Loss per ordinary share (Tables)

6 Months Ended

Jun. 30, 2023

Notes and other explanatory information [abstract]

Schedule of loss per share

	2023		2022
Basic loss per Class A ordinary share	(0.96	)	(0.59	)
Diluted (loss) per Class A ordinary share	(0.96	)	(0.59	)
Number of ordinary shares used for loss per share (weighted average)
Basic	14,439,644		13,123,722
Diluted	14,439,644		13,123,722

Schedule of weighted average number of ordinary shares

	30 June 2023	31 December 2022
Warrants	8,869,633	8,869,633
RSUs - outstanding	127,071	88,084
RSUs – vested but no ordinary shares issued	48,165	29,253
Incentive shares	15,446	5,000
Share options	2,272,182	2,128,554

XML

Group companies (Tables)

6 Months Ended

Jun. 30, 2023

Group Companies

Schedule of group companies

Entity name	Country of incorporation	Principal activities	Group interest at June 30, 2023
Fusion Fuel Portugal, S.A.	Portugal	Operating company	100%
Fuel Cell Évora, Unipessoal LDA	Portugal	Hydrogen production	100%
Fuel Cell Évora I, Unipessoal LDA	Portugal	Hydrogen production	100%
Fusion Fuel USA, Inc.	United States	Operating company	100%
Fusion Fuel Spain, S.L.	Spain	Hydrogen production	50%
Fusion Fuel Australia, PTY Ltd	Australia	Hydrogen production	100%
Fusion Fuel Australia – Pilot PTY Ltd	Australia	Hydrogen production	100%
Hevo Sines, Unipessoal LDA	Portugal	Hydrogen production	100%
Hevo Sines II, Unipessoal LDA	Portugal	Hydrogen production	100%
Hevo Sines III, Unipessoal LDA	Portugal	Hydrogen production	100%
Hevo Portugal, Unipessoal, LDA	Portugal	Hydrogen production	100%
Hanoi Asset Management, S.L.	Spain	No activity to date	100%
Hevo Aveiro, Unipessoal LDA	Portugal	Hydrogen production	100%

XML

Summary of significant accounting policies (Details Narrative) € in Thousands, $ in Thousands			6 Months Ended
	Jun. 06, 2022 USD ($) shares	Jun. 06, 2022 EUR (€) shares	Jun. 30, 2023 USD ($)	Jun. 30, 2023 EUR (€) shares	Jun. 30, 2022 EUR (€)	Dec. 31, 2022 EUR (€)
IfrsStatementLineItems [Line Items]
Cash equivalents				€ 3,100
Retained earnings				(205,623)		€ (191,777)
Operating loss				(66)	€ (360)
Directors [member]
IfrsStatementLineItems [Line Items]
Short-term investments				2,600
Selling general and administrative expenses				2,600
Retained earnings				205,600
Operating loss				160,700
Belike nominees pty ltd [member]
IfrsStatementLineItems [Line Items]
Senior convertible notes				€ 20,000
Class A ordinary shares [member]
IfrsStatementLineItems [Line Items]
Commissions	$ 100	€ 100
At the market issuance sales agreement [member]
IfrsStatementLineItems [Line Items]
Aggregate offering price | $	$ 30,000
At the market issuance sales agreement [member] | Class A ordinary shares [member]
IfrsStatementLineItems [Line Items]
Number of shares sold | shares	681,926	681,926		726,851
Net proceeds	$ 3,700	€ 3,700	$ 2,600	€ 2,400
Commissions			$ 100	€ 100

XML

Administration expenses (Details) - EUR (€) € in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Administration Expenses
Wages and salaries	€ 4,943	€ 3,688
Depreciation and amortization	1,192	276
Professional fees	879	835
Consulting fees	895	750
Other expenses	2,905	1,431
Administration expenses	€ 10,814	€ 6,980

