Clean Power Hydrogen LON:CPH2, the AIM-listed, Doncaster-based renewable energy company is celebrating the resolution of a long-running legal dispute with GHFG Limited over the licencing of Clean Power Hydrogen’s IP-protected Membrane-Free Electrolyser.
The dispute, which has been ongoing since June 2023, was regarding the licencing of CPH2’s products with GHFG, a joint-venture between Norway’s Alternus Energy Group [OSL:ALT] and privately-owned Irish solar developer, Soleirtricity.
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Clean Power believed that GHFG made a repudiatory breach of the partnership’s licence agreement. GHFC lawyered-up and Clean Power responded in kind, claiming damages and retaining all the monies accrued to the licence agreement to June 2023.
Amicable settlement of legal dispute
Earlier this week the South Yorkshire-based company said that the dispute had been settled amicably, with no admission of fault, with no damages due to GHFG and all legal actions dropped (no doubt much to the chagrin of the lawyers). With the licence terminated in June 2023, both parties are clear to go their own way, with John Duffy, Clean Power’s CEO saying: “We are pleased to have reached an amicable solution with GHFG. Our focus, following the commercialisation of the MFE110, is on the commercial roll-out of the groundbreaking technology as well as delivering the MFE220 through licensing agreements and our own manufacturing in Doncaster.”
[bridgewise report=”overview”]LON:CPH2P[/bridgewise]Clean Power Hydrogen has been operating for about 12-years, and has spent a decade of that developing a cost-effective, reliable, and sustainable alternative to membrane-reliant technology for the production of hydrogen, with the aim to deliver the lowest Levelised Cost of Hydrogen (LCOH) in the market in relation to the production of green hydrogen.
On the hunt for new partners
Not dissuaded with the dispute with GHFG, Clean Power has been active finding other partners to work with. Earlier this month the inventor signed a licence agreement with Lisheen H2 Energy Park in Ireland, trading under the name of Hidrigin to supply one 1MW MFE220 electrolyser unit and permit Hidrigin to manufacture up to 2GW’s of MFE220 units in Ireland to connect with its own solar photovoltaic and wind farms across the world for its own use. Hidrigin has EUR100m (GBP83m) funding terms in place to build out the renewable energy development together with its Green Hydrogen Pilot Project commencing in 2025 and is planning EUR500m of its own renewable energy projects together with its manufactured MFE220 electrolysers across Europe by 2030.
The firm also renewed its contract with Northern Ireland Water and Fabrum Solutions to provide its flagship MFE220 1MW Membrane-Free Electrolyser. In addition Clean Power pushed the manufacture of one unit for Northern Ireland Water for use in Belfast and two other units for Fabrum for use in New Zealand to 2025.
In its last results, for the six months to end-June, published in September, Clean Power said it had GBP4m in the bank, had made a GBP2.3m loss for the six months and spent GBP1,8m in capex and R&D in the period.
The company’s shares opened trading on 5th November at 10.24p, down 32% over one-year, and down 15.5% over the year-to-date. However, on resolution of the GHFG case the company’s share began trending upwards. The company’s shares have ranged between 7p and 20p over a 52-week period and Clean Power Hydrogen has a market cap of GBP27.6m.
