REG - Clean Power Hydrogen - Interim Results
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RNS Number : 2981B Clean Power Hydrogen PLC 30 September 2025
The information communicated within this announcement is deemed to constitute
inside information as stipulated under the Market Abuse Regulations (EU) No.
596/2014 which is part of UK law by virtue of the European Union (withdrawal)
Act 2018. Upon the publication of this announcement, this inside information
is now considered to be in the public domain.
30 September 2025
Clean Power Hydrogen plc
("CPH2", the "Company" or the "Group)
Interim Results for the six months ended 30 June 2025
CPH2, the disruptive hydrogen technology and manufacturing company that has
developed the IP-protected Membrane-Free Electrolyser ("MFE"), is pleased to
announce its unaudited results for the six months ended 30 June 2025.
Highlights
· Pivotal milestone reached on 7th May when the MFE110, the Company's
first generation scaled membrane free electrolyser, successfully completed its
Site Acceptance Test ("SAT") by the customer. This confirmed CPH2's disruptive
MFE technology working at scale on a customer site for the first time.
· SAT demonstrated the MFE110 producing high purity hydrogen in excess
of 99.999mol% over a prolonged period and 99.7wt% purity oxygen. Hydrogen
generated with CPH2's technology exceeds fuel cell grade purity (ISO 14687), a
notably high performance which allows a wider range of potential applications
and product value.
· First time appointment of an internationally experienced Chief
Commercial Officer, Richard Scott, in linewith CPH2s transition into next
stage of commercialisation.
· Memorandum of Understanding signed with Constant Energy for supply of
an initial five 1MW MFE220 next generation units.
· CPH2's first manufacturing and design licence ("licence package")
submitted to Hidrigin and Jones Engineering for review and study in advance of
manufacturing preparations for MFE220 electrolysers in Ireland.
· Licence package submitted to its licensee Kenera, a Helmerich &
Payne ("H&P") Company, for manufacturing MFE electrolysers in Germany.
· Benefits of MFE™ hydrogen and oxygen production in a growing market
space of 'mission critical' applications outlined in technology white paper to
the industry. This white paper evidenced how MFE electrolysis can disrupt the
market, with lower lifetime cost of hydrogen production, eliminating the need
for unreliable membranes, expensive platinum, iridium and PFA 'forever
chemicals', while maintaining efficiency across variable wind and solar power.
Financial Highlights
· Cash and cash equivalents of £1.8m at 30 June 2025
· Successful fundraise completed in January 2025 receiving £6.1m gross
proceeds
· Loss of £3.4m in the six months to June 2025
· £0.6m spent on development work in the period
Post-Period End
· Received £7.4m gross proceeds in September 2025 from successful
oversubscribed fundraise, including significant contributions from existing
retail shareholders and Directors.
o Fundraise enables the completion of the next major milestone - SAT of
CPH2's next generation commercial 1MW MFE220 unit, generating first revenues -
and accelerating commercial pipeline growth, new product sales and licensee
activation.
Jon Duffy, CEO of CPH2, commented:
"The first half of 2025 has been a breakthrough period for CPH2, defined by
the successful completion of our customers' Site Acceptance Test for the
MFE110. This pivotal achievement marks the culmination of years of technical
innovation and dedication from our talented team to deliver proven and
patented technology, representing a critical inflection point in our business
as we transition into full commercial deployment.
Having now validated our disruptive technology in a real-world operational
environment, we are confident in both the performance and reliability of our
customer / market solution and its defined product market fit. This SAT
milestone not only demonstrates our capability to deliver at scale but also
unlocks new commercial opportunities solving known problems for our target
customers in mission critical applications. We will now accelerate customer
acquisition and licensee development.
Our focus is now firmly on achieving clear, targeted commercial milestones
including executing our growing order book and achieving meaningful revenue. I
would like to express my sincere appreciation to our employees, partners, and
shareholders for their unwavering support through the completed R&D phase
which has delivered long-term secure competitive advantage. Together, we are
poised to enter an exciting commercialisation phase preparing for growth, with
a proven and patented technology. Our business is now ready to make a
significant impact on the clearly defined 'mission critical' market, for
customer applications that seek energy savings, energy resilience and a lower
environmental impact, where electrification is compromised."
