Last checked at 6 Jun 2023 07:00
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.
6 June 2023
Clean Power Hydrogen plc
("CPH2", the "Company" or the "Group")
Update on Licence Agreement with GHFG Limited
CPH2, the UK-based green hydrogen technology and manufacturing company that has developed the IP-protected Membrane-Free Electrolyser ("MFE"), announces an update regarding the Licence Agreement with GHFG Limited ("GHFG"), the terms of which were announced on 19 July 2022 (the "Licence Agreement"). GHFG is a joint venture between international renewable independent power producer, Alternus Energy Group Plc ("Alternus"), and Eric Whelan, CEO of Irish based developer, Soleirtricity.
GHFG has undertaken actions which, based on legal advice received by CPH2, the Board believes constitutes a repudiatory breach of the Licence Agreement on the part of GHFG. In response to GHFG's actions, the Directors consider it in the best interests of the Company and its shareholders to accept the repudiatory breach by GHFG, thereby terminating the Licence Agreement with immediate effect.
The Company has notified GHFG that its repudiatory breach has been accepted and that CPH2 intends to claim damages from GHFG and retain all sums paid by it to CPH2 pursuant to the Licence Agreement to date.
Jon Duffy, Chief Executive Officer of CPH2, commented:
"We are disappointed by the recent actions of GHFG. We pride ourselves on having an open dialogue with our partners and have enjoyed a very constructive relationship with them up until this point.
We continue to focus on the commercial delivery of the MFE220 1MW electrolyser and are currently undergoing testing of the MFE110. Following successful commercialisation, we expect to see increasing customer demand for our MFE technology."
For more information, please contact:
Clean Power Hydrogen plc | via Camarco |
Jon Duffy, Chief Executive Officer James Hobson, Chief Financial 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 | |
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.