XML

Share-based payments (Details) - $ / shares		6 Months Ended	12 Months Ended
		Jun. 30, 2023	Dec. 31, 2022
Notes and other explanatory information [abstract]
Rsu beginning balance		87,642	42,896
Weighted average grant date fair value per share, Rsu beginning balance		$ 11.43	$ 12.24
Rsu Granted		68,273	59,441
Weighted average grant date fair value per share, Rsu granted		$ 3.57	$ 8.00
Rsu Vested	[1]	(19,013)	(14,253)
Weighted average grant date fair value per share, Rsu vested	[1]	$ 9.27	$ 12.17
Rsu Forfeited		(14,149)	(442)
Weighted average grant date fair value per share, Rsu forfeited		$ 12.73	$ 12.24
Rsu ending balance		122,753	87,642
Weighted average grant date fair value per share, Rsu ending balance		$ 6.63	$ 11.43

[1] No ordinary shares were issued in connection with the RSUs that vested during the six-month period ended June 30, 2023 and the year ended December 31, 2022.

XML

Share-Based Payments (Details 1)	6 Months Ended
	Jun. 30, 2023 $ / shares
Tranche 1 [member]
IfrsStatementLineItems [Line Items]
Volatility	70.91%
Expected term in years	7 years
Dividend rate	0.00%
Risk-free interest rate	1.58%
Exercise price	$ 10.50
Share price	9.42
Fair value of option on grant date	$ 6.14
Tranche 2 [member]
IfrsStatementLineItems [Line Items]
Volatility	70.91%
Expected term in years	7 years
Dividend rate	0.00%
Risk-free interest rate	1.58%
Hurdle price	$ 18
Exercise price	10.50
Share price	9.42
Fair value of option on grant date	$ 6.18
Directors [member]
IfrsStatementLineItems [Line Items]
Volatility	75.32%
Expected term in years	6 years 11 months 1 day
Dividend rate	0.00%
Risk-free interest rate	1.58%
Exercise price	$ 6.45
Share price	5.03
Fair value of option on grant date	$ 3.31

XML

Share-Based Payments (Details 2) - Options [member] - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
IfrsStatementLineItems [Line Items]
Number of options outstanding, beginning	1,666,667
Weighted average grant date fair value per share outstanding, beginning	$ 5.21
Options granted	154,074	2,128,554
Weighted average grant date fair value per share, granted	$ 2.87	$ 5.21
Options vested	(10,446)	(461,887)
Weighted average grant date fair value per share, vested	$ 2.64	$ 3.31
Options forfeited	(800,000)
Weighted average grant date fair value per share, forfeited	$ 6.16
Number of options outstanding, ending	1,010,295	1,666,667
Weighted average grant date fair value per share outstanding, ending	$ 5.94	$ 5.21

XML

Share-Based Payments (Details 3) - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Notes and other explanatory information [abstract]
Incentive shares, beginning balance	5,000	30,000
Weighted average grant date fair value per share, incentive shares beginning balance	$ 23	$ 23
Incentive shares, granted
Weighted average grant date fair value per share, incentive shares granted
Incentive shares, vested
Weighted average grant date fair value per share, incentive shares vested
Incentive shares, forfeited		(25,000)
Weighted average grant date fair value per share, incentive shares forfeited
Incentive shares, ending balance	5,000	5,000
Weighted average grant date fair value per share, incentive shares ending balance	$ 23	$ 23

XML

Share-Based Payments (Details 4) - EUR (€) € in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
IfrsStatementLineItems [Line Items]
Share-based payment (credit)/ expense	€ 167	€ 1,755
RSUs [member]
IfrsStatementLineItems [Line Items]
Share-based payment (credit)/ expense	204	275
Incentive shares [member]
IfrsStatementLineItems [Line Items]
Share-based payment (credit)/ expense	28
Options [member]
IfrsStatementLineItems [Line Items]
Share-based payment (credit)/ expense	€ (65)	€ 1,480