For more information, please contact:
Clean Power Hydrogen plc via Camarco
Jon Duffy, Chief Executive Officer
James Hobson, Chief Financial Officer
Cavendish Capital Markets Limited - 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 3757 4980
Owen Roberts
Kirsty Duff
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 which has
almost a decade of dedicated research and product development experience. This
has resulted in the delivery of proven and patented disruptive hydrogen
technology. Customers benefit from simple, safe and sustainable technology
shown to deliver a modular solution to their hydrogen requirements 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 at this scale. CPH2 is listed on the AIM
market and trades under the ticker LON:CPH2.
Chief Executive's Statement
Strategic update
Our strategic priorities for the first half of 2025 centered on delivering the
commercialisation of our technology and demonstrating our projected market
position as a lowest lifetime cost leader in green hydrogen at this scale and
for co-located solutions.
The successful completion of the Site Acceptance Test (SAT) has been
transformative, validating our disruptive technology in a 'real-world'
customer environment and providing a strong foundation for scaling up our
commercial operations. We've shown how we can co-locate hydrogen and oxygen
production in the mission critical application of wastewater treatment.
Our technology also has a strong product market fit in grid stability
solutions, renewable energy asset support, data center uptime, biomass plant
efficiency, life sciences, medical uses and return-to-base mobility.
We have intensified our focus on activating licensee partnerships, developing
our pipeline of contracted customer projects, and enhancing operational
readiness to meet growing market demand in our defined sectors. Investment in
our next milestone continues to be a priority, as we work towards completion
of the next generation 1MW MFE220 unit.
Looking ahead, our strategy remains clear: execute on our commercial plan,
which includes accelerating our commercial pipeline growth, completing the
activation of our licensees whilst delivering our existing order book and
optimising our technology with the MFE220. We are targeting co-located
'mission critical' customer applications for our technology where there is a
clear economic case, a strong counterparty, and an identifiable compulsion to
buy, due to a known customer problem.
With proven, patented technology and a robust customer pipeline, CPH2 is
well-positioned to capitalise on customer applications seeking an economically
viable solution to decarbonisation, energy resilience and hydrogen supply,
particularly where electrification is not viable, either technically or
commercially. In these growing target sectors CPH2 offers disruptive
technology that delivers value for all stakeholders.
Commercial update
In line with the transition to the next stage of commercialisation of our
MFE™ technology, we were very pleased to welcome Richard Scott as our Chief
Commercial Officer ("CCO"). Richard joined with over 30 years' experience in
the energy sector, spanning commercial management, business and market
development roles, bringing global expertise in the green fuels market and a
strong track record of scaling projects to commercial viability. As CCO,
Richard will lead the acceleration of CPH2's commercial growth, overseeing
licensee activation, building the contracted order book, and refining the
market engagement strategy.
The successful SAT of the MFE110 at Northern Ireland Water's site (discussed
below), was a pivotal milestone, representing independent validation of the
scaled MFE technology successfully operating at site. It marks the start of
commercial hydrogen and oxygen production by CPH2 products, providing a
real-world demonstration which has been keenly followed by commercial
interested parties. As a first-time successful demonstration of electrolysers
in a water treatment application, as well as first time successful operation
of a scaled hydrogen electrolyser in Northern Ireland, we believe the
first-mover advantage will pay dividends.
Following on from this success, we announced the signing of a Memorandum of
Understanding with Constant Energy for supply of an initial five 1MW MFE220
units. Constant Energy was recently granted planning permission for the
Killala Energy Hub, a proposed hydrogen and energy centre in County Mayo,
Ireland with the proposed site linking wind and solar energy production to
Constant Energy's site, to produce green hydrogen utilising CPH2's
IP-protected MFE technology.
