Clean Power Hydrogen: Doncaster firm ends year in ‘strongest position in its history’

The company said that during 2024 it had made “strong progress” towards the commercial rollout of its MFE technology.

It also completed the Factory Acceptance Test of its MFE110 electrolyser, in a move the firm said demonstrated that its MFE technology works “safely at scale”.

In an announcement posted alongside the company’s annual results for, Jon Duffy, CEO of Clean Power Hydrogen, said: "2024 was a truly pivotal year for Clean Power Hydrogen, 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.”

The company incurred a loss of £14.4m for the 2024 financial year, which it said reflects one-off impairments of £9.1m relating development costs, inventory and property, plant and equipment.

The largest part of the writedown consisted of £5.6m in development costs which the firm said represented prior period activities and does not have value going forward.

This in part led to the firm posting operating losses of £15m, up from losses of £5.4m in 2023.

Speaking on the firm’s forward outlook, Mr Duffy added: “We have a proven, differentiated technology, a growing market opportunity, and a team deeply committed to our mission.

“I'm incredibly proud of what we've achieved this year and look forward to this important next stage of commercialisation to deliver a unique, industry-ready product that will transform the energy landscape."

Clean Power Hydrogen also posted year-end cash and term deposits of £0.3m, down from £8.5m in 2023.

Post period-end the company said it had also completed an equity fundraise which generated net proceeds of £5.7m.