eCombustible Energy Receives $11.2 Million Strategic Investment in Connection with Entry into a $500 Million Follow-On Contract with Pamesa Group for eCombustible's Hydrogen-based Fuel Supply in Spain
Summary
MIAMI, April 5, 2022 /PRNewswire/ -- eCombustible Energy LLC, an innovator and provider of customizable hydrogen-based fuel for thermal industrial applications, has received an $11.2 million strategic investment as well as signed a follow-on contract with Pamesa Grupo Empresarial, S.L. "Pamesa is one of the largest consumers of natural gas in Spain, and one of the top five in Europe, making their operations an ideal location to introduce our patented fuel supply modules in the region," said Jorge Arevalo, Chief Executive Officer and Founder of eCombustible Energy. "As one of the top five tile producers in the world, Pamesa has taken a leading role in its industrys efforts to adopt a clean energy alternative to manufacture ceramic products, at a competitive and predictable cost considering the volatile price of natural gas and market uncertainty." Pamesa is looking to meet the environmental requirements of the European Union, which has committed to reduce CO2 emissions by up to 55% by 2030. eCombustible expects fuel sales to begin in the fourth quarter of 2022. With digital technology now fully integrated in the firm, we provide ceramic tile solutions in a fusion of the most up-to-date and functional aesthetics to create environments that stand out for their exquisite quality, evoking the perfect balance between innovation and nature.