CPH2, a green hydrogen technology and manufacturing company, said it is terminating a licensing agreement it had struck with joint venture GHFG Ltd after taking legal advice.
A spokesman for CPH2 this morning said:
GHFG has undertaken actions which, based on legal advice received by CPH2, the Board believes constitutes a repudiatory breach of the Licence Agreement on the part of GHFG.
“In response to GHFG’s actions, the directors consider it in the best interests of the company and its shareholders to accept the repudiatory breach by GHFG, thereby terminating the Licence Agreement with immediate effect.”
“The company has notified GHFG that its repudiatory breach has been accepted and that CPH2 intends to claim damages from GHFG and retain all sums paid by it to CPH2 pursuant to the Licence Agreement to date.”
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The terms of the agreement were first unveiled on 19 July 2022. GHFG is a joint venture between international renewable independent power producer, Alternus Energy Group Plc and Eric Whelan, CEO of Irish based developer, Soleirtricity.
CPH2, which is based in Doncaster, has developed a Membrane-Free Electrolyser (MFE) for the production of hydrogen.
Jon Duffy, chief executive officer of CPH2, said:
We are disappointed by the recent actions of GHFG.
“We pride ourselves on having an open dialogue with our partners and have enjoyed a very constructive relationship with them up until this point.”
“We continue to focus on the commercial delivery of the MFE220 1MW electrolyser and are currently undergoing testing of the MFE110.”
“Following successful commercialisation, we expect to see increasing customer demand for our MFE technology.”
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Green energy tech business scraps licensing deal and says it will claim damages, June 6, 2023
