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Portugal’s natural gas utility company Dourogás will supply Green Hydrogen produced by Fusion Fuel Green Public Limited Company (NASDAQ: HTOO). This agreement is a first-of-its-kind and will include Green Hydrogen on Portugal’s grid. Dourogás, that is the market leader for the Natural Gas for Vehicles (NGV) sector, will build the hydrogen plant that will be operated by Fusion Fuel. The Dourogás Group recently won the Green Energy Award of Visão magazine. Fusion Fuel’s Green Hydrogen plant, that is based in Évora in southern Portugal, will produce around 40 tons of Green Hydrogen yearly. Fusion Fuel has developed a modular, integrated solar-to-hydrogen generator. The generator is powered by a small Proton Exchange Membrane (PEM) electrolyzer that splits water into hydrogen and oxygen, before the hydrogen protons pass through the membrane to form H2 gas. This new agreement with Fusion Fuel follows major developments in Portugal’s Green Hydrogen sector. These include massive investments in the port of Sines, that is Portugal’s Hydrogen Valley and that is set to become a major energy contributor for EU countries. With the Iberian Hydrogen underwater pipeline at a cost of EUR 2.5 billion that was announced by the Prime Ministers of Spain, Portugal and France, Green Hydrogen will be exported to EU countries by 2030. Developments in the sector also include an investment of EUR 1 billion by NeoGreen Portugal in a Green Hydrogen production plant in Sines and a €30 million grant for developing a Green Hydrogen Hub in Sines via the GreenH2Atlantic project, that are part of a pipeline of investment projects that total EUR 20 billion by 2030. Source: https://www.portugalbusinessesnews.com/post/portugal-s-dourogás-will-supply-green-hydrogen-with-fusion-fuel #Dourogás #greenhydrogenportugal #FusionFuel #naturalgasforvehicles #Visãomagazine #Portugalhydrogenvalley #NeoGreenPortugal #GreenH2Atlanticproject #hydrogenprojectsportugal #portugalnews #portugalbusinessnews #Sineshydrogen

Portugal’s gold reserves are worth EUR 20,985 billion and the country ranks 16th globally in the world’s largest gold reserves. According to a new report from MoneyLab, Portugal’s gold reserves reached a new historical high over nine months due to the weakening of the US Dollar and to the strong demand for safe assets. Last week, the precious metal reached USD 1.939 the ounce and the strong appreciation of the price of gold is expected to accelerate. Data from Banco de Portugal shows that the value of gold appreciated by 6% between the end of 2021 when the reserves were worth EUR 19,796 billion and the end of 2022 when they were worth EUR 20,985 billion. Furthermore, analysts from the Bank of America are forecasting that the price of gold will reach U$ 2.000 an ounce in the coming months. The countries with the largest gold reserves in tons are the US with 8,133 tons, Germany with 3,359 tons, Italy with 2,452 tons and France with 2,436 tons, as at the end of December 2021. According to the World Gold Council, Portugal holds 382,6 tons of gold. The MoneyLab report states that Portugal’s gold reserves remain unchanged since the end of 2019, since the agreement between the European central banks prevents the sale of gold. Source: https://www.portugalbusinessesnews.com/post/portugal-s-gold-reserves-worth-eur-20-985-billion #Portugalgoldreserves #MoneyLab #BancodePortugal #WorldGoldCouncil #goldreservesportugal #portugalnews #portugalbusinessnews

Portugal’s Government is calling upon Portuguese emigrants to return to Portugal. Under the Return Program (Regressar), the Government is offering tax benefits to families that are willing to come back and work in Portugal. Portugal’s Secretary of State, who is promoting the Regressar program, stated to Lusa that the country has already received around 15.500 applications since 2019. The Portuguese diaspora consists of a pool of talents and all countries have aggressive programs to try to attract such talents, which is the reason why Portugal needs to go the further mile. While Portuguese emigrants left the country for economic reasons, Portugal now has a low unemployment rate as well as economic growth, which is a factor that holds a number of opportunities. According to SIC, around 60,000 people left Portugal in 2021. Since the start of the Regressar program in 2019, Portugal received around 15.500 applications from the diaspora, most of whom left the country between 2011 and 2015 and 70% of these were approved. Most applications came from Switzerland, France and the UK and it is to be noted that around 40% of applicants have received higher education. The Regressar program includes support for job search, recognition of qualifications as well as language classes. Portugal has a demographic problem, and the Government is trying to reverse this cycle by making sure that they will be able to retain the youth in the country with a number of measures that include better salaries and free child-care. And the call to the Portuguese diaspora is loud and clear: Return to Portugal. Source: https://www.portugalbusinessesnews.com/post/return-to-portugal #ReturntoPortugal #Regressar #Portuguesediaspora #portugalnews #portugalbusinessnews

