Lock-in Agreement Extension

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	[phone]
Peter Lynch	[phone]
Adam Rae	[phone]
Camarco PR	+ 44(0) 20 3 757 4980
Billy Clegg
Owen Roberts
Lily Pettifar

To find out more, please visit: https://www.cph2.com

Overview of CPH2

CPH2 is the holding company of Clean Power Hydrogen Group Limited ("CleanPower") 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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