Fusion Fuel Changes Board and Senior Management
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Apr 23 2026
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Should l Buy HTOO?
Fusion Fuel announced changes to its board of directors and senior management. James Passin, who was recently appointed to the board, has been appointed chairman of the board, and Frederico Figueira de Chaves has been appointed CEO. John-Paul Backwell has stepped down as chairman and CEO due to personal and health reasons following his tenure with the company. Backwell will continue to serve on the board as a non-executive director, while supporting the company in a consulting capacity. Figueira de Chaves has been appointed CEO, in addition to his continuing roles as interim CFO and chief strategy officer.
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About HTOO
Fusion Fuel Green PLC is an Ireland-based holding company. The Company provides full-service energy engineering and advisory solutions. It specializes in green hydrogen and broader industrial gas applications. It has developed a Proton Exchange Membrane (PEM) electrolyzer, known as the Direct Coupled Photo Electrochemical Hydrogen Generator (the HEVO), which is used to produce green hydrogen. The HEVO technology incorporates a modular building-block architecture designed for small-to-midscale green hydrogen projects. Its focus is on research and development related to HEVO technologies. It is a supplier of electrolyzer technology for third-party-led and owned projects and offers engineering and procurement services for developers constructing hydrogen plants. Its solar-to-green hydrogen plant, H2Evora, comprises approximately 15 HEVO-Solar generators equipped with generation of HEVO micro-electrolyzer. Its subsidiaries are Fusion Fuel Spain, S.L., Fusion Fuel USA, Inc., and others.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Fusion Fuel Reports 2025 Fiscal Year Financial Highlights
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- Gross Profit Surge: The gross profit for FY 2025 was approximately €4.2 million, up 855.4% from €0.4 million in FY 2024, demonstrating substantial progress in cost control and operational efficiency, thereby enhancing profitability.
- Operating Loss Reduction: The operating loss decreased significantly from €17.3 million in 2024 to €7.9 million in 2025, a 54.4% reduction, reflecting effective cost management and restructuring initiatives that improved financial health.
- Strategic Restructuring Progress: Fusion Fuel signed a share exchange agreement with Royal Uranium for the acquisition of up to 100% of its equity, which is expected to provide exposure to rapidly growing energy demand, further advancing the company's transition to a diversified energy platform.
See More
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- Revenue Growth: Fusion Fuel reports a revenue growth to €14.4 million for the fiscal year 2025.
- Business Update: The report provides insights and updates regarding the company's business operations and future outlook.
See More
Quality Industrial Appoints New CEO Carsten Falk
- Executive Change: Quality Industrial has appointed Carsten Falk as CEO, succeeding John-Paul Backwell who resigned for personal and health reasons, indicating the company's commitment to leadership stability during transitions.
- Dual Role: Falk will continue to serve as interim CFO alongside his new CEO role, reflecting the company's strategy to maintain financial management continuity and ensure uninterrupted business operations during this period.
- Extensive Experience: Since June 2025, Falk has been Head of M&A at Fusion Fuel Green PLC, and previously served as CCO and CEO at Quality Industrial, showcasing his leadership capabilities across various sectors, which may bring new growth opportunities to the company.
- Industry Background: Falk has held senior roles in SaaS, FMCG, and energy sectors, including CEO of Domino’s Pizza Denmark from 2013 to 2019, providing Quality Industrial with valuable industry insights for strategic development.
See More
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- Resource Potential: The Shea Creek Joint Venture has discovered four uranium deposits in the Western Athabasca Basin, with a 2022 technical report estimating uranium resources at 67.57 million pounds, indicating strong expansion potential that could drive future revenue growth.
- Market Demand: Global uranium demand is projected to reach 397 million pounds by 2040, a 118% increase from 2025 levels, while supply is expected to grow only 14%, creating an estimated annual deficit of approximately 197 million pounds, underscoring the importance of developing-stage resources.
- Strategic Partnership: Through the transaction with Royal Uranium, Fusion Fuel will gain long-term investment opportunities in uranium and natural gas resources, expected to enhance its market position in energy commodities in a capital-efficient manner.
See More
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Appointment Announcement: Fusion Fuel has appointed James Passin, an investor in uranium, to its board of directors.
Strategic Focus: The company is undertaking a strategy focused on uranium royalty investments.
See More
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- Contract Award: Fusion Fuel Green PLC's Middle East subsidiary has secured two engineering subcontracts totaling approximately $1.16 million for residential projects in Dubai, indicating steady demand for liquefied petroleum gas infrastructure in the region.
- Scope of Work: The subcontracts encompass the design, supply, installation, testing, and commissioning of centralized LPG systems for multiple buildings, with work commencing immediately in line with construction schedules.
