REG - Clean Power Hydrogen - Lock-in Agreement Extension

Clean Power HydrogenAnnouncement

27/02/2023 07:00

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RNS Number : 0585R  Clean Power Hydrogen  27 February 2023

 

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.

 

27 February 2023

 

Clean Power Hydrogen Plc

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

 

Signature of Lock-in Agreement Extension

CPH2, the UK-based green hydrogen technology and manufacturing company that
has developed the IP-protected Membrane-Free Electrolyser ("MFE"), announces
that it has entered into Deeds of Amendment (the "Amendments") relating to the
lock-in agreements agreed with Jon Duffy, CEO, and a number of other
shareholders, including the Company's founders, at the time of the Company's
admission to AIM in February 2022.

 

Under the terms of the Amendments, each of Jon Duffy, Clive Brook, Joe Scott,
Nigel Williamson and Henry Price have agreed not to dispose of any of the
Ordinary Shares held by them (or enter into a transaction with the same
economic effect) before the earlier of:

(A) 12 months from 16 February 2023; or

(B) the completion of a Site Acceptance Test with one or more customers, to
that customer's satisfaction (covering full capacity 'Mark 1' MFE 220 customer
owned units); or

(C) the closing mid-market share price of CPH2 being in excess of 55p for at
least 20 consecutive trading days (together, the "Conditions").

 

The Amendment agreed with Jon Duffy permits him to sell a limited number of
Ordinary Shares to cover the cost of exercising any existing share options
during the restricted period and the associated tax burden.

 

Each of the parties outlined above has also undertaken to not dispose of their
Ordinary Shares in the 12-month period following the first satisfaction of any
such Condition, other than through Cenkos Securities plc on an orderly market
basis.

 

The Company has also entered into Amendments with Rodney Brook and Charles
Munroe pursuant to which each individual has agreed not to dispose of more
than 10 per cent. of their current holding prior to one of the Conditions
being met.

 

In aggregate, the Amendments cover 97,424,617 Ordinary Shares in the Company,
which equates to approximately 37% of the current issued share capital of the
Company.

 

 

Jon Duffy, Chief Executive Officer of CPH2, commented:

 

"The Directors, founders and related parties, many of whom were instrumental
to the initial growth of CPH2, are pleased to show their support in entering
into new lock-in arrangements which demonstrate their commitment to CPH2 and
belief in the ultimate value of the Company. With a significant pipeline of
potential orders and a clearly defined strategy to our target production
capacity of 4GW by 2030, we remain extremely positive about the future of the
Company as we begin commercial production from our units this year."

 

 

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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