Clean Power Hydrogen plc Raises £6 Million for Green Hydrogen Technology
Key Ideas
- Clean Power Hydrogen plc plans to raise £6 million through a placing and subscription of new ordinary shares to support its green hydrogen technology.
- The company aims to deploy the MFE110 electrolyser unit to Northern Ireland Water and develop the MFE220 unit for various projects in Ireland and New Zealand.
- Proceeds from the fundraising will be used for working capital to achieve key milestones, including the installation of the MFE110 unit and enhancing manufacturing capabilities.
- The fundraising is also set to activate the company's licensees and expand its commercial team in preparation for scaling up manufacturing in late 2026.
Clean Power Hydrogen plc, a UK-based green hydrogen technology and manufacturing company, is planning to raise £6 million through a proposed placing and subscription of new ordinary shares. The funds raised will support the company's innovative Membrane-Free Electrolyser (MFE) technology. In addition to the £6 million fundraising, there will be a retail offer to existing shareholders to subscribe for new shares, aiming to raise up to £0.3 million. The company's short-term goals involve deploying the MFE110 electrolyser unit to Northern Ireland Water and finalizing the design of the MFE220 electrolyser unit. This includes projects for Hidrigin in Ireland and Fabrum Solutions in New Zealand. Over the next 18 months, Clean Power Hydrogen plc also plans to activate its licensees and expand its commercial team to prepare for increased manufacturing capabilities by late 2026. The net proceeds from the fundraising will be utilized for key milestones such as the installation of the MFE110 unit and enhancing manufacturing capacity. The company's activities focus on advancing green hydrogen technology and positioning itself for growth in the renewable energy sector.