Portuguese-based hydrogen firm Fusion Fuel is filing for insolvency and suing investor Hydrogenial S.A., claiming it failed to follow through with $33.5m.
Having issued damages claimed against the investor and its director Norbert Bindner, Fusion Fuel says Hydrogenial had committed to buying 43.8 million shares with warrants to purchase 13 million more.
But the original closing date of September 30 passed and no funding had been made.
Despite Hydrogenial requesting an extension, which was granted until October 25, Fusion Fuel says it continued to receive no payments.
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