Clean Power Hydrogen shares suspended after testing incident damages flagship electrolyser unit
Clean Power Hydrogen PLC (AIM:CPH2) has suspended its shares from trading after an incident during final testing of its 1MW electrolyser caused significant equipment damage, derailed a planned fundraise, and left the company with a constrained working capital position.
The hydrogen technology developer said its MFE220 unit, a membrane-free electrolyser designed to co-produce high-purity hydrogen and oxygen, suffered an unexpected error during the third and final stage of its Factory Acceptance Test (FAT) at the company’s facility in Rossington, near Doncaster.
The error triggered a standard shutdown procedure, during which the unit suffered a secondary failure that caused the damage.
All operations at the test site have been suspended and an investigation into both the original error and the subsequent failure is underway.
The incident has materially delayed completion of the FAT, which had been expected to conclude this month.
The damage also forced a halt to fundraising discussions that the company had been conducting with existing shareholders and prospective new investors ahead of a planned equity raise to fund the next phase of development.
Clean Power Hydrogen said those discussions have been paused pending greater technical clarity, leaving it with insufficient working capital to continue operating normally.
The board said it is actively evaluating funding and strategic options to resolve the immediate liquidity requirement.
The company is also reviewing its insurance position in relation to the incident and assessing the potential impact on commercial arrangements with customers, though it said the full implications remain under review.
Chief executive Jon Duffy called the outcome “disappointing” and said the company would begin work immediately to resolve the technical issue and minimise commercial disruption.
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Clean Power Hydrogen shares suspended after testing incident damages flagship electrolyser unit, source