XML

Share-based payments (Details Narrative) € in Thousands		6 Months Ended
	Aug. 05, 2021 shares	Jun. 30, 2023 EUR (€) $ / shares shares	Jun. 30, 2023 EUR (€) shares	Jun. 30, 2022 EUR (€) shares
IfrsStatementLineItems [Line Items]
Ordinary shares granted	1,000,000
Expense recognized related to RSUs | €			€ 200	€ 270
Unamortized compensation expense related to RSUs | €		€ 380	€ 380
Remaining average vesting period			2 years 6 months
Stock option expenses | €			€ 220
Unamortized compensation expense | €			€ 4,400
Weighted average remaining period			4 years
Incentive shares granted			5,000
Expense recognised for Incentive shares | €			€ 30	€ 0
Unrecognised share based payment expense | €			€ 0
Options [member]
IfrsStatementLineItems [Line Items]
Options granted			143,628	2,128,554
Options forfeited			800,000
Employee and director [member]
IfrsStatementLineItems [Line Items]
Number of share unvested		1,010,295	1,010,295
Class A ordinary shares [member] | Tranche 1 [member]
IfrsStatementLineItems [Line Items]
Number of option purchase			200,000
Exercise price | $ / shares		€ 10.50
Class A ordinary shares [member] | Tranche 2 [member]
IfrsStatementLineItems [Line Items]
Number of option purchase			200,000
Exercise price | $ / shares		10.50
Share price closed | $ / shares		18.00
Class A ordinary shares [member] | Tranche 3 [member]
IfrsStatementLineItems [Line Items]
Exercise price | $ / shares		€ 10.50
Employees directors and consultants [member]
IfrsStatementLineItems [Line Items]
RSU shares granted			68,273	57,041
Board Of Directors [Member] | Class A ordinary shares [member] | Tranche 3 [member]
IfrsStatementLineItems [Line Items]
Number of option purchase			50,000

XML

Taxation (Details Narrative) - EUR (€) € in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Notes and other explanatory information [abstract]
Current tax expense	€ 160	€ 30
Statutory tax rate	21.00%	21.00%
Corporate income tax rate	12.50%
Unrecognised deferred tax assets	€ 5,600		€ 5,600

XML

Inventory (Details) - EUR (€) € in Thousands	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022
Disclosure Inventory Abstract
Raw materials	€ 3,609		€ 5,785
Work in progress	15,408		16,551
Total	€ 19,017	€ 22,336	€ 22,336

XML

Inventory (Details Narrative) - EUR (€) € in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Disclosure Inventory Abstract
Inventories	€ 3,500	€ 0
Impairment charge on inventories	7,500	700
Inventory cost materials	€ 100	€ 0

XML

Cash and cash equivalents (Details) - EUR (€) € in Thousands	Jun. 30, 2023	Dec. 31, 2022
Notes and other explanatory information [abstract]
Cash and cash equivalents	€ 450	€ 5,239
Restricted cash	2,635	2,925
Total cash and cash equivalents	€ 3,085	€ 8,164

