Clean Power Hydrogen plc, a UK-based green hydrogen technology company, reported a loss of £4.9 million for the six months ended June 30, 2024. The company held cash and cash equivalents of £0.2 million at the end of the period and spent £0.6 million on development work during the six-month period.
On July 20, 2024, Clean Power Hydrogen completed a fundraise, achieving £7.3 million in gross proceeds, or £6.5 million net. The company also agreed to a term sheet with Hidrigin for a £750,000 convertible loan note, subject to negotiation and definitive agreement, alongside a nine-month exclusivity period.
The company shifted toward a capital-light global technology development and licensing model, led by CEO Richard Scott. Agreements with Koch Modular Process Systems LLC explore the manufacturing or licensing of up to 100MW of modular technology for the United States, Mexico, and Canada markets. Additionally, a memorandum of understanding with ABE Gruppe GmbH covers the potential supply, installation, and servicing of up to 175MW of capacity over ten years in Germany and Switzerland.
Clean Power Hydrogen entered into a non-binding memorandum of understanding with Siemens on March 26, 2024. The company also settled a subcontract dispute with Lagan MEICA Limited through a payment on June 25, 2024.
