Clean Power Hydrogen: Yorkshire firm aims to raise £6.5m with new fundraise
Yorkshire-based Clean Power Hydrogen (CPH2) has announced that it hopes to raise £6.5m through a new fundraise.
The green hydrogen tech firm is aiming to raise the money through the placing of, and subscription for, new ordinary shares.
In addition to the placing and subscription, CPH2 said it also aims to raise around £0.3m by offering existing shareholders the opportunity to subscribe for up to 6,000,000 new ordinary shares.
The fundraise is set to be voted on by shareholders on 18 September.
CPH2 provides modular electrolysers for the production of clean hydrogen. The firm is aiming to deliver the lowest Levelised Cost of Hydrogen in the market in relation to the production of green hydrogen.
The company has provided products for a number of sites, including a location run by Northern Ireland Water, in Belfast, where its electrolysers are currently undergoing testing.
CPH2 said the proceeds from the fundraise will be used to fund its working capital requirements and “accelerate” the growth of its commercial pipeline.
A statement from the firm added: “The company has a clear focus on converting the significant pipeline into orders, accelerating additional pipeline growth, leveraging test results at Northern Ireland Water to engage with water utilities in the UK and Europe and supporting licensees to start manufacturing and selling products.”
In June, CPH2 signed a memorandum of understanding with Irish energy developer, Constant Energy.
Constant Energy is involved in the Killala Energy Hub in County Mayo, Ireland. The project has received planning permission for the integration of renewable energy with green hydrogen production for gas peaking and vehicle refuelling applications.
The proposed development will connect local wind and solar resources to green hydrogen production using CPH2's technology, with the subsequent hydrogen intended for use in a gas peaking plant, export to the local gas grid, and distribution via an on-site hydrogen refuelling station for fuel cell electric vehicles.
In May, CPH2 published its full year results to 31 December.
The company posted a loss of £14.1m for the year, including a one off impairment of £9.1m relating to development costs, equipment and property.
Following the year end, CPH2 completed an equity fundraise which generated net proceeds of £5.7 million.
The company said that during the year, it had made “continued progress” towards the commercialisation of its electrolyser technology.
Speaking at the time, Jon Duffy, CEO of CPH2, said the firm has ended the year in the strongest “position in the company's history.”