The period also saw real commercial progress with the licensee model, when in
June, CPH2's first manufacturing and design licence ("licence package") was
submitted to Hidrigin and Jones Engineering for review and study in advance of
manufacturing preparations for MFE220 electrolysers in Ireland. Shortly after,
CPH2 announced the submission of its licence package to its licensee Kenera
Energy Solutions, a Helmerich & Payne ("H&P") Company. We continue
to progress with the deployment of our licence model, whilst focusing on the
delivery of our four existing contracts and driving commercial growth.
Technology update
During the H1 period, we were pleased to report the successful completion of the SAT for the MFE110 electrolyser at Northern Ireland Water. The SAT is a critical phase that follows the Factory Acceptance Test (FAT) and involves a series of tests specified and witnessed by the customer, conducted on-site, to validate that the equipment operates correctly in its working environment. This process also ensures that the control and safety systems are fully operational and that the electrolyser meets all functional specifications prior to being put into service.
The SAT for the MFE110 electrolyser included comprehensive checks of the unit's installation, integration with site systems, and verification of performance metrics such as hydrogen and oxygen output, pressure, flow rate, and purity levels. All required thresholds were achieved, confirming the unit's readiness for operational deployment with the MFE110 producing high purity hydrogen of 99.999mol% over a prolonged period and 99.7wt% oxygen. Hydrogen generated exceeded fuel cell grade purity (ISO 14687) on a consistent basis, a notably high performance which allows a wide range of mission critical customer applications.
Following on from successful operation of the MFE110 at Northern Ireland Water's site, it was pleasing to note the publication of a report on wastewater treatment efficiency gains, from engineering consultant Lagan. The report detailed amongst other efficiencies, a 13% reduction in energy costs through the use of purified oxygen in wastewater treatment at Northern Ireland Water's site, where CPH2's technology will be supplying oxygen. The wastewater sector is a clear application for MFE technology, where we see a significant amount of global growth.
With the design of the Company's commercial 1MW MFE220 completed, the build
program of the first MFE220 for Northern Ireland Water is progressing well and
on target. Once the build is completed the electrolyser will undertake a
commissioning process, where three sequential stages of FAT are undertaken and
each signed off by the customer. The process culminates in the final FAT level
3 which includes a series of customer-witnessed performance tests and
operation sequences including automated shutdowns, which satisfies the
customer of meeting the commercial specifications. Completion of FAT level 3
(Q1 2026) for the Company's first commercial 1MW MFE220 will be a significant
important milestone for CPH2.
Following completion of the FAT tests, MFE220 will be shipped to Belfast and
there undergo a similar commissioning program with three stages of SAT, with
the final level 3 SAT in Q2 2026 which will represent customer witnessed
independent validation of successful operation on the customer's site for
CPH2's first commercial 1MW MFE220, and will be when first revenues are
generated.
A technology whitepaper launched during H1 highlighted the benefits and advantages of Membrane-free technology versus legacy Proton Exchange Membrane (PEM) and Alkaline (AEL) electrolysers. The paper explored data from independently verified customer test results, and independent academic insight, to highlight how MFE electrolysers are best suited to mission critical operations. These included reliable water supply, biomass plant efficiency, electricity grid support and renewable asset enhancement, data centre uptime, life sciences and medical uses, along with return-to-base mobility. The paper shows how CPH2's technology can be shown to improve levelised costs versus legacy approaches at this scale and is able to follow the variable load of wind and solar power, with limited loss of efficiency, and still deliver high purity hydrogen and oxygen.
Financial review
CPH2's financial position is underpinned by a clear strategy to invest for
growth while maintaining a disciplined approach to capital allocation. The
company is well-placed to capitalise on the accelerating demand for reliable,
co-located hydrogen solutions, with the MFE220 development representing a key
value driver for shareholders. The Board and management remain committed to
transparent communication with investors as the company navigates this
exciting phase of commercial expansion.
The Company incurred a loss of £3.4m for the period ended 30 June 2025 (H1
2024: £2.3m). Administrative costs (H1 2025: £3m) were tightly controlled
and in line with H2 2024, though £0.6m higher than the comparative period.