Portugal Business News Testimonial from Centro da Biomassa para a Energia - CBE Source: https://www.portugalbusinessesnews.com/post/thank-you-note-from-centro-da-biomassa-para-a-energia-cbe #CentrodaBiomassaparaaEnergiaCBE #BioRural #UniversityofCoimbra #PortugalBusinessNews #portugalbusinessesnews #portugalnews #biosolutionsportugal #HorizonEurope #ResearchImpactEU

"Thank you" note from BioRural Source: https://www.portugalbusinessesnews.com/post/thank-you-note-from-biorural #BioRural #UniversityofCoimbra #CBECentrodaBiomassaparaaEnergia #PortugalBusinessNews #portugalbusinessesnews #portugalnews

Wave power is now contributing to power Portugal with the deployment of the HiWave-5 Project developed by CorPower Ocean in Viana do Castelo. Portugal has 15.5 GW of harvestable wave energy according to Swedish wave energy developer CorPower Ocean. The Portugal Country Manager of CorPower Ocean, Miguel Silva, explained that the innovative wave energy technology has huge potential to support Portugal’s future clean energy mix as a highly consistent and complementary power partner with offshore wind and solar energy. The company has partnered with EVOLVE - Economic Value of Ocean Energy, to derive benefits from ocean energy in a future low-carbon environment. The integration of wave and tidal energy in Portugal is in line with Europe’s future low carbon energy system and the benefits include the impact on electricity prices and on carbon emissions. CorPower Ocean developed economic dispatch models for Portugal, Great Britain and Ireland. Results have shown that increases in ocean energy reduce the overall system dispatch costs, including the cost of delivered fuel. The rigorous two-year initiative was led by Aquatera Ltd with support from WavEC - Offshore Renewables, RISE Research Institutes of Sweden and the University of Edinburgh, along with wave and tidal energy developers CorPower Ocean and Orbital Marine Power Ltd. The EVOLVE Project has received support under the framework of the OCEANERA-NET COFUND project of the European Union’s Horizon 2020 research and innovation programme, with funding also provided by Fundação para a Ciência e a Tecnologia - FCT. The pan-European EVOLVE project has provided strong evidence supporting the acceleration of ocean energy in Europe’s future energy system. It was found that a more diverse mix of renewables, including ocean energy, results in a more consistent renewable production profile which is better able to meet hourly electricity demands, that is the key for reaching future international net zero targets. According to EVOLVE Technical Manager, Dr Shona Pennock, “There has been much commentary in recent years about the potential benefits of adding wave and tidal energy to the broader energy system, but this has been hampered by limited quantifiable studies. Following extensive work over a number of years, we can now draw clear conclusions from firm evidence.” Oliver Wragg, Commercial Director at Orbital Marine Power explained that: “We know that the tides rise and fall like clockwork and can be predicted hundreds of years into the future. With the results of the EVOLVE project, we now also have clear projections for how the addition of predictable stable power generation from Europe’s fantastic tidal stream resource can help to cost effectively reach our net zero ambitions.” Source: https://www.portugalbusinessesnews.com/post/wave-power-in-portugal #WavePowerPortugal #HiWave5 #CorPowerOcean #EVOLVEEconomicValueofOceanEnergy #AquateraLtd #WavECOffshoreRenewables #RISEResearchInstitutesofSweden #UniversityofEdinburgh #OrbitalMarinePowerLtd #EVOLVEProject #OCEANERANETCOFUND #Horizon2020 #FundaçãoparaaCiênciaeaTecnologiaFCT #Portugalrenewableenergies #greenportugal #waveenergyportugal #portugalnews #portugalbusinessnews

Portugal Business News/AICEP Portugal Global newsletter - AICEP Portugal Global is the Trade and Investment body of the Government of Portugal. According to Dopinger, the portugalglobal.pt website receives 550,000 searches per month. AICEP is a reputable business-oriented agency, with specialized professionals in Portugal and a global network in over 50 countries. AICEP’s mission is to increase Portugal’s competitiveness and reputation, by fostering investment and by promoting the internationalization of Portuguese companies. #portugalbusinessnews #portugalbusinessesnews #portugalbusinessnewsAICEP #AICEP #websitevisits #pagevisits #numberofvisitors #portugalnews

