Clean Power Hydrogen shares fall as Octopus Hydrogen cancels order.
Clean Power Hydrogen PLC said Octopus Energy Hydrogen Ltd has cancelled its order with the company after Clean Power faced delays on the construction of its first two MFE 220 units.
Shares in Clean Power Hydrogen dropped 16% to 34.00 pence each in London.
The Doncaster, England-based green hydrogen technology firm said delays were caused by “ongoing global supply chain issues” and “engineering and scale-up issues” identified in the commissioning of its initial units.
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Clean Power said its Membrane-Free Electrolyser 220 product runs with 1 megawatt of input power and is capable of producing 450 kilograms per day of high purity green hydrogen.
Following the delays, Octopus Hydrogen has cancelled its order with Clean Power Hydrogen. It intends to use an alternative electrolyser solution at its first site, which is expected to go live in the coming weeks.
Clean Power Hydrogen has reimbursed the deposit paid by Octopus Hydrogen.
Jon Duffy, Chief Executive Officer said:
We are disappointed by the ongoing delays to the commissioning of our first MFE 220 unit.
“However, we understand the issues and are working through them thoroughly and sustainably. Our number one priority is ensuring that we are able to deploy our first MFE 220 units in the field and to have these operating responsibly and efficiently. I would like to thank Octopus Hydrogen for their patience, support and understanding.”
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Clean Power Hydrogen shares fall as Octopus Hydrogen cancels order, November 22, 2022
