Momentum builds at clean energy business as it targets commercialisation
Clean Power Hydrogen (CBH2), which has developed the Membrane-Free Electrolyser (MFE), says it has made solid progress towards the commercial roll out of its new technology.
Publishing its financial results for the financial year ended 31 December 2023, the Doncaster-based business reports a year-end net asset position of £21m, of which £8.5m was in cash or current asset investments.
The firm also records a £2.8m investment in research & design in the 12 months to December 2023, along with a pre-tax loss of £5.1m (2022: £3.6m pre-tax loss).
It has been carrying out tests on its MFE110 product, which is the business’s first scaled membrane free electrolyser.
Jon Duffy, CEO, said: “Our focus has centred on developing our unique technology for commercialisation, ensuring safety and scalability through rigorous testing of the MFE110.
“The successful running of the entire MFE110 system, producing separated hydrogen and oxygen gases, stands as a key milestone for CPH2, proving our differentiated technology works at scale.
“I firmly believe our methodical and focused approach to ensuring the technology is both safe and scalable means that we are well positioned to take meaningful strides once commercialisation is achieved.
“Collaborating closely with our license partners and customers, this year marks another encouraging step toward our ambitious goal of achieving 4GW of annual production by the end of 2030.”
During 2023, the business struck a 10-year licensing agreement with Fabrum Solutions Ltd, a New Zealand-based advanced technology developer and manufacturer, with non-exclusive rights to manufacture and sell membrane-free electrolysers in New Zealand and Australia.
CPH2 adds that is in “advanced discussions” with several more potential partners for both new licences and orders.
Christopher Train, company chairman, acknowledged the business had experienced challenges around commercialising its technology.
He said: “As many who have followed the sector will understand, the complexities of commercialising unique and innovative design are vast but it is encouraging to see that significant progress has been made.
“Our revamped engineering team has injected experience and professionalism into the company, transforming the quality of engineering output.
“As we look to the future, I know CPH2 sits in an extremely strong position, poised to realise the significant value within the company.”
