REG - Clean Power Hydrogen - Revised Agreement with ATOME Energy

Clean Power HydrogenAnnouncement

28/11/2023 07:00

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RNS Number : 8294U  Clean Power Hydrogen  28 November 2023

 

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28 November 2023

Clean Power Hydrogen plc

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

Revised Agreement with ATOME Energy

CPH2, the UK-based green hydrogen technology and manufacturing company that
has developed the IP-protected Membrane-Free Electrolyser ("MFE"), provides an
update on its contract with ATOME Energy plc ("ATOME") for a single 1MW MFE220
electrolyser placed in March 2022.

CPH2 and ATOME have reached a mutual agreement to cease the previous
production order made by ATOME. The CPH2 Board of Directors considers it is in
the Company's best of interests to focus its engineering and installation
resources in ensuring roll out MFEs with current partners Fabrum Solutions
Limited, KCA Deutag and their longstanding customer, Northern Ireland Water.

As part of the agreement, ATOME has requested, and CPH2 has agreed to, a
non-binding framework agreement with G-Mobility, a subsidiary of Molecular
Energies plc ("Molecular Energies plc"), the South American focused energy
company, to explore a licencing agreement for the manufacture and sale of
CPH2's MFEs in the Mercosur group of countries in South America. Molecular
Energy is a 20 per cent. shareholder in ATOME.

G-Mobility's interest in a non-binding framework agreement is a strong
indication of support of CPH2's differentiated technology relative to its
competition in terms of cost, efficiency, reliability and scalability.  The
agreement will allow for the future production of electrolysers in Paraguay to
serve the Latin American market using CPH2's technology and experience.

CPH2 has a 2030 production target of 4GW per year, with 1GW made at its own
facility and the rest manufactured under licence by other companies. Through
the licencing model, companies will have access to CPH2's innovative MFE
technology whilst having the flexibility to oversee its own production and
delivery schedules, using its own capital.

CPH2 continues to focus on the delivery and successful commercialisation of
CPH2's technology, with the Company's first MFE110 unit expected to be
delivered to Northern Ireland Water's site following the completion of the
Factory Acceptance Test ("FAT"), following that it will undergo site
validation, integration and commissioning before beginning commercial
production of hydrogen and medical grade oxygen.

Jon Duffy, CEO of Clean Power Hydrogen commented:

"I am pleased to be continuing our working relationship with ATOME as we
engage in a licencing agreement with Molecular Energies and G-Mobility that
allows ATOME to have on-going exposure to our ground-breaking technology,
while allowing us to focus on the delivery of purchase orders to customers in
the UK and Europe. Extending CPH2's technology through our licencing model
empowers us to accelerate market penetration, creating a sustainable,
long-term revenue stream for CPH2 without the necessity for substantial
upfront capital expenditures."

 

Peter Levine, Chairman of ATOME Energy commented:

 

"ATOME has a longstanding, successful relationship with CPH2 and we are
excited to see CPH2 working with Molecular Energies and G-Mobility. G-Mobility
looks forward to pursuing discussions on the framework agreement."

 

 

 

For more information, please contact:

 

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

 Cavendish 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 3757 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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