Green hydrogen developer Mercury Renewables plans to raise €100 million later this year to fund further expansion after announcing a key project for the northwest.

Mercury is seeking permission to build a €200 million green hydrogen plant at Firlough on the Mayo-Sligo border.

The plant will use wind-generated electricity to produce enough fuel to power almost 17,000 cars a year, positioning the company as Ireland’s first large-scale player in the industry.

Tim Bills-Everett, Mercury’s chief operations officer, said the company is weighing further projects here and in Britain.

“We’re intending to go out to the market later this year to raise at least €100 million for new developments,” he confirmed.

Foxford, Co Mayo-based Mercury has already identified up to three sites in Britain that it says could be suitable for development, while it believes the west of Ireland has huge potential for its industry.