XML

Intangible assets (Details) - EUR (€) € in Thousands		6 Months Ended	12 Months Ended
		Jun. 30, 2023	Dec. 31, 2022
IfrsStatementLineItems [Line Items]
Ending balance		€ 6,041
Net book value		5,184	€ 5,350
Completed development technology [member]
IfrsStatementLineItems [Line Items]
Net book value		2,145	2,641
Product development in progress [member]
IfrsStatementLineItems [Line Items]
Net book value		1,015	717
Intellectual property and patents registration [member]
IfrsStatementLineItems [Line Items]
Net book value		1,911	1,911
Software [member]
IfrsStatementLineItems [Line Items]
Net book value		113	81
Gross carrying amount [member]
IfrsStatementLineItems [Line Items]
Beginning balance		5,703	3,852
Additions - other	[1]	338	1,851
Transfers during the year
Ending balance			5,703
Gross carrying amount [member] | Completed development technology [member]
IfrsStatementLineItems [Line Items]
Beginning balance		2,971
Additions - other	[1]		37
Transfers during the year			2,934
Ending balance		2,971	2,971
Gross carrying amount [member] | Product development in progress [member]
IfrsStatementLineItems [Line Items]
Beginning balance		717	1,918
Additions - other	[1]	298	1,733
Transfers during the year			(2,934)
Ending balance		1,015	717
Gross carrying amount [member] | Intellectual property and patents registration [member]
IfrsStatementLineItems [Line Items]
Beginning balance		1,911	1,911
Additions - other	[1]
Transfers during the year
Ending balance		1,911	1,911
Gross carrying amount [member] | Software [member]
IfrsStatementLineItems [Line Items]
Beginning balance		104	23
Additions - other	[1]	40	81
Transfers during the year
Ending balance		144	104
Accumulated depreciation and amortisation [member]
IfrsStatementLineItems [Line Items]
Beginning balance		(353)	(5)
Amortisation charge		(504)	(348)
Ending balance		(857)	(353)
Accumulated depreciation and amortisation [member] | Completed development technology [member]
IfrsStatementLineItems [Line Items]
Beginning balance		(330)
Amortisation charge		(496)	(330)
Ending balance		(826)	(330)
Accumulated depreciation and amortisation [member] | Product development in progress [member]
IfrsStatementLineItems [Line Items]
Beginning balance
Amortisation charge
Ending balance
Accumulated depreciation and amortisation [member] | Intellectual property and patents registration [member]
IfrsStatementLineItems [Line Items]
Beginning balance
Amortisation charge
Ending balance
Accumulated depreciation and amortisation [member] | Software [member]
IfrsStatementLineItems [Line Items]
Beginning balance		(23)	(5)
Amortisation charge		(8)	(18)
Ending balance		€ (31)	€ (23)

[1] The additions relate to materials acquired during the period for the purpose of developing our HEVO technology.

XML

Intangible assets (Details Narrative) - EUR (€) € in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
IfrsStatementLineItems [Line Items]
Amortized useful lives	3 years
Research and development expenditure	€ 940	€ 400
Intellectual properties [member]
IfrsStatementLineItems [Line Items]
Indefinite intangible assets	1,900	1,900
Project development costs [member]
IfrsStatementLineItems [Line Items]
Indefinite intangible assets	€ 1,000	€ 700

