REG - Clean Power Hydrogen - Update on Licence Agreement with GHFG Limited

Clean Power HydrogenAnnouncement

06/06/2023 07:00

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RNS Number : 7098B  Clean Power Hydrogen  06 June 2023

 

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6 June 2023

 

Clean Power Hydrogen plc

("CPH2", the "Company" or the "Group")

 

Update on Licence Agreement with GHFG Limited

 

CPH2, the UK-based green hydrogen technology and manufacturing company that
has developed the IP-protected Membrane-Free Electrolyser ("MFE"), announces
an update regarding the Licence Agreement with GHFG Limited ("GHFG"), the
terms of which were announced on 19 July 2022 (the "Licence Agreement"). GHFG
is a joint venture between international renewable independent power producer,
Alternus Energy Group Plc ("Alternus"), and Eric Whelan, CEO of Irish based
developer, Soleirtricity.

 

GHFG has undertaken actions which, based on legal advice received by CPH2, the
Board believes constitutes a repudiatory breach of the Licence Agreement on
the part of GHFG.  In response to GHFG's actions, the Directors consider it
in the best interests of the Company and its shareholders to accept the
repudiatory breach by GHFG, thereby terminating the Licence Agreement with
immediate effect.

 

The Company has notified GHFG that its repudiatory breach has been accepted
and that CPH2 intends to claim damages from GHFG and retain all sums paid by
it to CPH2 pursuant to the Licence Agreement to date.

 

 

Jon Duffy, Chief Executive Officer of CPH2, commented:

 

"We are disappointed by the recent actions of GHFG. We pride ourselves on
having an open dialogue with our partners and have enjoyed a very constructive
relationship with them up until this point.

 

We continue to focus on the commercial delivery of the MFE220 1MW electrolyser
and are currently undergoing testing of the MFE110. Following successful
commercialisation, we expect to see increasing customer demand for our MFE
technology."

 

 

 

For more information, please contact:

 

 Clean Power Hydrogen plc                    via Camarco
 Jon Duffy, Chief Executive Officer

 James Hobson, Chief Financial Officer

 Cenkos Securities plc - NOMAD & Broker
 Neil McDonald                               +44 (0)131 220 9771
 Peter Lynch                                 +44 (0)131 220 9772
 Adam Rae                                    +44 (0)131 220 9778

 Camarco PR                                  + 44(0) 20 3 757 4980
 Billy Clegg
 Owen Roberts
 Lily Pettifar

 

To find out more, please visit: https://www.cph2.com (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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