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CPH2 announces intention to float as it targets £50m funding

CPH2's containerised electroylser is modular, making it easily scalable. Image:CPH2.

CPH2's containerised electroylser is modular, making it easily scalable. Image:CPH2.

Electrolyser manufactuer CPH2 has announced its intention to float on the AIM market of the London Stock Exchange to raise approximately £50 million.

The company has developed an IP-protected membrane-free electrolyser (MFE), which is said can reduce downtime and maintenance, be constructed using just ubiquitous materials and avoids mixed gas therefore promoting safety.

“Our approach to electrolyser technology is based on challenging long held market views for the benefit of our customers and the market as a whole, and the result is a lower cost, simple, much more durable electrolyser to separate hydrogen and oxygen from water,” said Jon Duffy, chief executive officer of CPH2.

“The new capital raised from a listing on AIM will position the Group well to become a globally recognised and highly profitable designer, manufacturer and licensor of the membrane free electrolyser with at least a 4GW production capacity by 2030.”

CPH2 emphasised the speed at which the green hydrogen market is growing, with the development of a hydrogen economy in Europe expected to lead to a 650x increase in demand for electrolysers by the end of the decade. The continent has set a 40GW target for 2030, with CPH2 targeting 10% of that capacity.

The company already has a contracted orderbook of 4MW of unit product for 2022, as well as a potential pipeline of potential orders in excess of 160MW.

In the UK, demand for electrolysers is set to grow as well, with a 5GW capacity target for hydrogen set in the Hydrogen Strategy in August 2021. Since then, the number of green hydrogen projects has picked up pace with bp unveiling plans for a 500MWe green hydrogen project in Teeside, a consortium led by Macquarie's GIG announcing a plan to develop green hydrogen on Orkney and Octopus Hydrogen forming a strategic partnership with Innova Renewables and Novus to rollout green hydrogen production, amongst other projects.

“Hydrogen is central to governments’ strategies to decarbonise the economy,” added Duffy. “This drive to net zero is changing the way that electricity is generated, stored and managed. We are aiming to be at the forefront of the technology enabling this transition.”

Cenkos Securities has been appointed as nominated adviser and sole broker to CPH2.

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