The Company invested £0.6m in development costs, (H1 2024: £1.8m) reflecting
a reduced focus on development given that CPH2 completed its R&D Phase
last year and is now in its Commerciality Phase. An onerous contract loss of
£0.7m was incurred (H1 2024: nil) due to an increase in expected costs for
the completion of CPH2's first commercial 1MW system. A key target in the
Company's Commerciality Phase is to optimise and refine the build costs in
readiness for manufacturing at scale.
In January 2025 successfully completed a fundraise, receiving £6.1m gross
proceeds. With careful cash management, cash and cash equivalents (including
term deposits) as at 30 June 2025 were £1.8m, an increase of £1.5m from 31
December 2024.
Subsequent to the year end, we were pleased to complete an oversubscribed
fundraise on 18 September 2025 receiving approximately £7.4m gross proceeds,
placing the Company on a secure financial position for at least the next 12
months.
The net proceeds from the fundraising will be allocated to support the Group's
working capital needs up to the Site Acceptance Test (SAT) of its first
commercial MFE220 unit. Additionally, these funds will be used to grow the
commercial pipeline and boost new product sales, directly and through
licenses.
The Company is firmly committed to converting its commercial pipeline into
confirmed orders, driving further pipeline expansion, leveraging test outcomes
at NIW to engage with water utilities across the UK and Europe, and assisting
licensees in beginning manufacturing and sales activities.
Conclusion and Outlook
CPH2 has achieved a significant milestone by successfully commercialising its
market-disrupting membrane-free electrolyser technology, demonstrated by the
deployment of the MFE110 system after nearly a decade of dedicated R&D.
This breakthrough validates membrane-free technology as a competitive and
sustainable alternative to conventional electrolysers and is a catalyst for
accelerating future commercial growth.
Looking ahead, the development and commercial launch of the next generation
1MW MFE220 system which we are on target to complete within the next 12
months, represents the next major step in our journey, generating first
revenues and validating the commercial performance of our 1MW commercial
product.
The accelerating global momentum toward clean energy and green hydrogen
adoption at this scale and in co-located mission critical applications
presents significant opportunities for CPH2. By providing cost-effective,
reliable, and scalable electrolyser solutions, we are well-positioned to
support the widespread transition to sustainable hydrogen for identifiable
customers. While we remain aware of the challenges in scaling and market
development, our robust technical platform, strategic partnerships, and
committed team give us confidence in our future success.
We extend our gratitude to our staff and shareholders for their continued
support and look forward to sharing further progress as we advance the MFE220,
achieve new milestones, and drive innovation in the growing hydrogen sector.
Jon Duffy
Chief Executive Officer
Consolidated Statement of Comprehensive Income
FOR THE PERIOD ENDED 30 JUNE 2025
Note 6 months ended 6 months ended Year ended
30 June 2025 30 June 2024 31 December 2024
Unaudited Unaudited Audited
£'000 £'000 £'000
Revenue 4 - -
Cost of sales (4) - -
Other operating income - - 334
Administrative expenses (3,036) (2,753) (5,704)
Impairment losses - - (9,124)
Onerous contract losses 4 (655) - (538)
Operating loss (3,691) (2,753) (15,032)
Finance income 43 113 134
Finance expense (20) (22) (47)
Loss before taxation (3,668) (2,662) (14,945)
Taxation 5 311 357 508
Loss for the financial period (3,357) (2,305) (14,437)
Items that may be reclassified subsequently to profit or loss:
Foreign currency translation differences (16) 9 19
Fair value decrease in respect of investments - (254) (355)
Total comprehensive expense for the period (3,373) (2,550) (14,773)
Basic and diluted earnings per share (pence) 6 (0.96) (0.86) (5.37)
The accompanying notes are an integral part of these condensed consolidated
financial statements.
