Flotation raises more than £30m for green hydrogen producer
A Doncaster-based hydrogen energy business has floated on the AIM market today, raising gross proceeds of £30.5m before expenses.
Clean Power Hydrogen (CPH2) says it intends to help establish hydrogen as a viable source of power in the future.
It has developed its own IP-protected Membrane-Free Electrolyser (MFE) technology and is targeting 4GW production capacity by 2030.
The company’s admission to AIM follows an over-subscribed placing by Cenkos Securities plc for a total of 67,717,818 ordinary shares at 45p per ordinary share.
Jon Duffy, chief executive officer of CPH2, said: “Today’s listing and over-subscribed placing, delivered in difficult stock market conditions, is an important milestone for CPH2 and will assist the rapid growth of the Group.
“The funds raised will further strengthen the Group’s financial position and will enable CPH2 to build out our Doncaster manufacturing operation.
“CPH2 has an opportunity to penetrate an extremely fast-growing hydrogen market and aims to become a globally recognised, highly profitable designer, manufacturer and licensor of its MFE technology.
“The Group is now in a position to continue significant investment into its research and development capacity and enhance our intellectual property position whilst establishing a stock of completed units to deliver the substantial and continually growing opportunity pipeline.”