Deed of Termination and Settlement
Clean Power Hydrogen plc has executed a deed of termination and settlement with Lagan MEICA Limited to resolve matters concerning a delayed MFE220 unit for Northern Ireland Water. This settlement, which involves a payment to Lagan, is contingent upon a future fundraise being completed by July 31, 2026, with the payment due within seven days of that completion. The company believes this agreement will remove project uncertainty and allow it to focus on its core strategy and future commercial opportunities.
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Clean Power Hydrogen plc (AIM: CPH2), the UK-based green hydrogen technology company, announces that it has executed a deed of termination and settlement (the "Settlement") in respect of the subcontract between Lagan MEICA Limited ("Lagan") and the Company relating to the Northern Ireland Water 1MW MFE220.
The parties have agreed to settle all matters between them, relating to the delayed delivery of an MFE220 unit, and terminate the subcontract through the payment of a settlement sum. The Settlement is conditional upon a future fundraise (the "Fundraise") and CPH2 shall pay the settlement sum to Lagan within 7 days of completion of the Fundraise, provided that the Fundraise is completed on or before 31 July 2026.
The Board believes this outcome provides a clear and structured pathway to resolving the position and, if completed, will remove uncertainty in relation to the project and allow the Company to focus on its core strategy and future commercial opportunities.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.