Consolidated Statement of Financial Position
AS AT 30 JUNE 2025
Note 30 June 2025 30 June 31 December
2024 2024
Unaudited Unaudited Audited
£'000 £'000 £'000
Assets
Non-current assets
Intangible assets 7 5,131 9,427 4,608
Property, plant and equipment 1,360 2,736 1,535
Fair value through OCI investments 8 - 805 -
Trade and other receivables 120 120 120
6,611 13,088 6,263
Current assets
Inventories 9 1,501 3,966 1,614
Trade and other receivables 10 1,908 1,650 1,476
Cash and cash equivalents 1,826 4,000 327
5,235 9,616 3,417
Total assets 11,846 22,704 9,680
Liabilities
Current liabilities
Trade and other payables 11 (1,172) (1,562) (1,275)
Lease liabilities (175) (162) (198)
(1,347) (1,724) (1,473)
Non-current liabilities
Deferred income 11 (1,166) (1,771) (1,166)
Lease liabilities (533) (672) (626)
(1,699) (2,443) (1,792)
Total liabilities (3,046) (4,167) (3,265)
Net assets 8,800 18,537 6,415
Equity
Called up share capital 12 3,544 2,682 2,697
Share premium account 13 32,603 27,707 27,745
Merger reserve 3,702 3,702 3,702
Currency translation reserve (3) 3 13
Accumulated loss (31,046) (15,557) (27,742)
Total equity 8,800 18,537 6,415
The accompanying notes are an integral part of these condensed consolidated
financial statements.
Consolidated Statement of Changes in Equity
FOR THE PERIOD ENDED 30 JUNE 2025
Called up Share Merger Foreign Accumulated Total
share premium reserve currency loss equity
capital account reserve
£'000 £'000 £'000 £'000 £'000 £'000
Balance as at 1 January 2024 2,682 27,707 3,702 (6) (13,132) 20,953
Loss for the financial year - - - - (14,437) (14,437)
Other comprehensive expense - - - 19 (355) (336)
Total comprehensive expense for the year - - - 19 (14,792) (14,773)
Share based payments - - - - 182 182
Issue of share capital 15 38 - - - 53
Total contributions by owners 15 38 19 182 235
Balance as at 31 December 2024 2,697 27,745 3,702 13 (27,742) 6,415
Loss for the financial period - - - - (3,357) (3,357)
Other comprehensive expense - - - (16) - (16)
Total comprehensive expense for the period - - - (16) (3,357) (3,373)
Share based payments - - - - 53 53
Issue of share capital (note 12) 847 4,858 - - - 5,705
Total contributions by owners 847 4,858 - - 53 5,758
Balance as at 30 June 2025 3,544 32,603 3,702 (3) (31,046) 8,800
Comparatives for the six months ended 30 June 2024 are provided separately
below:
Called up Share Merger Foreign Accumulated Total
share premium reserve currency loss equity
capital account reserve
£'000 £'000 £'000 £'000 £'000 £'000
Balance as at 1 January 2024 2,682 27,707 3,702 (6) (13,132) 20,953
Loss for the financial period - - - - (2,305) (2,305)
Other comprehensive expense - - - 9 (254) (245)
Total comprehensive expense for the year - - - 9 (2,559) (2,550)
Share based payments - - - - 134 134
Total contributions by owners - - - - 134 134
Balance as at 30 June 2024 2,682 27,707 3,702 3 (15,557) 18,537
Consolidated Cash Flow Statement
FOR THE PERIOD ENDED 30 JUNE 2025
6 months 6 months Year ended
ended ended 31 December
30 June 2025 30 June 2024 2024
Unaudited Unaudited Audited
£'000 £'000 £'000
Cash flow from operating activities
Loss for the financial period (3,357) (2,305) (14,437)
Adjustment for:
Depreciation and amortisation 255 259 532
Impairment losses - - 9,124
Onerous contract losses 655 - 538
Profit on disposal - - (8)
Share based payments 53 134 182
Foreign exchange (22) 12 29
Net finance income (23) (91) (87)
Taxation credit (311) (357) (508)
Changes in working capital:
(Increase) in inventories (542) (811) (824)
(Increase)/decrease in trade and other receivables (121) 156 (127)
Increase/(decrease) in trade and other payables (103) 516 (914)
Cash used in operations (3,516) (2,487) (6,500)
Income tax received - - 608
Net cash used in operating activities (3,516) (2,487) (5,892)
Cash flows from investing activities
Current asset investments withdrawn - 6,000 6,000
Purchase of property, plant and equipment (20) (143) (241)
Proceeds from sale of plant and equipment - - 22
Purchase of intangible assets (577) (1,867) (2,752)
Proceeds from sale of investments - - 704
Net cash generated from investing activities (597) 3,990 3,733
Cash flows from financing activities
Issue of share capital (net of costs) 5,705 - 53
Interest received 43 113 134
