Fusion Fuel Green is facing delisting from the Nasdaq stock exchange after its share price dropped below $1 per share for over 30 consecutive business days.

The electrolyser developer now has until January 29, 2025, to regain compliance with the Nasdaq Listing Rule 5550, and must have a closing bid price of at least $1 for a minimum of 10 consecutive business days.

The firm’s 630MW hydrogen production project it was developing in Portugal was recognised as an Important Project of Common European Interest (IPCEI) at the start of the year (2024). This led to a high share price of around $2.5 in February, however this fell to $0.74 as of August 7.

The Portuguese initiative would see a 630MW in Sines produce up to 62,000 tonnes of green hydrogen, utilising the company’s PEM electrolysers. H2 View understands that the IPCEI award approved investment for the €650m ($700m) project.

In a statement released by Fusion Fuel, the company wrote, “[Fusion Fuel] intends to monitor the closing bid price of its ordinary shares and may, if appropriate, consider implementing available options to regain compliance with the minimum bid price requirement.”

Last August (2023), Fusion Fuel submitted three green hydrogen projects to Spain’s H2 Pioneers II programme for funding, which represented a total electrolysis capacity of around 13MW.

Read more:Fusion Fuel submits bid for €24.7m of Spanish funding for three green hydrogen projects

The company requested €24.7 ($26.8m) in subsidies across the projects, with offtake and PPA agreements secured for all three initiatives that are planned to produce over 1,500 tonnes of green hydrogen per year.