Clean Power Hydrogen to seek GBP 50m in London IPO

January 18 (SeeNews) - Clean Power Hydrogen Plc, or CPH2, on Monday unveiled its intention to raise GBP 50 million (USD 68.2m/EUR 59.8m) from an initial public offering (IPO) on the London Stock Exchange, so as to accelerate the development of its proprietary membrane-free electrolyser (MFE) technology.

CPH2 will seek admission on the alternative market, or AIM, segment of the London bourse. Cenkos Securities has been appointed as adviser and sole broker for the offering.

Based in Doncaster, CPH2 is the holding company of Clean Power Hydrogen Group Limited, which has almost a decade of dedicated research and product development experience.

The company will use the funds from the floatation, along with existing cash resources, for investments at two key levels - to build out manufacturing capabilities as well as to identify and develop a potential site for a new factory in Northern Ireland. CPH2 aims to develop as a designer, manufacturer and licensor of the membrane-free electrolyser and is targeting production capacity of at least 4 gigawatts (GW) by 2030, or 10% of the total projected capacity in the European Union (EU).

In addition to a contracted order book of 4 MW for delivery in 2022, CPH2 has a pipeline of new opportunities at various stages of development. The company is in active talks with existing and potential customers over likely orders in excess of 160 MW.

(GBP 1 = USD 1.364/EUR 1.197)