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- Highlights
Financial Performance: Clean Power Hydrogen reported a £2.3 million loss for H1 2024.- Technology Milestone: Achieved factory acceptance for its first membrane-free electrolyser, MFE110.
- Shift to Commercial Phase: Focus is now on the MFE220 system and scaling up for commercialisation.
Clean Power Hydrogen PLC (LSE:CPH2), a UK-based green hydrogen technology firm, reported a loss of £2.3 million for the six months ended 30 June 2024. The AIM-listed company, which remains in a pre-revenue stage, highlighted key developments during the period, including successful testing of its membrane-free electrolyser technology and various certifications that position it for future growth.
The company spent £1.8 million on development efforts in the period and ended June with cash reserves of £4 million. A pivotal achievement was the successful factory acceptance test (FAT) for its first scaled membrane-free electrolyser (MFE110) on 26 September. This milestone marked the first customer acceptance and validation of CPH2’s technology, underscoring its potential to compete with conventional proton exchange membrane (PEM) and alkaline electrolysers.
With the FAT completion, the company has now set its sights on a commercial shift, targeting its flagship 1MW MFE220 system as the next step in its strategic roadmap. This transition signifies a move from research and development to delivering commercial products, with the MFE220 system slated for existing contracted customers.
During the period, Clean Power Hydrogen also achieved significant certifications. In June, it received a CE marking for its electrolyser stack manufacturing process following an independent assessment. Earlier, in February, the company was awarded ISO certifications for occupational health and safety (ISO 45001), environmental management (ISO 14001), and quality management (ISO 9001).
Chief executive officer Jon Duffy described the period as one of "tremendous growth, learnings, and achievements." He emphasized that the FAT completion of the MFE110 marks a critical turning point, shifting the company’s focus firmly towards commercialisation. The next phase will include building the MFE220 system and engaging licensees in preparation for manufacturing and scale-up.
Duffy added that the company has maintained a disciplined engineering approach, ensuring the safety and reliability of its technology to deliver a cost-effective, modular solution to the hydrogen production market. This strategic focus, he noted, has successfully positioned Clean Power Hydrogen for its commercial phase.
As of 1100 BST, shares in Clean Power Hydrogen were down 4.91% at 10.65p.
