Fusion Fuel (HTOO): Testing the $1.6 Million LPG Run-Rate Claim

Fusion Fuel said on September 10, 2026 that indirect subsidiary Al Shola Gas had taken delivery of a new LPG bobtail tanker. The central number—about $1.6 million of annual recurring revenue—is management’s target at a future run-rate, not revenue already earned.

Confirmed operating facts

• The vehicle has about 17,800 liters of LPG capacity and is expected to operate 10–12 hours per day, seven days per week.
• Management expects it to ramp to roughly 200 metric tons of monthly deliveries within four to six months after entering service.
• At that volume, the company estimates AED 400,000–500,000 ($109,000–$136,000) of monthly revenue. The cited AED 6 million ($1.6 million) annual figure uses the upper end and assumes the target is reached and sustained.
• The addition took the fleet to 53 vehicles, including three LPG bobtails; a fourth, smaller bobtail was in production.
• Al Shola Gas obtained a Dubai Supreme Council of Energy Petroleum Products Permit covering specified LPG distribution, transport, sale, and storage activities.

The key distinction

Capacity is not demand. The new asset can support deliveries, but the filing provides no signed-customer backlog or realized margin for the unit. The permit may enable tender participation; it does not guarantee tender awards.

What to monitor

Look for actual monthly tonnage after the four-to-six-month ramp window, realized revenue versus the AED 400,000–500,000 target, utilization of the fourth vehicle, and cash required to support expansion. Regional disruption, LPG demand, competition, financing, permit renewal, and foreign-exchange effects are all identified risks.

Sources

• Fusion Fuel Form 6-K filed September 10, 2026
• Exhibit 99.1 — LPG capacity and permit announcement

This article is informational and is not investment advice.