Interest paid (20) (22) (47)
Payment of lease liabilities (116) (62) (122)
Net cash generated from financing activities 5,612 29 18
Net increase/(decrease) in cash and cash equivalents 1,499 1,532 (2,141)
Cash and cash equivalents at the beginning of the period 327 2,468 2,468
Cash and cash equivalents at the end of the period 1,826 4,000 327
Notes to the Condensed Interim Financial Statements
FOR THE PERIOD ENDED 30 JUNE 2025
1 Corporate information
Clean Power Hydrogen plc is a public company incorporated in the United
Kingdom and listed on the Alternative Investment Market ("AIM"). The
registered address of the Company is Unit D Parkside Business Park, Spinners
Road, Doncaster, England, DN2 4BL. The principal activity of the Company is as
a holding company for subsidiaries engaged in the development of a patented
method of hydrogen and oxygen production, together with the development of a
gas separation technique which enables hydrogen to be produced as 'Green
Hydrogen' and oxygen to medical grade purity.
2 Basis of preparation
This unaudited condensed interim consolidated financial statements for the six
months ended 30 June 2025 and 30 June 2024 have been prepared in accordance
with UK adopted international accounting standards ('IFRS') including IAS 34
'Interim Financial Reporting'.
The accounting policies applied by the Group include those as set out in the
consolidated financial statements for the Group for the year ended 31 December
2024 and are consistent with those to be used by the Group in its next
financial statements for the year ending 31 December 2025.
There are no new standards, interpretations and amendments which are not yet
effective in these financial statements, expected to have a material effect on
the Group's future financial statements.
The condensed interim financial statements do not contain all of the
information that is required to be disclosed in a full set of IFRS financial
statements. The condensed interim financial statements for the six months
ended 30 June 2025 and 30 June 2024 are unaudited and do not constitute the
Group or Company's statutory financial statements for those periods.
The comparative financial information for the full year ended 31 December 2024
has, however, been derived from the audited statutory financial statements for
Clean Power Hydrogen plc for that period. A copy of those statutory financial
statements has been delivered to the Registrar of Companies. The auditor's
report on those accounts was unqualified and did not contain a statement under
section 498(2)-(3) of the Companies Act 2006.
These policies have been applied consistently to all periods presented, unless
otherwise stated.
The condensed interim financial statements have been prepared under the
historical cost convention with the exception of the fair values applied in
accounting for share based payments and investments. The condensed interim
financial statements and the notes to the financial statements are presented
in thousands of pounds sterling ('£'000'), the presentation currency of the
Group, except where otherwise indicated.
Going Concern
On 18 September 2025 the Group completed a fundraise with new and existing
shareholders, receiving £7.4m gross proceeds (£6.7m net proceeds). The
purpose of the fundraise was to provide 12 months working capital to enable
the completion of SAT of CPH2's first commercial MFE220 unit and accelerate
commercial pipeline growth and new product sales.
In assessing the Group's ability to operate as a going concern, the Board have
prepared cash flow forecasts for the period to 31 December 2026 in relation to
likely future cash flows for the foreseeable future. The forecast shows that
the Group will be able to continue operating within the level of cash reserves
for a period of 12 months from the date of approval of these condensed interim
financial statements. The Board also reviewed the opportunities for additional
funding, key potential risks associated with the forecast along with potential
actions to mitigate the risks, as well as potential cost reductions.
After careful consideration, the Directors have concluded that it is
appropriate to prepare the condensed consolidated financial statements on a
going concern basis.
