Clean Power Hydrogen plc, the UK-based green hydrogen technology and manufacturing group that has developed the IP-protected Membrane-Free Electrolyser ("MFE"), is pleased to announce its unaudited results for the six months ended 30 June 2023.
· Cash position remains strong at £12.9m
· £1.3m investment on development work in the six months to June 2023
· Loss of £1.6m in the six months to June 2023
· The MFE110, the Company's first scaled membrane free electrolyser, is in the final stage of testing.
· Thorough testing of the MFE110 has identified upgrades and the Company has successfully redesigned the cryogenic system as well as validated the stack design.
· Results of the MFE110 have informed valuable enhancements to the MFE220 design as expected.
· Following the delivery of the MFE110, the Company will turn its focus to finalising the design and build programme of the MFE220, CPH2's 1MW System.
· Applications now submitted to certifying bodies for CE marking, UKCA marking, NI CE marking.
Significant engineering milestones have been reached during the period and although delivery of the MFE110 has been delayed to ensure operational and safety compliance, delivery, commissioning and installation of the unit at our customer's site will take place imminently.
The commissioning process has given valuable design and operability feedback which has resulted in further iterations of the MFE design. This redesign process has been done in a methodical and diligent manner and led to a number of components being reworked, re-engineered, and reordered, which in turn has had a knock-on impact on the commissioning schedule especially when new components have long lead times. However, the Company has largely finished this process and the improvement in the components and design means that CPH2 is more confident now in its ability to fully commercialise the product. The data and the learnings the team has accrued place the Company in a much stronger position to roll out the technology at CPH2's own facilities and at licence holder facilities.
Commercially, CPH2 is in a strong position. The Group's pipeline and order book is expected to increase once customers are able to verify having a working unit in operation in the field. In tandem, the Company is working with its licence partners to deliver the blueprints for their own production and hope to have these ready for late Q4 2023 or early Q1 2024. As a result of the delays the Company does not expect any significant income in FY2023.
Change of Name of Nominated Adviser and Broker
The Company also announces that Cenkos Securities, its Nominated Adviser and Broker, has changed its name to Cavendish Securities plc following completion of its own corporate merger.