Operational Update
Summary by AI BETAClose X
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS DEFINED IN ARTICLE 7 OF THE MARKET ABUSE REGULATION EU NO. 596/2014, AS RETAINED AND APPLICABLE IN THE UK PURSUANT TO SECTION 3 OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("MAR"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
Clean Power Hydrogen plc
("CPH2", the "Company" or the "Group")
Operational Update
Clean Power Hydrogen Plc (AIM: CPH2), the UK-based green hydrogen technology and manufacturing company, provides a further update following the announcement on 29 May 2026 regarding the incident at the Company's test site during the third and final stage of the factory acceptance testing ("FAT3") of its MFE220 1MW unit.
As previously announced, an incident occurred during a standard shutdown procedure which caused damage to the electrolyser and, in line with CPH2's health, safety and environmental protection processes, all operations were suspended at that point.
A subsequent inspection at the test site and review of all available data indicate that the damage to the unit is significant and that it will not be possible to repair the system to allow the testing process to continue. The Company's insurers were immediately informed at the time of the incident and have visited the test site to begin their assessment. The exact cause of the incident remains under investigation and that process is expected to continue.
Based on the preliminary review completed to date, the Company's Chief Technical Officer and Chief Operations Director have advised the Board that, in their opinion, the MFE220 unit will require substantial redesign to ensure that the mixed gas system can be operated safely in all conditions. Whilst the Board retains confidence in the potential of the technology, it has concluded that the Company does not currently have the financial, engineering or technical resources required to undertake such a programme at this time. Accordingly, the Board has decided not to recommence activities relating to FAT3 for the MFE220 electrolyser and instead will pursue alternative, non-manufacturing, commercial strategies.
The Board believes that the Company's existing intellectual property, including six patent families across twelve countries, licensees, copyrights, designs, schematics, commercial relationships and more than a decade of accumulated technical knowhow have significant commercial value. As such, the Company is now actively evaluating options to maximise the value from its intellectual property and related assets, including potential commercial, licensing and strategic alternatives, which will be in the best interests of shareholders and other stakeholders.
The Company's working capital remains constrained and there remains material uncertainty over continuing operations whilst discussions with capital providers remain ongoing. Accordingly, trading in the Company's shares on AIM remain suspended pending further updates.
For more information, please contact:
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Clean Power Hydrogen plc |
+44 1302 328075 |
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Jon Duffy, Chief Executive Officer |
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James Hobson, Chief Financial Officer |
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Cavendish Capital Markets Limited - NOMAD & Joint Broker |
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Neil McDonald |
+44 (0)131 220 9771 |
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Peter Lynch |
+44 (0)131 220 9772 |
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Hanna Leijonmarck |
+44 (0)20 3772 6029 |
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Turner Pope Investments (TPI) Limited - Joint Broker |
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Andy Thacker |
+44 (0)20 3657 0050 |
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Guy McDougall |
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For more information: https://www.cph2.com
Forward-Looking Statements
This announcement contains forward-looking statements. These statements relate to the Group's future prospects, developments and business strategies. Forward-looking statements are identified by their use of terms and phrases such as "potential", "estimate", "expect", "may", "will" or the negative of such terms and phrases, variations or comparable expressions, including references to assumptions. The forward-looking statements in this Announcement are based on current expectations and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by those statements. These forward-looking statements speak only as at the date of this Announcement. No statement in this Announcement is intended to constitute a profit forecast or profit estimate for any period. No representation or warranty is given as to the completeness or accuracy of the forward-looking statements contained in this Announcement. Neither the Directors nor the Company undertake any obligation to update forward-looking statements other than as required by the AIM Rules for Companies or by the rules of any other securities regulatory authority, whether as a result of new information, future events or otherwise.
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