Clean Power Hydrogen reports solid full-year progress

19th Apr 2024 08:59

(Sharecast News) - UK-based green hydrogen technology company Clean Power Hydrogen (CPH2) reported solid progress towards the commercial rollout of its membrane-free electrolyser (MFE) technology in its final results on Friday, driven by a revamped engineering team.

The AIM-traded firm successfully operated the entire MFE110 system at scale during the year, along with functional testing of the control programme enabling automatic operation and shutdown.

Improvements were also made to key components, while rigorous testing informed valuable enhancements for the MFE220 design.

Financially, CPH2 reported a year-end net asset position of £21m, with £8.5m in cash or current asset investments.

The company invested £2.8m in research and design during the 12-month period.

CPH2 said it had also entered into a 10-year licensing agreement with Fabrum Solutions, granting non-exclusive rights to manufacture and sell membrane-free electrolysers in New Zealand and Australia.

The company said it was also engaged in advanced discussions with multiple potential partners for new licences and orders.

In terms of certifications, CPH2 was awarded three ISO certifications, including ISO 45001 for occupational health and safety, ISO 14001 for environmental management systems, and ISO 9001 for quality management systems.

Looking ahead, the company said it expected to complete factory acceptance testing for the MFE110 within the next three months.

Additionally, the completion and delivery of the MFE220, a 1MW system for Northern Ireland Water, was expected within the next 12 months.

"2023 has been a year of further progress for CPH2, both operationally and technically," said chief executive officer Jon Duffy.

"Our focus has centred on developing our unique technology for commercialisation, ensuring safety and scalability through rigorous testing of the MFE110.

"The successful running of the entire MFE110 system, producing separated hydrogen and oxygen gases, stands as a key milestone for CPH2, proving our differentiated technology works at scale."

At 0803 BST, shares in Clean Power Hydrogen were up 2.58% at 15.9p.

Reporting by Josh White for Sharecast.com.