Clean power tech company hails ‘pivotal’ year
Clean Power Hydrogen (CPH2), a green hydrogen technology and manufacturing firm which has developed the Membrane-Free Electrolyser (MFE), says it has made strong progress towards commercial roll out of its product.
In its results for the financial year ended 31 December 2024, the Doncaster-based business has reported the first customer acceptance and validation of its scaled electrolyser technology, marking the transition from research and development to the commerciality phase.
It has also recorded year-end cash and term deposits of £300,000 (2023: £8.5m). Post-year end the company completed an equity fundraise, generating net proceeds of £5.7m.
The business incurred a loss of £14.4m for the 2024 financial year (2023: £4.1m) which reflects one-off impairments of £9.1m relating to capitalised development costs, inventory and property, plant and equipment.
Jon Duffy, CEO, said: “2024 was a truly pivotal year for CPH2, marking our transition into a new phase of commercialisation and ending the year in the strongest position in the company’s history.
“Our team’s ability to overcome technical and engineering challenges has reinforced our confidence in the scalability of our technology, culminating in the successful Factory Acceptance Test of the MFE110 in September – a historic milestone for CPH2.
“With the commercial viability of our unique and differentiated technology proven, we now find ourselves in a strong and enviable position, with a monumental opportunity ahead.
“CPH2 is in the strongest position in its history. We have a proven, differentiated technology, a growing market opportunity, and a team deeply committed to our mission.”
