CPH2 to raise £6.5m to support commercialisation of electrolyser

The Doncaster-headquarter company said it had made significant technical progress in recent months, leading up to the successful completion of the Site acceptance test (SAT) for its MFE110 electrolyser (MFE110) at Northern Ireland Water's (NIW) site in Belfast.

It has also continued to develop commercial traction with its pipeline, including the signing of a non-binding Memorandum of Understanding with Constant Energy Ltd, an Ireland-based energy developer involved in the Killala Energy Hub in County Mayo.

Four MFE220 electrolyser (MFE220) units have already been sold to three key customers with £5m of revenue contracted.

CPH2 also has licence agreements in place with Fabrum Solutions (Fabrum), Lisheen H2 Energy Park (trading as Hidrigin) and Kenera Energy Solutions, a subsidiary of Helmerich & Payn, which will enable it to rapidly scale up to meet demand for its technology.

In order to fund its short-term objective of finalising the commercialisation of its unique and highly scalable MFE product, the company is proposing to raise a minimum of £6.5m.

The fundraising is expected to be carried out by way of a subscription, a placing (by way of an accelerated book build process) and a retail offer via the Bookbuild platform.

The company has received expressions of interest to participate from, and on behalf of, certain existing shareholders and other investors, including West Hill Capital, Kenera and a number of the directors of CPH2.

 

Jon Duffy, chief executive at Clean Power Hydrogen, said: "We are at a pivotal point for the Company and the commercialisation of our technology and capital is the single biggest constraint we face as a business. 

"With the appropriate level of further funding, we are confident we will be able to finalise and deliver the first of our commercial MFE220 units and, thereafter, accelerate the roll out of our technology to our core target sectors, driving not only revenues but also shareholder value. 

"In parallel, we will continue to foster potential strategic partnerships that may bring additional capital as well as scaling and market penetration expertise."

This article was authored by Stephen Farrell for insidermedia.com and published under the title 'CPH2 to raise £6.5m to support commercialisation of electrolyser', on CPH2 to raise £6.5m to support commercialisation of electrolyser | Insider Media. It is reproduced above in accordance with section 30(2) of the Copyright, Design and Patents Act 1988