XML

Property, plant and equipment (Details) - EUR (€) € in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
IfrsStatementLineItems [Line Items]
Beginning Balance	€ 21,273
Ending Balance	28,755	€ 21,273
Net book value	28,755	21,273	€ 18,111
Assets under construction [member]
IfrsStatementLineItems [Line Items]
Net book value	17,063	11,785	17,161
Plant and machinery [member]
IfrsStatementLineItems [Line Items]
Net book value	1,225	1,186
Office equipment [member]
IfrsStatementLineItems [Line Items]
Net book value	70	305	157
Right-of-use assets [member]
IfrsStatementLineItems [Line Items]
Net book value	10,397	7,997	€ 793
Gross carrying amount [member]
IfrsStatementLineItems [Line Items]
Beginning Balance	25,594	18,457
Additions during the year	8,352	11,054
Revaluation	19	708
Transfers during the year		(2,149)
Sale and leaseback		(1,621)
Disposals		(52)
Reclassifications
Ending Balance	33,965	25,594
Gross carrying amount [member] | Assets under construction [member]
IfrsStatementLineItems [Line Items]
Beginning Balance	15,106	17,161
Additions during the year	5,379	9,191
Revaluation
Transfers during the year		(2,149)
Sale and leaseback		(8,294)
Disposals
Grant income		(803)
Reclassifications	(101)
Ending Balance	20,384	15,106
Gross carrying amount [member] | Plant and machinery [member]
IfrsStatementLineItems [Line Items]
Beginning Balance	1,337
Additions during the year	113	1,267
Revaluation
Transfers during the year		70
Sale and leaseback
Disposals
Grant income
Reclassifications	101
Ending Balance	1,551	1,337
Gross carrying amount [member] | Office equipment [member]
IfrsStatementLineItems [Line Items]
Beginning Balance	389	185
Additions during the year	18	274
Revaluation
Transfers during the year		(70)
Sale and leaseback
Disposals
Grant income
Ending Balance	407	389
Gross carrying amount [member] | Right-of-use assets [member]
IfrsStatementLineItems [Line Items]
Beginning Balance	8,762	1,111
Additions during the year	2,842	322
Revaluation	19	708
Transfers during the year
Sale and leaseback		6,673
Disposals		(52)
Grant income
Ending Balance	11,623	8,762
Accumulated impairment [member]
IfrsStatementLineItems [Line Items]
Beginning Balance	(4,321)	(347)
Charge for year	(684)	(661)
Transfers during the year
Impairment charge	(205)	(3,321)
Derecognition		8
Ending Balance	(5,210)	(4,321)
Accumulated impairment [member] | Assets under construction [member]
IfrsStatementLineItems [Line Items]
Beginning Balance	(3,321)
Charge for year
Transfers during the year
Impairment charge		(3,321)
Derecognition
Ending Balance	(3,321)	(3,321)
Accumulated impairment [member] | Plant and machinery [member]
IfrsStatementLineItems [Line Items]
Beginning Balance	(151)
Charge for year	(175)	(141)
Transfers during the year		(10)
Impairment charge
Derecognition
Ending Balance	(326)	(151)
Accumulated impairment [member] | Office equipment [member]
IfrsStatementLineItems [Line Items]
Beginning Balance	(84)	(28)
Charge for year	(48)	(66)
Transfers during the year		10
Impairment charge	(205)
Derecognition
Ending Balance	(337)	(84)
Accumulated impairment [member] | Right-of-use assets [member]
IfrsStatementLineItems [Line Items]
Beginning Balance	(765)	(319)
Charge for year	(461)	(454)
Transfers during the year
Impairment charge
Derecognition		8
Ending Balance	€ (1,226)	€ (765)

XML

Property, plant and equipment (Details Narrative) - EUR (€) € in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Notes and other explanatory information [abstract]
Depreciation expense	€ 680	€ 270

XML

Prepayments and other receivables (Details) - EUR (€) € in Thousands	Jun. 30, 2023	Jun. 30, 2022
Prepayments And Other Receivables
Prepayments	€ 1,496	€ 2,010
VAT recoverable	1,397	3,669
Grant receivable	803	803
Other receivables	772	1,760
Prepayments and other receivables	€ 4,468	€ 8,242

XML

Trade and Other Receivables (Details) - EUR (€) € in Thousands		Jun. 30, 2023	Jun. 30, 2022
Notes and other explanatory information [abstract]
Trade payables	[1]	€ 9,953	€ 3,680
Amounts owed to related parties	[2]	1,565	2,468
Lease liability – current		763	671
Payroll taxes		444	278
Other		191	165
Trade and other payable		€ 12,916	€ 7,262

[1] The company entered into a facility agreement with KEME for an amount equal to €690,073. The purpose of this agreement is to enable KEME to finance their hydrogen production plant and was negotiated along with the Equipment supply and installation services contract. Interest is accrued at a rate of 7%. Under this agreement, we transferred €0.53 million on May 17, 2023. This amount remains outstanding at June 30, 2023. As part of the Equipment supply and installation services contract, KEME made an advanced payment of €1.1 million during the first quarter of 2023. As no revenue has been recognised to date for this contract, the net payable position at June 30, 2023 to KEME was €0.53 million.

[2] This amount relates to a balance owing to an affiliate, MagP Inovação, S.A. ("MagP"). Please refer to the 2022 Form 20-F for details of the Group's relationship with MagP.

