Clean Power Hydrogen Agreements Signed with Fabrum Solutions Ltd (5423K)

TIDMCPH2

RNS Number : 5423K

Clean Power Hydrogen

22 December 2022

22 December 2022

Clean Power Hydrogen Plc

("CPH2", the "Company" or the "Group")

Development Agreement and Extension of Supply Agreement signed with New Zealand based Fabrum Solutions Ltd

CPH2, the UK-based green hydrogen technology and manufacturing company that has developed the IP-protected Membrane-Free Electrolyser ("MFE"), is pleased to announce that it has executed a development agreement with New Zealand based Fabrum Solutions Ltd ("Fabrum") (the "Development Agreement"), one of the world's leading cryogenic systems manufacturers for gas separation and hydrogen liquefaction. Fabrum is the result of the merger between Fabrum Solutions and AFCryo, the Company's supplier of the cryogenic systems since 2020.

Development Agreement

The Development Agreement has been executed for the purposes of the technical development of the Company's MFE. Under the terms of the Development Agreement Fabrum will work with CPH2, and its existing industry partner Kenera Energy Solutions ("Kenera"), to provide engineering expertise in support of design reviews, systems documentation and safety cases.

Fabrum will further provide technical support to accelerate the final development of the CPH2 technology, including subsystem development of the cryogenic gas separation and full system development. This development support will be focused on the safe and efficient operation of the cryogenic gas separation system at a 1MW scale and at the expanded operation level up to a nominal 2MW scale.

Finally, whilst CPH2 undertakes the process of identifying and appointing a Chief Technical Officer, Fabrum will supply CPH2 with the expertise of their current Technical Director, Hugh Reynolds, who will assist on a part-time basis in the role of Acting Chief Technical Officer for CPH2.

The Development Agreement compliments the existing arrangements with Kenera. Following the execution of the Development Agreement the teams at CPH2, Fabrum and Kenera will work alongside each other to accelerate the development and production of the MFE220 units.

Supply Agreement

In addition, the Company has executed a deed of variation to its existing supply agreement with Fabrum to allow it to purchase DPWG Cryocoolers for embedding in its MFE products on an exclusive basis. The excusive supply agreement is subject to various minimum order quantities being met in each year of its initial five year term from the date of execution. Under the terms of the revised supply agreement, Fabrum is also required to meet performance and price criteria.

The revised supply agreement with Fabrum strengthens the Company's supply chain security over a key component of the MFE as well as enhancing the commercial alignment between Fabrum and CPH2.

Jon Duffy, Chief Executive Officer of CPH2, commented:

"I am delighted we are deepening our working relationship with Fabrum, the world leaders in cryogenic systems and hydrogen liquefaction. The collaboration between CPH2, Fabrum and Kenera, a global provider of innovative customer-centric solutions, will ensure that we can utilise the broad expertise of all parties in the production of the MFE220. The agreements with Fabrum will lead to an acceleration to market of our MFE electrolysers and we look forward to working with Hugh Reynolds and his team and collaborating to benefit all parties."

For more information, please contact:

 
 Clean Power Hydrogen Plc                  via Camarco 
 Jon Duffy, Chief Executive Officer 
 
 Cenkos Securities plc - NOMAD & Broker 
                                           [phone] 
 Neil McDonald                              9771 
                                           [phone] 
 Peter Lynch                                9772 
                                           [phone] 
 Adam Rae                                   9778 
 
                                           + 44(0) 20 3 757 
 Camarco PR                                 4980 
 Billy Clegg 
 Owen Roberts 
 Fergus Young 
 

To find out more, please visit: https://www.cph2.com

Overview of CPH2

CPH2 is the holding company of Clean Power Hydrogen Group Limited ("Clean Power") which has almost a decade of dedicated research and product development experience. This experience has resulted in the creation of simple, safe and sustainable technology which is designed to deliver a modular solution to the hydrogen production market in a cost-effective, scalable, reliable and long-lasting manner. The Group's strategic objective is to deliver the lowest LCOH in the market in relation to the production of green hydrogen. The Group's MFE technology is already commercially available and demonstrating cost efficiencies and technological advantages. CPH2 is listed on the AIM market and trades under the ticker LON:CPH2.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

AGRFEFESFEESEIE

(END) Dow Jones Newswires

December 22, 2022 02:00 ET (07:00 GMT)