HoT agreed to supply HY5 ammonia cracker
Summary by AI BETAClose X
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY THE COMPANY TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER ARTICLE 7 OF THE EU REGULATION 596/2014 AS IT FORMS PART OF UK LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("MAR"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.
29 October 2026
H-Power plc
("H-Power" or the "Company")
H-Power agrees Heads of Terms to supply its HY5 decentralised ammonia cracker
Agreement with existing hydrogen customer Protium establishes H-Power's HY5 product revenue route
- H-Power enters into Heads of Terms (the “Agreement”) with Protium Green Solutions Limited ("Protium") for the supply of a HY5 ammonia cracker
- Agreement establishes H-Power's HY5 product revenue route, one of the Company's core commercial routes to growth and demonstrates the ability to produce cost competitive hydrogen without the need for government subsidy.
- Builds on an established commercial relationship with Protium, which has already committed to purchase 5,000kg of hydrogen produced by H-Power
- The HY5 will give Protium access to H-Power's proprietary ammonia-cracking reactor technology, designed to produce up to 500kg of fuel-cell-grade hydrogen per day at or close to the point of demand
- Initial two-year contract is expected to commence in the second half of 2027, subject to planning and permitting requirements and execution of a definitive agreement
- Heads of Terms provide a framework for potential further HY5 supply to other Protium sites, subject to further commercial agreement
H-Power plc (AIM: HPOW), a hydrogen products and services company using ammonia to produce hydrogen and convert hydrogen into clean off-grid power, announces that it has entered into Heads of Terms with Protium for the supply of a HY5 ammonia cracker.
The Agreement establishes H-Power's HY5 product revenue route, one of the core commercial routes through which the Company expects to scale revenue. It builds on revenue already being generated through LC30 product sales and hydrogen sales.
The initial HY5 deployment is expected to commence in the second half of 2027 for a period of two years. Deployment remains subject to the receipt of the necessary planning and permitting approvals and execution of a definitive agreement.
Under the proposed agreement, H-Power will supply the HY5 and provide installation and commissioning services, training for Protium personnel and ongoing engineering support. The unit will be operated by Protium.
Building on an established commercial relationship
The Agreement extends the existing commercial relationship between H-Power and Protium.
In June 2026, Protium contracted to purchase 5,000kg of fuel-cell-grade green hydrogen produced from cracked ammonia at H-Power's Dunsfold facility. The companies also established a virtual hydrogen depot at Dunsfold, enabling Protium to collect H-Power-produced hydrogen for distribution through its own network.
The Agreement develops that relationship from the purchase and distribution of hydrogen produced by H-Power to the deployment of H-Power's HY5 product at or close to the point of hydrogen demand.
It also demonstrates the progression of H-Power's commercial model: from selling hydrogen produced using its ammonia-cracking technology to supplying the HY5 product itself.
HY5 supporting Protium's hydrogen supply model
The HY5 will give Protium access to H-Power's proprietary ammonia-cracking reactor technology through a customer-sited product designed to produce up to 500kg of fuel-cell-grade hydrogen per day.
By converting ammonia into hydrogen at or close to the point of demand, the HY5 is designed to reduce the cost and complexity associated with transporting and storing hydrogen over long distances, giving Protium a more flexible route to supplying its customers.
The Heads of Terms also establish a framework for the companies to expand their HY5 relationship beyond the initial unit to other Protium sites subject to demand, further commercial agreements and relevant approvals.
John Wilson, CEO of H-Power plc, commented:
"This agreement is another important milestone in the reset of H-Power from a technology-led business into a commercially focused products company.
"We now have LC30 product sales and hydrogen sales underway, and this agreement establishes the HY5 product revenue route we have set out as another core part of our commercial model.
Protium is already a commercial customer of H-Power, having committed to purchase 5,000kg of hydrogen produced using our ammonia-cracking technology. The next step in that relationship is to supply the HY5, giving Protium access to our proprietary reactor technology so that hydrogen can be produced closer to where its customers need it.
This is exactly what the reset of H-Power was designed to achieve: turning our technology into defined products, contracted customer demand and repeatable revenue. The Heads of Terms also provide a framework to develop further HY5 contracts with Protium as demand grows."
Christopher Jackson, CEO of Protium, commented:
"As a company Protium has always been at the forefront of pioneering technology deployments in the UK hydrogen sector, and today’s announcement further underscores that market leading reputation. We are delighted to share this announcement on how Protium is continuing to develop our partnership with H-Power, and to re-affirm our strong interest in the role that distributed ammonia cracking can play as an additional source of cost competitive, unsubsidised, green hydrogen supply for Protium’s customers.”
FOR FURTHER INFORMATION, PLEASE CONTACT:
H-Power plc
John Wilson (Chief Executive Officer)
Karl Bostock (Chief Financial Officer)
+44 (0) 1483 276726
investors@h-power.co.uk
Zeus – Nominated Adviser and Joint Broker
David Foreman / James Hornigold (Investment Banking)
Dominic King (Corporate Broking) / Rupert Woolfenden (Sales)
+44 (0) 203 829 5000
Canaccord - Joint Broker
Henry Fitzgerald-O'Connor
Harry Pardoe
+44 (0) 207 523 8000
JP Capital Markets - Investor Communications Advisors
Nick Christopher
Will Morgan-Harrold
h-power@jpcapitalmarkets.co.uk
ABOUT H-POWER
H-Power plc develops and commercialises products that produce hydrogen from ammonia and convert hydrogen into clean off-grid power.
Our products are designed to overcome two of the traditional barriers to hydrogen adoption: the cost and complexity of producing hydrogen, and the difficulty of transporting and storing it. By using ammonia as a carrier and producing hydrogen at or close to the point of use, we provide practical solutions to these challenges at a commercially viable and attractive price point.
Our current two products are the HY5 and the LC30. The HY5 is a decentralised ammonia cracker designed to produce up to 500kg of fuel-cell-grade hydrogen per day at or close to the point of use. The LC30 is a 30kW fuel cell generator designed to provide clean off-grid power in applications where grid access is unavailable, constrained or unsuitable.
Together, our products address two key parts of the hydrogen value chain: producing hydrogen where it is needed and converting hydrogen into usable power.
We are addressing significant growth opportunities across both hydrogen production and hydrogen-to-power, including a global generator market worth around $18 billion and a UK hydrogen market targeting c.1.6 million tonnes of demand by 2030.
We are commercialising our products through multiple routes, including product sales and financing, hydrogen sales, Fuel-as-a-Service and integration into third-party equipment and industrial applications.
We are leveraging a partnership model across the value chain, including manufacturing, supply, distribution and customer deployment. This approach supports scale while limiting the need to invest heavily in our own infrastructure, allowing us to direct capital towards the areas of greatest commercial opportunity.
H-Power is listed on the London Stock Exchange's AIM Market and headquartered in Dunsfold, Surrey, UK.
Please read more on our website https://h-power.co.uk and follow us on LinkedIn.
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