XML

Provisions (Details) - EUR (€) € in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Provisions [abstract]
Contract provisions, beginning	€ 8,403
Contract provisions		8,403
Contract provisions, movements
Contract provisions, ending	€ 8,403	€ 8,403

XML

Deferred income (Details) - EUR (€) € in Thousands	Jun. 30, 2023	Jun. 30, 2022
IfrsStatementLineItems [Line Items]
Deferred income, current	€ 1,375	€ 186
Deferred income, non current	5,642	2,925
IAPMEI [member]
IfrsStatementLineItems [Line Items]
Deferred income, current	330	186
Deferred income, non current	5,642	2,925
Exolum [member]
IfrsStatementLineItems [Line Items]
Deferred income, current	800
CSIC [member]
IfrsStatementLineItems [Line Items]
Deferred income, current	€ 245

XML

Deferred income (Details Narrative) € in Thousands	6 Months Ended
	Jun. 30, 2023 EUR (€)
Notes and other explanatory information [abstract]
Advanced amount	€ 2,900
Advanced amount received	€ 3,100

XML

Warrants (Details) - shares	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Warrants
Warrants issue beginning balance	8,869,633	8,869,633
Exercise of warrants
Warrants issue ending balance	8,869,633	8,869,633

XML

Warrants (Details 1) - EUR (€) € in Thousands		6 Months Ended		12 Months Ended
		Jun. 30, 2023		Dec. 31, 2022	Dec. 31, 2021
Warrants
Warrants balance at beginning		€ 7,651		€ 15,271	€ 52,932
Fair value movement on warrants exercised	[1]				3,211
Warrants exercised foreign exchange differences	[2]				67
Fair value movement on warrants unexercised including exchange differences		(5,283)	[1]	(7,620)	(31,565)	[1]
Derecognition of warrant liability on exercise	[3]				(9,374)
Warrants balance at ending		€ 2,368		€ 7,651	€ 15,271

[1] recognised in profit or loss - Adjustments to the fair value of derivatives – warrants

[2] recognised in profit or loss - Other finance income

[3] recognised in equity – Share premium

XML

Warrants (Details Narrative) - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Warrants
Warrants outstanding (in Shares)	8,869,633	8,869,633
Exercise price	$ 11.50
Fair value of traded warrants	$ 0.29	$ 0.92

