Clean Power Hydrogen (AIM:CPH2) has completed the fundraising it flagged on 1 July, securing gross proceeds of approximately £7.3 million across five separate components.
The Firm Placing raised approximately £2.54 million, while the Conditional Placing brought in approximately £0.61 million after being upscaled following extra demand identified in discussions between Turner Pope Investments and the company.
A Conditional Subscription contributed approximately £3.65 million, the largest single component of the raise. A Directors Subscription added £10,000 and a Retail Offer raised a further approximately £0.5 million.
Richard Scott, chief executive officer, said the fundraising reflects investor confidence in a shift toward a "capital light, global licensing model" for the company's hydrogen production technology.
"We recognise that the innovation journey is always challenging, but our recent setbacks have visible solutions, and our new partners enable international reach", he said.
CPH2, the AIM-listed developer of proprietary electrolysis technology aimed at lowering the cost of hydrogen production, holds a decade of patented research in hydrogen and oxygen generation.
The company said its strategic objective remains delivering the lowest lifetime cost of hydrogen production for decentralised and alternative energy markets.
