Clean Power Hydrogen (AIM:CPH2), the UK-based green hydrogen technology and manufacturing company, has concluded it will not resume the third-stage factory acceptance testing of its MFE220 1MW unit after an incident damaged the electrolyser during a standard shutdown procedure.
An on-site inspection and data review found the unit was too badly damaged to repair, the company’s CTO and Chief Operations Director advised the board that the mixed gas system requires substantial redesign to be safe in all conditions, and insurers have been notified and have visited the test site for assessment.
The board said it retains confidence in the technology but does not have the financial, engineering or technical resources to fund the required redesign. Instead, it will now evaluate commercial, licensing and strategic alternatives for its IP and related assets.
Clean Power Hydrogen said its intellectual property package includes six patent families across twelve countries, licensees, copyrights, designs, schematics and more than a decade of technical know-how that the board believes has significant commercial value.
The company added that working capital remains constrained, and there is material uncertainty over continuing operations while talks with capital providers continue.
Trading in its AIM-listed shares remains suspended as the insurers’ assessment and the investigation into the cause continue.
