Big ambitions for clean energy technology developer
Clean Power Hydrogen (CPH2), a green hydrogen technology and manufacturing company, has recorded a loss of recorded a loss of £3.3m for the year ended 31 December 2021 (2020: £1.7m loss).
The Doncaster-based business, which first floated on the AIM market in February of this year, has released its annual report and the audited consolidated financial statements for 2021. It says these results reflect the development stage of the group, with its first significant orders only being received and in progress during 2021.
When it floated, the company raised a net £27.5m of new equity to fund its development and operations “for the foreseeable future.”
The Group designs and makes hydrogen production units that incorporate its Membrane-Free Electrolyser (MFE) technology.
It aims to deliver the “lowest Levelised Cost of Hydrogen” in the market in relation to the production of green hydrogen, making this a viable source of power in future.
CPH2 says it has almost a decade of dedicated research and product development experience.
Its report notes: “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.
“In addition to a contracted order book of 4MW for delivery in 2022, the Group has an established pipeline of new opportunities at varying stages of development, including active discussions with current and quoted customers in respect of potential orders in excess of 160MW.
“The Group aims to become a globally recognised and highly-profitable designer, manufacturer and licensor of its MFE technology and is targeting 4GW production capacity by 2030.”