Fusion Fuel Pivots to Uranium, Betting on AI's Power-Hungry Future

DUBLIN, Ireland – February 18, 2026 – Fusion Fuel Green PLC (NASDAQ:HTOO), a company known for its green hydrogen technology, today announced a transformational strategic pivot with a definitive agreement to acquire a controlling interest in Royal Uranium Inc. The deal, valued at approximately $15 million and structured as a share exchange, will give Fusion Fuel a portfolio of sixteen uranium and three natural gas royalties in the Americas, marking a decisive entry into the nuclear fuel and fossil fuel markets.

This move signals a significant strategic shift for the Dublin-based firm, moving it beyond its core focus on green hydrogen and positioning it to capitalize on two of the most powerful trends shaping the global energy landscape: the resurgence of nuclear power and the voracious energy appetite of artificial intelligence and data centers. The acquisition aims to provide direct, capital-efficient exposure to commodities essential for providing the reliable, baseload power that a digitized world demands.

A Fundamental Shift in Strategy

For years, Fusion Fuel has been an advocate for a hydrogen-powered future, developing proprietary electrolyzer technology and planning green hydrogen production facilities in Europe. The company has announced numerous projects, including demonstrator plants and technology sales contracts. However, its financial performance has reflected the nascent and challenging economics of the green hydrogen sector, with recent reports showing ongoing losses and negative cash flows. As of early December 2025, the company's short-term liabilities exceeded its short-term assets, painting a picture of a company in search of a more immediate path to profitability.

This acquisition represents a pragmatic, if stark, change in direction. By acquiring Royal Uranium, Fusion Fuel is exchanging the long-term promise of green hydrogen for a stake in the resurgent uranium market. The transaction is structured as an all-share deal, with Fusion Fuel set to issue up to 3,750,025 new shares to Royal Uranium's stakeholders, a move that will dilute existing shareholders by approximately 16%. Despite this, the market reacted with initial optimism, with the company's stock climbing over 12% on the news, suggesting investors may welcome the pivot towards assets with clearer structural tailwinds.

“By agreeing to acquire exposure to uranium and clean energy royalties, we are entering an asset class that is experiencing strong structural growth and is increasingly central to global energy development,” said JP Backwell, Chief Executive Officer of Fusion Fuel, in the company's official announcement.

Powering the AI Revolution

The strategic rationale for the acquisition is anchored in the burgeoning demand for electricity, driven significantly by the AI boom. Global data center power consumption is projected to more than double by 2030, with AI processing requiring vast amounts of uninterrupted energy. This has forced a global re-evaluation of energy sources, pushing nuclear power back into the spotlight as a critical source of reliable, low-carbon baseload electricity.

This renewed interest in nuclear energy is colliding with a deepening structural deficit in the uranium market. For years, low prices led to underinvestment in new mines, and with a typical 10-to-15-year lead time to bring a new mine online, supply is struggling to keep pace. Annual global uranium consumption currently outstrips primary mine production by around 50 million pounds, a deficit that is expected to persist and likely widen through the decade. Fusion Fuel’s acquisition is a direct bet that this supply-demand imbalance will continue to drive uranium prices higher.

The portfolio provides exposure to some of the world’s most promising uranium districts, including Canada’s high-grade Athabasca Basin, where industry giants like Cameco and Uranium Energy Corp. operate. It also includes the advanced-stage Berlin Project in Colombia, which has historical resources and expansion potential.

The Capital-Efficient Royalty Model

Crucially, Fusion Fuel is not getting into the mining business itself. The acquisition of Royal Uranium gives it a portfolio of royalties, a financial instrument that provides a percentage of revenue from a mining operation without exposure to the operational risks, capital expenditures, or environmental liabilities associated with exploration and production.

This model offers a high-margin, scalable path to commodity exposure. The portfolio also includes three producing natural gas royalties in Alberta, Canada, which are expected to provide immediate and predictable cash flow while the uranium assets mature. While not a zero-carbon source, natural gas is seen as a critical bridge fuel that complements nuclear power in providing dispatchable energy for data centers and grids.

Frederico Figueira de Chaves, Fusion Fuel’s Interim CFO and Chief Strategy Officer, highlighted the financial logic. “The Portfolio comprises high-quality royalty assets that offer attractive long-term optionality. Importantly, these assets are expected to provide exposure to potential upside without requiring additional capital investment by the Company,” he stated. “This transaction reflects our disciplined, capital-efficient approach to value creation.”

Before the deal can be finalized, it must secure several key approvals, including a vote from Fusion Fuel's own shareholders at an upcoming extraordinary general meeting and a green light from the Irish Takeover Panel, which regulates acquisitions of Irish-domiciled public companies. The transaction is expected to close in the first half of 2026, assuming these conditions are met. This acquisition is positioned as a foundational step, with management signaling its intent to build a larger clean energy royalty platform focused on powering the next generation of global growth.