Portugal’s renewable energy supplied 97% of electricity consumption on January 16th when the daily share of wind energy produced reached an all-time high with 106.7 GWh, according to REN that operates the country’s energy network. Reuters reported that Portugal’s renewable energy sector generally accounts for 83% of its total installed capacity, with the share of wind energy being 56%. Portugal’s Prime Minister just announced that the country aims at developing its offshore wind capacity to reach 10 GW by 2030. The country will launch its first offshore wind auction by the end of this year, a project that will lead to wind farms being installed off the country’s Atlantic coast. Portugal is developing ambitious projects in the renewable energy sector, such as the EUR 1.5 billion hydro-electric plant nearing completion in Ribeira de Pena in northern Portugal, with major renewable energy operator Iberdrola now planning a large wind farm in the same region. Source: https://www.portugalbusinessesnews.com/post/portugal-s-wind-energy-projects #WindEnergyProjectsPortugal #renewableenergyportugal #windenergyportugal #REN #Reuters #offshorewindportugal #Iberdrola #windfarmsportugal #greenportugal #portugalnews #portugalbusinessnews

The future of air transport is being developed in Portugal and it is a future that includes a new disruptive concept that will transform the aeronautical industry. Visualizing flying cars may be part of our collective imagination, but it is no longer a myth as it is about to become a reality. This innovative flying car has Portuguese know-how and will surprise the beholders with its skate and drone technology that are each autonomous, with a cockpit that is attached to each vehicle, thus creating an intermodal system. The project, that is headed by Portuguese company Caetano Aeronautic, will use Portuguese technology to develop electrical aircraft, with autonomous systems, new materials as well as new processes. The team that will help build a prototype will also develop multi-functional batteries that will store electrochemical energy. A number of Portuguese companies are collaborating to develop this innovative technology, including AED Portugal that is a cluster of companies from the Aeronautical, Space and Defense sectors, INEGI, SETSA, Optimal Structural Solutions, CONTROLAR, Almadesign, TEKEVER II, CEIIA, ISQ, INESC TEC, IPL, ISEP, PIEP, EMPORDEF, Évora University, CODI, FHP and Critical Materials. The FLY.PT project will mobilize Portugal’s aeronautical industry towards the disruption of future urban transport. The disruptive technology that is being developed will support the development of Portugal’s economy towards activities that are knowledge-intensive and that will create value based on innovation. The project is co-funded by the European Regional Development Fund under Portugal 2020. Source: https://www.portugalbusinessesnews.com/post/portuguese-fly-pt-electric-flying-cars #FLYPT #Portugueseelectricflyingcars #aeronauticalindustry #INEGI #CaetanoAeronautic #AEDPortugal #SETSA #OptimalStructuralSolutions #CONTROLAR #Almadesign #TEKEVERII #CEIIA #ISQ #INESCTEC #IPL #ISEP #PIEP #EMPORDEF #ÉvoraUniversity #CODI #FHP #CriticalMaterials #EuropeanRegionalDevelopmentFund #Portugal2020 #portugalnews #portugalbusinessnews

An investment of EUR 7 million in Portugal’s first Center for Creative Technologies (TUMO) will strengthen Coimbra’s position as an Educational Hub. The country’s first TUMO center will open in September and will turn a dream into reality through the vision of a number of patrons that include “Shaken. not stirred”, as well as the founders of Feedzai, Critical Software, Licor Beirão, Altice, Foundations La Caixa and Santander, together with the Coimbra municipality. The project was developed by “Shaken. not stirred” that also developed Lisbon’s Nova university, that is a campus of 70,000 sq. m that was wholly funded through a fundraising campaign that raised EUR 50 million. Portugal’s first TUMO Center for Creative Technologies follows the first one that was created in 2011 in Armenia and was led by Marie Lou Papazian, who graduated in IT in Teaching at Colombia University and in Management at the Harvard Business School. The educational program was so successful that it was reproduced in 14 centers in a number of countries including Germany and France, with a total of 25,000 students. Furthers centers will be opened this year in Germany and in the US. According to Gonçalo Quadros, chairman of Critical Software, the TUMO center is a powerful project that will shape the country’s youth. The TUMO center is a free educational program that is complementary to compulsory education. It is comprised of self-learning activities, workshops and lab projects that are carried-out in a creative technologies center. The Coimbra TUMO center will welcome 1500 youths of 12 to 18 years old who will acquire skills in 8 different thematic technological areas, namely 3D Modeling, Animation, Game Development, Programming, Music, Graphic Design, Film-making and Robotics. The programs are for in-person classes that are held during the students’ free time. The specialized lab projects include international professionals such as Kanye West, Darren Aronofsky, George Clooney, Charles Aznavour and Anne Hidalgo who were involved in projects in other countries. Portugal’s first TUMO center will be in the former CTT building that was donated by Altice Empresas and the building will be renovated by architect Ana Conduto. With an area of 2000 sq. m, the center is comprised of 5 workshops, one robotics classroom, a music studio as well as open-space. The center will welcome over a thousand students at no cost and there are no requirements for admission. It is expected that Portugal’s first center in Coimbra will be followed by more in other cities in the coming years. Even though the first TUMO center is developed with private funding, the developers hope to obtain public funding for sustainability and scalability, as it is the case in Germany where it is a Government initiative. It started there when Angela Merkel, who was then the Chancellor, visited the center and stated that it was an extraordinary project that would transform the future of Germany. According to “Shaken. not stirred”, Portugal’s TUMO center will accomplish its mission that is “to empower future generations.” Source: https://www.portugalbusinessesnews.com/post/investment-of-eur-7-m-in-portugal-s-first-center-for-creative-technologies #PortugalCenterforCreativeTechnologies #TUMOPortugal #Coimbraeducation #Shakennotstirred #Feedzai #CriticalSoftware #LicorBeirão #Altice #LaCaixa #Santander #Coimbramunicipality #MarieLouPapazian #GonçaloQuadros #AnaConduto #AlticeEmpresas #educationportugal #portugalnews #portugalbusinessnews #TUMO

