Clean Power Hydrogen Operational Update (1865H)
November 22 2022 - 2:00AM
UK Regulatory
TIDMCPH2
RNS Number : 1865H
Clean Power Hydrogen
22 November 2022
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22 November 2022
Clean Power Hydrogen Plc
("CPH2", the "Company" or the "Group")
Operational Update
CPH2, the UK-based green hydrogen technology and manufacturing
company that has developed the IP-protected Membrane-Free
Electrolyser ("MFE"), provides an update on the delivery and
deployment of the first two MFE 220 units.
As previously announced, the Company has experienced delays
caused by both ongoing global supply chain issues and the
engineering and scale-up issues identified in the preliminary
commissioning of its initial units. The Company continues to
progress through its technology pathway for the design of its next
generation MFE 220 unit to address these issues, with optimised
units still expected to be available for delivery by late 2023.
In recent weeks, the Company has identified a further potential
issue with the design and operation of the cryostat unit within the
existing MFE 30 test unit with investigations currently ongoing. If
confirmed, this issue will be addressed in the next generation MFE
220 units as part of the ongoing upgrade and design adjustments.
However, a retrofit solution will require to be implemented for the
initial two units that will result in a delay to the delivery of
these to customers, which had been scheduled for October 2022.
As a result of these further delays, Octopus Hydrogen has
informed the Company that it has cancelled its order with the
Company, as it intends to use an alternative electrolyser solution
at its first site, which is expected to go live in the coming
weeks. As a result, the Company has reimbursed the deposit paid by
Octopus Hydrogen.
Jon Duffy, Chief Executive Officer of CPH2, commented:
" We are disappointed by the ongoing delays to the commissioning
of our first MFE 220 unit. However, we understand the issues and
are working through them thoroughly and sustainably. Our number one
priority is ensuring that we are able to deploy our first MFE 220
units in the field and to have these operating responsibly and
efficiently. I would like to thank Octopus Hydrogen for their
patience, support and understanding.
The business continues to gain commercial traction and interest
in our technology and our pipeline of potential orders continues to
grow. The Company remains on course to deliver our aims, targeting
4GW production capacity by 2030.
We continue to develop the technical team in place at the
Company, with the business maintaining a strong balance sheet it is
well funded to deliver on our business plan and to continue to
address the significant market opportunity."
For more information, please contact:
Clean Power Hydrogen Plc via Camarco
Jon Duffy, Chief Executive Officer
Cenkos Securities plc - NOMAD & Broker
+44 (0)131 220
Neil McDonald 9771
+44 (0)131 220
Peter Lynch 9772
+44 (0)131 220
Adam Rae 9778
+ 44(0) 20 3 757
Camarco PR 4980
Billy Clegg
Owen Roberts
Fergus Young
To find out more, please visit: https://www.cph2.com
Overview of CPH2
CPH2 is the holding company of Clean Power Hydrogen Group
Limited ("Clean Power") which has almost a decade of dedicated
research and product development experience. This experience has
resulted in the creation of simple, safe and sustainable technology
which is designed to deliver a modular solution to the hydrogen
production market in a cost-effective, scalable, reliable and
long-lasting manner. The Group's strategic objective is to deliver
the lowest LCOH in the market in relation to the production of
green hydrogen. The Group's MFE technology is already commercially
available and demonstrating cost efficiencies and technological
advantages. CPH2 is listed on the AIM market and trades under the
ticker LON:CPH2.
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