CPH2 announces 2024 year end results
CPH2, the UK-based green hydrogen technology and manufacturing company that has developed the IP-protected Membrane-Free Electrolyser (“MFE”), is pleased to announce its results for the year ended 31 December 2024.
Highlights
- Strong progress towards the commercial roll out of CPH2’s MFE technology, with the first customer acceptance and validation of the Company’s unique scaled electrolyser technology marking the transition from R&D to the Commerciality Phase:
- Successfully completed the Factory Acceptance Test (“FAT”) of the MFE110, demonstrating the MFE technology works safely at scale.
- Delivered the MFE110 unit to Northern Ireland Water’s site and successfully completed Levels 1 and 2 of Site Acceptance Testing (“SAT”) in Q1 2025, with Level 3, the final stage, expected in Q2 2025.
- Rigorous testing process of MFE110 provided valuable engineering insights that have informed design enhancements for the flagship MFE220 (1MW) system.
- Signed a significant Licence Agreement with Hidrigin to manufacture up to 2GW of MFE electrolysers over a 20-year period, alongside signing a Sales Contract for the delivery of a MFE220 unit.
- Renewed contracts for MFE220 units with Northern Ireland Water (“NIW”) and Fabrum Solutions, reaffirming customer confidence in the MFE technology and solidifying CPH2’s position for the next phase of growth.
- Strong progress on technology development including automatic operation and shutdown of the electrolyser and significant strides in enhancing the safety case of MFE technology.
- Awarded prestigious CE marking for the manufacture of the electrolyser stacks and obtained component level CE marking for all electrolyser components for the MFE220.
Financial Highlights
- Year-end cash and term deposits of £0.3m (2023: £8.5m). Post-year end the Company successfully completed an equity fundraise, generating net proceeds of £5.7m.
- The Company incurred a loss of £14.4m for the 2024 financial year (2023: £4.1m) which reflects one-off impairments of £9.1m relating to capitalised development costs, inventory and property, plant and equipment, further discussed below.
Outlook
- Strategic appointment of Richard Scott as Chief Commercial Officer, a new role bringing further expertise and specific commercial experience to the team with a proven track record of scaling green energy projects to commercial viability.
- On track to complete the final stage of the MFE110 SAT for NIW in Q2 2025, which will demonstrate MFE technology working at scale on a customer site for the first time.
- Near term efforts are concentrated on completing the design, testing and manufacture of the MFE220 unit, with FAT expected in H2 2025.
- Activation of CPH2’s existing licensees is underway with documentation shared with licensees as a precursor to the start of manufacturing in line with the Company’s two-pronged strategy.
Jon Duffy, CEO of CPH2, commented:
2024 was a truly pivotal year for CPH2, marking our transition into a new phase of commercialisation and ending the year in the strongest position in the Company’s history. Our team’s ability to overcome technical and engineering challenges has reinforced our confidence in the scalability of our technology, culminating in the successful FAT of the MFE110 in September – a historic milestone for CPH2.
With the commercial viability of our unique and differentiated technology proven, we now find ourselves in a strong and enviable position, with a monumental opportunity ahead. To support this next phase of growth, I’m delighted to welcome Richard Scott as our new Chief Commercial Officer. His recent appointment is well-timed to accelerate our commerciality phase, driving licensee activation, building our contracted order book, and refining our pipeline.
I want to extend my thanks to our dedicated team, shareholders, and partners for their continued support. CPH2 is in the strongest position in its history. We have a proven, differentiated technology, a growing market opportunity, and a team deeply committed to our mission. I’m incredibly proud of what we’ve achieved this year and look forward to this important next stage of commercialisation to deliver a unique, industry-ready product that will transform the energy landscape.”