Strong cash position at energy tech firm despite product development delays
Clean Power Hydrogen (CPH2), a Doncaster-based green hydrogen technology and manufacturing company, has reported a loss of £1.6m in the six months to June 2023.
The business first floated on the AIM market in February last year. It designs and makes hydrogen production units that incorporate its Membrane-Free Electrolyser (MFE) technology.
CPH2 adds delays to the development of its new technology mean it does not expect to make much income in FY 2023.
But the company notes its cash position remains strong at £12.9m – a reduction of £2.4m from 31 December 2022 – with £1.3m invested in development work during the six months to June 2023.
The MFE110, which is the company’s first scaled membrane free electrolyser, is in the final stage of testing but necessary upgrades have been identified.
Jon Duffy, chief executive officer, said the business is on the cusp of commercialising a “truly ground-breaking technology” in the hydrogen sector.
He added: “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.
“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.”