Investment Case

Clean Power Hydrogen have now proven and patented a technological moat around our business. We have delivered a brand-new category of electrolyser to solve the problems which existing hydrogen customers care about. Membrane-free electrolysis can revolutionise the production of hydrogen and oxygen at this scale and lower the real-world lifetime levelised cost.

Traditional electrolysers are based on 20th and even 19th century science. The fragile membranes at their heart contain hard to source and expensive platinum, iridium and PFAs ‘forever chemicals’ which are banned in several countries. Membranes can be well over 50% of the capital cost of an electrolyser and they degrade from the outset, lowering the achieved efficiency and increasing the long-term cost of the hydrogen produced. CPH2s strongly IP protected solution eliminates the need for a membrane. We’re liberating hydrogen.

The technology is working well, generating hydrogen that exceeds fuel cell grade at >99.999mol% purity. Of crucial note is that unlike other electrolysers which must vent their low purity oxygen, ours has been tested at 99.7wt%, which is above medical-grade and attracts material market value and new customers. The combination of two saleable commodities from the same process is revealing strong project economics for the organisations and developers we are working with, unlocking new markets. The company is focused on the mission critical applications within the robust and well financed decentralised energy space. Our technology is well suited for modular and co-located deployment into many global industries that need hydrogen and oxygen, as opposed to merely wanting it, to meet a green switching agenda.


These include global wastewater treatment plants, energy-from-waste plants, capturing otherwise wasted wind and solar power from grid curtailment, long duration AI-Data Centre backup, life sciences laboratories, health care and hospitals and heavy-duty mobility application in ports, airport, quarries and bus networks. Semiconductor production and Defence, Military and Space applications are a tangible prospect in the coming year.

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Early in 2026 the companies MFE220 1MW unit completed ‘FAT2’, an independently observed factory acceptance test. Such technology proof points have been combined with commercial traction. A non-binding agreement with BKW of Switzerland points towards developing 175MW of sales together across that country and Germany. Complimenting the existing three licensees, a further deal is in development Koch Modular, part of the large US based Koch Industries to supply 100MW for Canada, USA and Mexico. The qualified sales pipeline includes customers from across the UK, Ireland, Germany, Lithuania, Jordan, Oman, India and Bharain.

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Renowned engineers Siemens have agreed to work with us in further developing our technology for manufacturing scale up and supplier rationalisation (as announced in the RNS of 24/03/2026). The upcoming launch of our second generation MFE220 and a larger 5MW system are both capable of delivering sector-leading 48kWh/kgH2 electrical efficiency and will place us in a strongly competitive position. This market size segment will account for the vast majority of new viable projects and has been independently valued at £2.8 billion per annum, based on a highly conservative 1% penetration of hydrogen as the chosen energy solution.

Our strategy will maintain relatively low capital intensity through hybrid direct manufacturing in Doncaster, England, and an expanding international licensing model to match capacity with expected demand. CPH2 is ready to scale production for a growing international customer base.

Two independent market research notes in May 2026 suggested target enterprise values of between £137m and £217m with considerable upside beyond.

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