Update on Licence Agreement with GHFG Limited

Clean Power Hydrogen
06 June 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.

 

 

6 June 2023

 

Clean Power Hydrogen plc

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

 

Update on Licence Agreement with GHFG Limited

 

CPH2, the UK-based green hydrogen technology and manufacturing company that has developed the IP-protected Membrane-Free Electrolyser ("MFE"), announces an update regarding the Licence Agreement with GHFG Limited ("GHFG"), the terms of which were announced on 19 July 2022 (the "Licence Agreement"). GHFG is a joint venture between international renewable independent power producer, Alternus Energy Group Plc ("Alternus"), and Eric Whelan, CEO of Irish based developer, Soleirtricity.

 

GHFG has undertaken actions which, based on legal advice received by CPH2, the Board believes constitutes a repudiatory breach of the Licence Agreement on the part of GHFG.  In response to GHFG's actions, the Directors consider it in the best interests of the Company and its shareholders to accept the repudiatory breach by GHFG, thereby terminating the Licence Agreement with immediate effect.

 

The Company has notified GHFG that its repudiatory breach has been accepted and that CPH2 intends to claim damages from GHFG and retain all sums paid by it to CPH2 pursuant to the Licence Agreement to date.

 

 

Jon Duffy, Chief Executive Officer of CPH2, commented:

 

"We are disappointed by the recent actions of GHFG. We pride ourselves on having an open dialogue with our partners and have enjoyed a very constructive relationship with them up until this point.

 

We continue to focus on the commercial delivery of the MFE220 1MW electrolyser and are currently undergoing testing of the MFE110. Following successful commercialisation, we expect to see increasing customer demand for our MFE technology."

 

  

 

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

 

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.

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
UK 100

Latest directors dealings