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Highlights:
- Clean Power Hydrogen PLC raises £6.1 million via placing and share subscription to support technology development.
- Funds to drive the commercialisation of Membrane-Free Electrolyser (MFE) technology.
- Milestone achieved with the successful Factory Acceptance Test of the MFE110 unit.
Clean Power Hydrogen PLC (LSE:CPH2) announced a successful fundraising initiative, securing £6.1 million through a placing and share subscription of 81.4 million new shares at 7.5p per share. This capital injection aims to accelerate the development and commercialisation of the company’s innovative Membrane-Free Electrolyser (MFE) technology, targeting its flagship MFE220 unit.
Strategic Use of Funds
The proceeds are earmarked to bolster the company’s research, development, and commercialisation efforts. The focus lies on advancing the MFE technology, a promising solution for the green hydrogen industry, and positioning the MFE220 unit for full commercial deployment.
Jon Duffy, the chief executive, highlighted the strategic importance of the funding:
“This additional funding enables us to progress into the next phase of our development, bringing us closer to the full commercialisation of the MFE220 unit and the anticipated generation of first revenues in 2025.”
Validation of Technology
A key milestone for CPH2 came in September with the successful Factory Acceptance Test (FAT) of the MFE110 unit. This test confirmed customer acceptance and validated the scaled electrolyser technology, marking a significant step toward commercial viability.
Duffy further commented on this achievement:
“The FAT of the MFE110 unit was a significant milestone, reinforcing the potential of our unique technology to serve as a leading solution within the green hydrogen sector.”
Looking Ahead
Shareholder approval of the funding initiative is set to be determined at a general meeting scheduled for 8 January 2025. With these funds, Clean Power Hydrogen is well-positioned to strengthen its footprint in the hydrogen technology market, contributing to the broader energy transition.
The commercialisation of the MFE220 unit, coupled with validation from the successful FAT, underscores the company's commitment to delivering innovative and sustainable solutions to meet the growing demand for green hydrogen. As the company targets its first revenues in 2025, it continues to position itself as a key player in the renewable energy landscape.
