Clean Power Hydrogen shares rise as announces new sales contract

(Alliance News) - Clean Power Hydrogen PLC on Monday announced a new sales contract under which it will sell an electrolyser.

The Doncaster, Yorkshire-based green hydrogen technology and manufacturing company announced a new licence deal and sales contract with Hidrigin, also known as Lisheen H2 Energy Park Ltd. The licence agreement grants Hidrigin the right to manufacture up to 2 gigawatt of MFE220 units in Ireland to connect with its own solar and wind farms across the world.

Shares in Clean Power Hydrogen jumped 21% to 9.99 pence each on Monday morning in London.

Under the sales contract, Hidrigin agrees to buy a 1MW MFE220 electrolyser, and Clean Power Hydrogen expects to deliver it next year.

Further, Clean Power announced it has reached a settlement deal with GHFG Ltd.

The company had terminated a licence deal with GHFG in June last year, saying GHFG had undertaken actions that constituted a repudiatory breach of the licence deal, and that it intended to claim damages.

Clean Power explained on Monday however that all parties "have agreed to settle and resolve matters amicably, with no admission of fault". It added: "Under the terms of the settlement, the company will not claim nor pay any damages and all legal action will be terminated by both parties."

Late in September, Clean Power said it had completed the factory acceptance test for its MFE110 electrolyser, noting it as a "major milestone" for its technology.

"The successful FAT of our MFE110 electrolyser marks the most significant milestone in CPH2's history to date. Our new, low cost and highly robust technology solution is proven. This achievement is a true testament to our unwavering commitment to innovation, quality, and safety, and positions us strongly for the next phase of our journey," Chief Executive Officer Jon Duffy said.

By Tom Budszus, Alliance News slot editor

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