Clean Power Hydrogen Secures Funding for MFE Technology Advancement
Key Ideas
- Clean Power Hydrogen PLC raises £6.1 million through a share placement and subscription to fund the advancement of Membrane-Free Electrolyser (MFE) technology.
- Funds will support the commercialization of the MFE220 unit and aim to generate initial revenues by 2025.
- Successful Factory Acceptance Test of the MFE110 unit in September signifies a significant milestone for the company, validating the viability of their electrolyser technology.
- Chief executive Jon Duffy expresses confidence in the unique MFE technology, positioning it as a leading solution in the green hydrogen industry.
Clean Power Hydrogen PLC recently completed an equity raise, securing £6.1 million through a share placement and subscription. The funds obtained, totaling 81.4 million new shares priced at 7.5p each, are intended to drive the development and commercialization of the company's Membrane-Free Electrolyser (MFE) technology. CEO Jon Duffy expressed satisfaction in securing the additional funding, emphasizing its significance in advancing Clean Power Hydrogen's operations. The investment will specifically support the progress towards full commercialization of the flagship MFE220 unit, with expectations of generating initial revenues by 2025. Notably, the successful Factory Acceptance Test conducted on the MFE110 unit in September was highlighted as a pivotal moment, showcasing the first customer acceptance and validation of the scaled electrolyser technology. Duffy's optimistic outlook on the unique MFE technology further underlines its potential as a prominent solution within the green hydrogen sector. The company aims to leverage this financial boost to propel its technology forward and solidify its position in the evolving hydrogen market.