Following Davos 2023 and the call from Oxfam for a windfall tax on food companies, Portugal is highlighted as an example to be followed by other countries. Towards the end of December 2022, Portugal’s parliament approved a 33% tax on the windfall gains of energy companies as well as food retailers in order to redistribute excess profits in an inflationary context. Under this regime, the share of profits of companies that exceeds 20% of average profits in the previous 4 years will be subject to a windfall tax. This new law enters into force in a context where one of Portugal’s largest retailers, Jerónimo Martins, registered a 29% rise in profits amidst soaring inflation, while the CPI index showed a rise of 9.9% YoY. With this new windfall tax on food companies, Portugal goes beyond what is mandated by the EU as it also includes supermarkets. This is because, according to Prime Minister António Costa, food companies also need to pay for gains that are not justified in this context. This temporary measure will make it possible to channel support towards the most disadvantaged. Portugal’s measures to combat hunger are highlighted by Oxfam while the organization is calling for “an end to this crisis profiteering.” They add that food and energy prices are dominated by a small number of players and the lack of competition allows them to keep prices high. Oxfam made an urgent plea to Davos participants to follow Portugal’s example. They stated that at least one country had already taken action as Portugal’s windfall tax on major food retailers came into effect in January 2023 and is to be in force throughout the year. Oxfam stated that their analysis of 95 major companies showed that 84% of windfall gains were paid to shareholders while higher prices were passed onto consumers. While the WEF was held in Davos, Oxfam reported that at least 1.7 billion workers live in countries where inflation is outpacing their wage growth. This happened in a context when the world’s 1% super-rich gained nearly twice the amount of wealth produced by the 99%. Tax affairs chief at Portugal’s Finance Ministry, Nuno Felix, stated that this temporary tax was approved by the Government because “there has to be social justice.” Source: https://www.portugalbusinessesnews.com/post/portugal-s-windfall-tax-on-food-companies #PortugalWindfallTaxFood #Oxfamwindfalltax #NunoFelix #socialjustice #foodprices #portugalnews #portugalbusinessnews #Oxfam

Portuguese Venture Capital firm Bright Pixel Capital, the technology investment arm of the multinational group Sonae, invested U$ 15 M in Chord in order to expand its modern commerce infrastructure. “At Bright Pixel Capital, our goal is to identify distinctive and industry-changing opportunities across industries like retail, cyber and digital infrastructure,” said Miguel Bagulho, Investment Director. He added that “Chord’s ability to uplift commerce brands with a unique product, backed by a top-tier management team, were the critical factors which led us to select it as our long-awaited investment in headless commerce.” Chord is a Platform as a Service for modern commerce and the investment round was co-led by Bright Pixel Capital and existing investor Eclipse, with new investors GC1 Ventures, TechNexus Venture Collaborative and Anti Fund VC. Source: https://www.portugalbusinessesnews.com/post/portuguese-vc-bright-pixel-invests-u-15-m-in-chord #retailtechnologies #BrightPixel #Portugalinvestments #Chord #Sonae #MiguelBagulho #ecommerce #Eclipse #GC1Ventures #TechNexusVentureCollaborative #AntiFundVC #portugalnews #portugalinvestmentnews #portugalbusinessnews