3 Segment reporting
IFRS 8 Operating Segments, requires operating segments to be identified on the
basis of internal reports that are regularly reviewed by the company's chief
operating decision maker. The chief operating decision maker is considered to
be the executive Directors.
The Group at this stage comprises only one operating segment for the
development and sale of equipment for the electrolytic production of clean
hydrogen and oxygen. This is monitored by the chief operating decision maker
and strategic decisions are made on the basis of adjusted segment operating
results.
4 Onerous contract losses
Losses on onerous contracts are recognised where the expected costs to
complete a sales contract exceeds the contracted sales value. During the
period ended 30 June 2025 £249,000 of the brought forward provision for
onerous contracts was utilised against the contract costs. The expected costs
to completion for a sales contract which had previously met the criteria of an
onerous contract has increased by £655,000 and accordingly work in progress
costs associated with the sales contract was written off by that amount. As at
30 June 2025 the remaining provision for onerous contracts was £289,000.
5 Taxation
Tax credits arise in respect of research and development expenditure with
resulting losses surrendered for a tax refund. The credits relate to the claim
submitted for the year ended 31 December 2024 and an estimate for the claim
for the period ended 30 June 2025.
6 Earnings per share
30 June 30 June 31 December 2024
2025 2024
Loss used in calculating earnings per share (£'000) (3,357) (2,305) (14,437)
Weighted average number of shares for basic EPS (000) 350,201 268,184 268,905
Basic and diluted loss per share (pence) (0.96) (0.86) (5.37)
There is no dilutive effect on a loss. There are potentially dilutive options
in place over 25,865,750 ordinary shares at 30 June 2025.
7 Intangible fixed assets
Development costs Patents Software Total
£'000 £'000
£'000 £'000
Cost
At 1 January 2025 9,981 434 55 10,470
Additions 534 43 - 577
Exchange movements - 4 - 4
At 30 June 2025 10,515 481 55 11,051
Accumulated depreciation and impairment
At 1 January 2025 5,642 171 49 5,862
Charge for the period - 52 6 58
At 30 June 2025 5,642 223 55 5,920
Net book amount
At 30 June 2025 4,873 258 - 5,131
At 31 December 2024 4,339 263 6 4,608
The development costs relate to the direct expenditure incurred on the Group's
membrane free electrolysis technology.
8 Investments held at fair value through other comprehensive income
The Company previously held 1,412,429 ordinary £0.02 shares in ATOME plc
which were sold during 2024. The fair value at the comparative period
balance sheet date was measured using the quoted price on the AIM market at
that date (a level 1 input using the price from an active market).
9 Inventories
30 June 2025 30 June 31 December 2024
2024
£'000 £'000 £'000
Raw materials and consumables 1,501 3,754 1,614
Work in progress - 212 -
1,501 3,966 1,614
Work in progress represents the costs incurred in the production of machines
for confirmed but not completed orders. There is no value presented for work
in progress at 31 December 2024 and 30 June 2025 as the costs incurred in the
production of machines for confirmed orders received but not completed have
been fully impaired.
10 Trade and other receivables
30 June 2025 30 June 31 December 2024
2024
£'000 £'000 £'000
Current
Trade receivables 4 80 -
Other receivables 175 204 143
Tax recoverable 711 857 400
Prepayments and accrued income 1,018 509 933
1,908 1,650 1,476
Non-current
Other receivables 120 120 120
120 120 120
There has been no significant revenue to 30 June 2025 and there have been no
impairment charges nor expected credit loss provisions made, as the credit
risk in respect of trade and other receivables is considered low. The
Directors consider that the carrying amount of trade and other receivables
approximates to their fair value.
11 Trade and other payables
30 June 30 June 31 December 2024
2025 2024
£'000 £'000 £'000
Current
Trade payables 629 1,168 395
Taxation and social security 116 115 88
Accruals 138 279 254
Provision for onerous contract 289 - 538
1,172 1,562 1,275
Non-current
Deferred income 1,166 1,771 1,166
1,166 1,771 1,166
The Directors consider that the carrying amount of trade and other payables
approximates to their fair values.