XML

Financial Instruments and Risk Management (Details) - EUR (€) € in Thousands		Jun. 30, 2023	Dec. 31, 2022
IfrsStatementLineItems [Line Items]
Cash and receivables, carrying amount		€ 3,857	€ 10,475
Liabilities, carrying amount		(14,077)	(13,964)
Total carrying amount		(10,220)	(3,489)
Total fair value		(2,368)	(7,651)
Cash and cash equivalent [member]
IfrsStatementLineItems [Line Items]
Cash and receivables, carrying amount		3,085	8,164
Liabilities, carrying amount
Total carrying amount		3,085	8,164
Total fair value
Cash and cash equivalent [member] | Level 1 of fair value hierarchy [member]
IfrsStatementLineItems [Line Items]
Total fair value
Cash and cash equivalent [member] | Level 2 of fair value hierarchy [member]
IfrsStatementLineItems [Line Items]
Total fair value
Cash and cash equivalent [member] | Level 3 of fair value hierarchy [member]
IfrsStatementLineItems [Line Items]
Total fair value
Other receivables [member]
IfrsStatementLineItems [Line Items]
Cash and receivables, carrying amount	[1]	772	2,311
Liabilities, carrying amount	[1]
Total carrying amount	[1]	772	2,311
Total fair value	[1]
Other receivables [member] | Level 1 of fair value hierarchy [member]
IfrsStatementLineItems [Line Items]
Total fair value	[1]
Other receivables [member] | Level 2 of fair value hierarchy [member]
IfrsStatementLineItems [Line Items]
Total fair value	[1]
Other receivables [member] | Level 3 of fair value hierarchy [member]
IfrsStatementLineItems [Line Items]
Total fair value	[1]
Trade payables [member]
IfrsStatementLineItems [Line Items]
Cash and receivables, carrying amount
Liabilities, carrying amount		(9,953)	(3,680)
Total carrying amount		(9,953)	(3,680)
Total fair value
Trade payables [member] | Level 1 of fair value hierarchy [member]
IfrsStatementLineItems [Line Items]
Total fair value
Trade payables [member] | Level 2 of fair value hierarchy [member]
IfrsStatementLineItems [Line Items]
Total fair value
Trade payables [member] | Level 3 of fair value hierarchy [member]
IfrsStatementLineItems [Line Items]
Total fair value
Warrants [member]
IfrsStatementLineItems [Line Items]
Cash and receivables, carrying amount
Liabilities, carrying amount		(2,368)	(7,651)
Total carrying amount		(2,368)	(7,651)
Total fair value		(2,368)	(7,651)
Warrants [member] | Level 1 of fair value hierarchy [member]
IfrsStatementLineItems [Line Items]
Total fair value		(2,368)	(7,651)
Warrants [member] | Level 2 of fair value hierarchy [member]
IfrsStatementLineItems [Line Items]
Total fair value
Warrants [member] | Level 3 of fair value hierarchy [member]
IfrsStatementLineItems [Line Items]
Total fair value
Amounts owed to related parties [member]
IfrsStatementLineItems [Line Items]
Cash and receivables, carrying amount
Liabilities, carrying amount		(1,565)	(2,468)
Total carrying amount		(1,565)	(2,468)
Total fair value
Amounts owed to related parties [member] | Level 1 of fair value hierarchy [member]
IfrsStatementLineItems [Line Items]
Total fair value
Amounts owed to related parties [member] | Level 2 of fair value hierarchy [member]
IfrsStatementLineItems [Line Items]
Total fair value
Amounts owed to related parties [member] | Level 3 of fair value hierarchy [member]
IfrsStatementLineItems [Line Items]
Total fair value
Other payables [member]
IfrsStatementLineItems [Line Items]
Cash and receivables, carrying amount	[2]
Liabilities, carrying amount	[2]	(191)	(165)
Total carrying amount	[2]	(191)	(165)
Total fair value	[2]
Other payables [member] | Level 1 of fair value hierarchy [member]
IfrsStatementLineItems [Line Items]
Total fair value	[2]
Other payables [member] | Level 2 of fair value hierarchy [member]
IfrsStatementLineItems [Line Items]
Total fair value	[2]
Other payables [member] | Level 3 of fair value hierarchy [member]
IfrsStatementLineItems [Line Items]
Total fair value	[2]
Level 1 of fair value hierarchy [member]
IfrsStatementLineItems [Line Items]
Total fair value		(2,368)	(7,651)
Level 2 of fair value hierarchy [member]
IfrsStatementLineItems [Line Items]
Total fair value
Level 3 of fair value hierarchy [member]
IfrsStatementLineItems [Line Items]
Total fair value

[1] Prepayments and VAT have been excluded as they are not classified as a financial asset.

[2] Employment taxes have been excluded as these are statutory liabilities.

XML

Financial Instruments and Risk Management (Details 1) - $ / shares	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Financial Instruments And Risk Management
Average rate	1.081	1.0530
Year-end spot rate	1.0866		1.0666

XML

Financial instruments and risk management (Details Narrative) € in Thousands, $ in Thousands	Jun. 30, 2023 USD ($)	Jun. 30, 2023 EUR (€)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 EUR (€)
Financial Instruments And Risk Management
Cash	$ 20	€ 3,000	$ 300	€ 7,800

XML

Loss per ordinary share (Details - € / shares	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Notes and other explanatory information [abstract]
Basic loss per Class A ordinary share	€ (0.96)	€ (0.59)
Diluted (loss) per Class A ordinary share	€ (0.96)	€ (0.59)
Number of ordinary shares used for loss per share (weighted average)
Basic	14,439,644	13,123,722
Diluted	14,439,644	13,123,722

XML

Loss per ordinary share (Details 1) - shares	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Warrants [member]
IfrsStatementLineItems [Line Items]
Anti dilutive shares	8,869,633	8,869,633
RSU outstanding [member]
IfrsStatementLineItems [Line Items]
Anti dilutive shares	127,071	88,084
Rsu vested [member]
IfrsStatementLineItems [Line Items]
Anti dilutive shares	48,165	29,253
Incentive shares [member]
IfrsStatementLineItems [Line Items]
Anti dilutive shares	15,446	5,000
Share options [member]
IfrsStatementLineItems [Line Items]
Anti dilutive shares	2,272,182	2,128,554

