Clean Power Hydrogen reports £2m loss as it moves to commercial phase

27th Sep 2024 11:28

(Sharecast News) - Clean Power Hydrogen, a UK-based green hydrogen technology company, reported a loss of £2.3m for the six months ended 30 June on Friday.

The AIM-traded firm, which is pre-revenue, spent £1.8m on development work during the period, and had cash reserves of £4m at the end of June.

A key recent highlight was the completion of the factory acceptance test (FAT) for its first scaled membrane-free electrolyser (MFE110) on 26 September, the board reported.

It said that milestone marked the first customer acceptance and validation of its membrane-free technology, positioning it as a potential competitor to traditional PEM and alkaline electrolysers.

The company said it was now transitioning from the research and development phase to a commercial focus, with its flagship 1MW MFE220 system as the next target.

CPH2 also achieved several certifications during the period.

In June, the company received a CE marking for its electrolyser stack manufacturing process after an independent assessment.

Earlier, in February, CPH2 was awarded ISO certifications for occupational health and safety (ISO 45001), environmental management (ISO 14001), and quality management (ISO 9001).

"The last period has been one of tremendous growth, learnings and achievements," said chief executive officer Jon Duffy.

"The FAT completion of the MFE110 is the most significant milestone in CPH2's journey to market and marks a turning point in the company's strategic direction towards commercialisation."

Duffy said the commerciality phase would focus on building MFE220 - the firm's 1MW system - to its existing contracted customers, as well as activating its licensees in preparation for manufacturing and scale.

"We maintained a disciplined engineering approach, prioritising the safety and reliability of the technology in order to create a product that delivers a modular solution to the hydrogen production market in a cost-effective, scalable, reliable and long-lasting manner and in doing so have reached commercialisation."

At 1100 BST, shares in Clean Power Hydrogen were down 4.91% at 10.65p.

Reporting by Josh White for Sharecast.com.