- Operational Expansion: To support operational growth, Al Shola Gas has ordered a compact LPG delivery vehicle and expects two additional bobtail trucks to arrive by March 2026, enhancing delivery capacity and service coverage.
- Management Commentary: CEO John-Paul Backwell stated that these contracts will add meaningful engineering revenue to their Middle East operations and reinforce the value of their gas infrastructure capabilities, highlighting opportunities for expansion in engineering services and LPG distribution.
See More
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- Significant Revenue Growth: Fusion Fuel's revenue for fiscal year 2025 reached approximately €14.4 million, a staggering 798.1% increase from €1.6 million in 2024, primarily driven by the full-year consolidation of Al Shola Gas, indicating strong expansion potential in the energy services market.
- Gross Profit Surge: The gross profit for FY 2025 was approximately €4.2 million, up 855.4% from €0.4 million in FY 2024, demonstrating substantial progress in cost control and operational efficiency, thereby enhancing profitability.
- Operating Loss Reduction: The operating loss decreased significantly from €17.3 million in 2024 to €7.9 million in 2025, a 54.4% reduction, reflecting effective cost management and restructuring initiatives that improved financial health.
- Strategic Restructuring Progress: Fusion Fuel signed a share exchange agreement with Royal Uranium for the acquisition of up to 100% of its equity, which is expected to provide exposure to rapidly growing energy demand, further advancing the company's transition to a diversified energy platform.
See More
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- Revenue Growth: Fusion Fuel reports a revenue growth to €14.4 million for the fiscal year 2025.
- Business Update: The report provides insights and updates regarding the company's business operations and future outlook.
See More
Quality Industrial Appoints New CEO Carsten Falk
- Executive Change: Quality Industrial has appointed Carsten Falk as CEO, succeeding John-Paul Backwell who resigned for personal and health reasons, indicating the company's commitment to leadership stability during transitions.
- Dual Role: Falk will continue to serve as interim CFO alongside his new CEO role, reflecting the company's strategy to maintain financial management continuity and ensure uninterrupted business operations during this period.
- Extensive Experience: Since June 2025, Falk has been Head of M&A at Fusion Fuel Green PLC, and previously served as CCO and CEO at Quality Industrial, showcasing his leadership capabilities across various sectors, which may bring new growth opportunities to the company.
- Industry Background: Falk has held senior roles in SaaS, FMCG, and energy sectors, including CEO of Domino’s Pizza Denmark from 2013 to 2019, providing Quality Industrial with valuable industry insights for strategic development.
See More
Fusion Fuel Acquires 2% NSR Royalty from Royal Uranium
- Royalty Acquisition: Fusion Fuel plans to acquire a 2% Net Smelter Return (NSR) royalty from Royal Uranium on mineral claims MC00040006 and MC00040007, which is expected to enhance the company's mining investment portfolio in the Asia-Pacific region.
- Resource Potential: The Shea Creek Joint Venture has discovered four uranium deposits in the Western Athabasca Basin, with a 2022 technical report estimating uranium resources at 67.57 million pounds, indicating strong expansion potential that could drive future revenue growth.
- Market Demand: Global uranium demand is projected to reach 397 million pounds by 2040, a 118% increase from 2025 levels, while supply is expected to grow only 14%, creating an estimated annual deficit of approximately 197 million pounds, underscoring the importance of developing-stage resources.
- Strategic Partnership: Through the transaction with Royal Uranium, Fusion Fuel will gain long-term investment opportunities in uranium and natural gas resources, expected to enhance its market position in energy commodities in a capital-efficient manner.
See More
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Appointment Announcement: Fusion Fuel has appointed James Passin, an investor in uranium, to its board of directors.
Strategic Focus: The company is undertaking a strategy focused on uranium royalty investments.
See More
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- Contract Award: Fusion Fuel Green PLC's Middle East subsidiary has secured two engineering subcontracts totaling approximately $1.16 million for residential projects in Dubai, indicating steady demand for liquefied petroleum gas infrastructure in the region.
- Scope of Work: The subcontracts encompass the design, supply, installation, testing, and commissioning of centralized LPG systems for multiple buildings, with work commencing immediately in line with construction schedules.
- Operational Expansion: To support operational growth, Al Shola Gas has ordered a compact LPG delivery vehicle and expects two additional bobtail trucks to arrive by March 2026, enhancing delivery capacity and service coverage.
- Management Commentary: CEO John-Paul Backwell stated that these contracts will add meaningful engineering revenue to their Middle East operations and reinforce the value of their gas infrastructure capabilities, highlighting opportunities for expansion in engineering services and LPG distribution.
See More
