Last checked at 29 Apr 2022 10:16
The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 which is part of UK law by virtue of the European Union (withdrawal) Act 2018. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
29 April 2022
Clean Power Hydrogen Plc
("CPH2", the "Company" or the "Group")
Operations Update
CPH2, the UK-based green hydrogen technology and manufacturing company that has developed the IP-protected Membrane-Free Electrolyser ("MFE"), provides an update regarding commissioning and delivery of its first MFE220 unit where the Group is experiencing delays. These delays are, in part, being caused by supplier issues, similar to those that are being experienced across a number of sectors as a result of the Covid-19 pandemic and the current economic environment, which in turn have impacted the planned commissioning schedule. Additionally, there are a number of processes, including engineering modifications, that have taken longer than expected to finalise. However, none of these engineering modifications concern the overall viability of the design and the Group is fully expecting to overcome these matters in the next few months.
The Company continues to progress its sales pipeline and licensing work streams, recently announcing two additional sales (ATOME and AFCyro). CPH2's pipeline continues to grow with additional contracts expected once the first MFE220 has completed its Factory Acceptance Testing ("FAT") and is in operation at the customer's site.
Following the successful IPO, CPH2 has invested significantly in its workforce, specifically in its engineering head count with ten additional process, mechanical, and electrical engineers joining imminently, and a new head of production has been identified and will join in due course.
Jon Duffy, Chief Executive Officer of CPH2, commented:
"Whilst we are disappointed by the delays we are currently experiencing in the commissioning of our first MFE220 unit, the ongoing dialogue with our customer remains positive with a view to resolving the delays as soon as possible. In addition, we remain confident as our pipeline continues to grow. We remain on course to deliver our aims, targeting 4GW production capacity by 2030, and are certain of our ability deliver on the opportunities ahead."
For more information, please contact:
Clean Power Hydrogen Plc | via Camarco |
Jon Duffy, Chief Executive Officer | |
Cenkos Securities plc - NOMAD & Broker | |
Neil McDonald | +44 (0)131 220 9771 |
Peter Lynch | +44 (0)131 220 9772 |
Adam Rae | +44 (0)131 220 9778 |
Camarco PR | + 44(0) 20 3 757 4980 |
Billy Clegg | |
Owen Roberts | |
Monique Perks Lily Pettifar |
To find out more, please visit: https://www.cph2.com
Overview of CPH2
CPH2 is the holding company of Clean Power Hydrogen Group Limited ("Clean Power") which has almost a decade of dedicated research and product development experience. This experience has resulted in the creation of simple, safe and sustainable technology which is designed to deliver a modular solution to the hydrogen production market in a cost-effective, scalable, reliable and long-lasting manner. The Group's strategic objective is to deliver the lowest LCOH in the market in relation to the production of green hydrogen. The Group's MFE technology is already commercially available and demonstrating cost efficiencies and technological advantages. CPH2 is listed on the AIM market and trades under the ticker LON:CPH2.