XML

Commitments and contingencies (Details Narrative) - EUR (€) € in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
IfrsStatementLineItems [Line Items]
Further commitment	€ 510
Sale and lease back transaction [member]
IfrsStatementLineItems [Line Items]
Payment guarantees		€ 100
Commercial agreement [member]
IfrsStatementLineItems [Line Items]
Payment guarantees	100
Bank warranty to supplier [member]
IfrsStatementLineItems [Line Items]
Payment guarantees	€ 2,000

XML

Group companies (Details)	6 Months Ended
	Jun. 30, 2023
Fusion fuel portugal [member]
IfrsStatementLineItems [Line Items]
Entity name	Fusion Fuel Portugal, S.A.
Country of incorporation	Portugal
Principal activities	Operating company
Group interest	100.00%
Fuel cell evora unipessoal [member]
IfrsStatementLineItems [Line Items]
Entity name	Fuel Cell Évora, Unipessoal LDA
Country of incorporation	Portugal
Principal activities	Hydrogen production
Group interest	100.00%
Fuel cell evora I unipessoal [member]
IfrsStatementLineItems [Line Items]
Entity name	Fuel Cell Évora I, Unipessoal LDA
Country of incorporation	Portugal
Principal activities	Hydrogen production
Group interest	100.00%
Fusion fuel USA [member]
IfrsStatementLineItems [Line Items]
Entity name	Fusion Fuel USA, Inc.
Country of incorporation	United States
Principal activities	Operating company
Group interest	100.00%
Fusion fuel spain [member]
IfrsStatementLineItems [Line Items]
Entity name	Fusion Fuel Spain, S.L.
Country of incorporation	Spain
Principal activities	Hydrogen production
Group interest	50.00%
Fusion fuel australia PTY ltd [member]
IfrsStatementLineItems [Line Items]
Entity name	Fusion Fuel Australia, PTY Ltd
Country of incorporation	Australia
Principal activities	Hydrogen production
Group interest	100.00%
Fusion fuel australia pilot PTY ltd [member]
IfrsStatementLineItems [Line Items]
Entity name	Fusion Fuel Australia – Pilot PTY Ltd
Country of incorporation	Australia
Principal activities	Hydrogen production
Group interest	100.00%
Hevo sines unipessoal LDA [member]
IfrsStatementLineItems [Line Items]
Entity name	Hevo Sines, Unipessoal LDA
Country of incorporation	Portugal
Principal activities	Hydrogen production
Group interest	100.00%
Hevo sines II unipessoal LDA [member]
IfrsStatementLineItems [Line Items]
Entity name	Hevo Sines II, Unipessoal LDA
Country of incorporation	Portugal
Principal activities	Hydrogen production
Hevo sines III unipessoal LDA [member]
IfrsStatementLineItems [Line Items]
Entity name	Hevo Sines III, Unipessoal LDA
Country of incorporation	Portugal
Principal activities	Hydrogen production
Group interest	100.00%
Hevo portugal unipessoal LDA [member]
IfrsStatementLineItems [Line Items]
Entity name	Hevo Portugal, Unipessoal, LDA
Country of incorporation	Portugal
Principal activities	Hydrogen production
Group interest	100.00%
Hanoi asset management SL [member]
IfrsStatementLineItems [Line Items]
Entity name	Hanoi Asset Management, S.L.
Country of incorporation	Spain
Principal activities	No activity to date
Group interest	100.00%
Hevo aveiro unipessoal LDA [member]
IfrsStatementLineItems [Line Items]
Entity name	Hevo Aveiro, Unipessoal LDA
Country of incorporation	Portugal
Principal activities	Hydrogen production
Group interest	100.00%