12 Share Capital
The movements in the Company's share capital have been as follows:
Number of £0.01 shares Nominal Share premium
£'000 £'000
At 1 January 2024 268,184,127 2,682 27,707
Exercise of options at £0.035 each 1,500,000 15 38
At 31 December 2024 269,684,127 2,697 27,745
Issue of shares at £0.075 each 84,740,061 847 5,509
Issue expenses - - (651)
At 30 June 2025 354,423,988 3,544 32,603
In January 2025 the Company issued and allotted 84,740,061 new ordinary shares
at 7.5 pence per shares, raising £6,356,000 gross proceeds (£5,773,000 net).
13 Related party transactions
Directors' remuneration during the period ended 30 June 2025 amounted to
£358,150 (period ended 30 June 2024: £339,950).
14 Post balance sheet events
Following a general meeting of shareholders on 18(th) September 2025, Company
issued and allotted 147,588,895 new ordinary shares at 5 pence per share
raising £7,379,000 gross proceeds (£6,641,000 net).
Independent Review Report to Clean Power Hydrogen plc
FOR THE PERIOD ENDED 30 JUNE 2025
Conclusion
Based on our review, nothing has come to our attention that causes us to
believe that the condensed set of financial statements in the half-yearly
report for the six months ended 30 June 2025 is not prepared, in all material
respects, in accordance with UK adopted International Accounting Standard 34,
"Interim Financial Reporting" and the requirements of the AIM Rules for
Companies.
Basis for conclusion
We conducted our review in accordance with International Standard on Review
Engagements (UK) 2410 "Review of Interim Financial Information Performed by
the Independent Auditor of the Entity", issued for use in the United Kingdom.
A review of interim financial information consists of making enquiries,
primarily of persons responsible for financial and accounting matters, and
applying analytical and other review procedures. A review is substantially
less in scope than an audit conducted in accordance with International
Standards on Auditing (UK) and consequently does not enable us to obtain
assurance that we would become aware of all significant matters that might be
identified in an audit. Accordingly, we do not express an audit opinion.
As disclosed in note 2, the annual financial statements of the group are
prepared in accordance with UK adopted IASs. The condensed set of financial
statements included in this half-yearly financial report has been prepared in
accordance with UK adopted International Accounting Standard 34 "Interim
Financial Reporting".
Conclusions related to going concern
Based on our review procedures, which are less extensive than those performed
in an audit as described in the Basis of conclusion section of this report,
nothing has come to our attention to suggest that management have
inappropriately adopted the going concern basis of accounting or that
management have identified material uncertainties relating to going concern
that are not appropriately disclosed.
This conclusion is based on the review procedures performed in accordance with
ISRE (UK) 2410, however future events or conditions may cause the group to
cease to continue as a going concern.
Responsibilities of directors
The directors are responsible for preparing the half-yearly financial report
in accordance with the AIM Rules for Companies.
In preparing the half-yearly financial report, the directors are responsible
for assessing the group's ability to continue as a going concern, disclosing,
as applicable, matters related to going concern and using the going concern
basis of accounting unless the directors either intend to liquidate the group
or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the review of the financial information
In reviewing the half-yearly report, we are responsible for expressing to the
group a conclusion on the condensed set of financial statement in the
half-yearly financial report. Our conclusion, including our Conclusions
relating to going concern, are based on procedures that are less extensive
than audit procedures, as described in the Basis for conclusion paragraph of
this report.
Use of our report
Our report has been prepared in accordance with the terms of our engagement to
assist the Company in meeting the requirements of the rules of the London
Stock Exchange AIM Rules for Companies for no other purpose. No person is
entitled to rely on this report unless such a person is a person entitled to
rely upon this report by virtue of and for the purpose of our terms of
engagement or has been expressly authorised to do so by our prior written
consent. Save as above, we do not accept responsibility for this report to any
other person or for any other purpose and we hereby expressly disclaim any and
all such liability.
PKF Littlejohn LLP
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