REG - Clean Power Hydrogen - Operations Update

Clean Power HydrogenAnnouncement

29/04/2022 10:30

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RNS Number : 8700J  Clean Power Hydrogen  29 April 2022

 

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29 April 2022

 

Clean Power Hydrogen Plc

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

 

Operations Update

 

CPH2, the UK-based green hydrogen technology and manufacturing company that
has developed the IP-protected Membrane-Free Electrolyser ("MFE"), provides an
update regarding commissioning and delivery of its first MFE220 unit where the
Group is experiencing delays. These delays are, in part, being caused by
supplier issues, similar to those that are being experienced across a number
of sectors as a result of the Covid-19 pandemic and the current economic
environment, which in turn have impacted the planned commissioning schedule.
Additionally, there are a number of processes, including engineering
modifications, that have taken longer than expected to finalise. However, none
of these engineering modifications concern the overall viability of the design
and the Group is fully expecting to overcome these matters in the next few
months.

 

The Company continues to progress its sales pipeline and licensing work
streams, recently announcing two additional sales (ATOME and AFCyro). CPH2's
pipeline continues to grow with additional contracts expected once the first
MFE220 has completed its Factory Acceptance Testing ("FAT") and is in
operation at the customer's site.

Following the successful IPO, CPH2 has invested significantly in its
workforce, specifically in its engineering head count with ten additional
process, mechanical, and electrical engineers joining imminently, and a new
head of production has been identified and will join in due course.

 

Jon Duffy, Chief Executive Officer of CPH2, commented:

 

"Whilst we are disappointed by the delays we are currently experiencing in the
commissioning of our first MFE220 unit, the ongoing dialogue with our customer
remains positive with a view to resolving the delays as soon as possible. In
addition, we remain confident as our pipeline continues to grow.  We remain
on course to deliver our aims, targeting 4GW production capacity by 2030, and
are certain of our ability deliver on the opportunities ahead."

 

 

 

For more information, please contact:

 

 Clean Power Hydrogen Plc                    via Camarco
 Jon Duffy, Chief Executive 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
 Monique Perks

 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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