CPH2 announces 2023 year end results
Clean Power Hydrogen plc (AIM: CPH2), the UK-based green hydrogen technology and manufacturing company that has developed the IP-protected Membrane-Free Electrolyser (“MFE“), is pleased to announce its results and report for the year ended 31 December 2023 (the “Period“).
Highlights
- Solid progress towards the commercial roll out of CPH2’s MFE technology on back of a revamped engineering team, providing new insights and reassessment:
- Successfully ran the entire MFE110 system proving the differentiated technology works at scale.
- Successful functional testing of the control programme for the MFE110, enabling automatic operation and shutdown.
- Improvements and modifications to key components including stacks, cryogenic heat exchanger and other measures enhancing safety;
- Rigorous testing of the MFE110 has identified upgrades, informing valuable enhancements for the MFE220 design.
- Year-end net asset position of £21m, of which £8.5m was in cash or current asset investments (term deposits).
- £2.8m investment in research & design in the twelve months to December 2023.
- Entered ten-year licensing agreement with Fabrum Solutions Ltd, a New Zealand based advanced technology developer and manufacturer, with non-exclusive rights to manufacture and sell membrane-free electrolysers in New Zealand and Australia.
- In advanced discussions with several potential partners for both new licences and orders.
- Awarded three ISO certifications confirming CPH2’s commitment to the highest standards of health and safety, sustainability and quality management measures within our organisation:
- ISO 45001 for Occupational Health and Safety
- ISO 14001 for Environmental Management Systems
- ISO 9001 for Quality Management Systems
Outlook
- Factory Acceptance Testing for the MFE110, the Company’s first scaled membrane free electrolyser, underway with a completion date expected in the next three months.
- Completion and delivery of the MFE220, CPH2’s 1MW system for its longstanding customer Northern Ireland Water, expected within the next twelve months.
Jon Duffy, CPH2 CEO commented:
“2023 has been a year of further progress for CPH2, both operationally and technically. Our focus has centered on developing our unique technology for commercialisation, ensuring safety and scalability through rigorous testing of the MFE110. The successful running of the entire MFE110 system, producing separated hydrogen and oxygen gases, stands as a key milestone for CPH2, proving our differentiated technology works at scale.
I would like to thank our shareholders who have been patient and supportive as we approach the final stages of testing. I firmly believe that our methodical and focused approach to ensuring the technology is both safe and scalable means that we are well positioned to take meaningful strides once commercialisation is achieved. Collaborating closely with our license partners and customers, this year marks another encouraging step toward our ambitious goal of achieving 4GW of annual production by the end of 2030.
I extend heartfelt thanks to our team for their hard work, dedication and enthusiasm over the past year and look forward to a positive year ahead.”
