Clean Power Hydrogen
CPH2 · AIM · Energy · mcap £12m · 1.1p 2 open situations →
- EV
- £11.2m
- EV / EBIT
- –
- Net cash
- £232k
- FCF yield
- -71.8%
- Revenue
- −£4k
- Share price 1y
- −75%
- Insiders 12m
- no deals
- Next report
- around 30 Jun
Open · 2
MFE220 1MW testing and on-site operation
The MFE220 was damaged during FAT3 on 28 May 2026. On 19 Oct 2026 the company gave provisional findings: several unrelated factors (valve V705 gas velocity and particles, check valves, hoses and bends, system cleanliness, EIGA guidance) likely combined. No single ignition source was found and no evidence of origin in the stacks or separators. Redesign has begun; independent verification is still in progress.
- Status
- Unit non-operational until root cause analysis approved 1 Jul 2026 ↗
- Role of report
- Basis for determining the technology product roadmap 24 Sep 2026 ↗
- Expectation
- External report expected to be materially similar to internal analysis 24 Sep 2026 ↗
- Cause
- No single ignition source; several unrelated factors in combination, per provisional findings of 19 Oct 2026 19 Oct 2026 ↗
- Remedial work
- Redesign, research and testing started; changes to components, cleanliness protocols, manufacturing control, monitoring 19 Oct 2026 ↗
- Verification
- External verification by specialist experts still in progress; Board approval of final conclusions pending 19 Oct 2026 ↗
Next: Board approval of final conclusions; revised design package for licensees and partners
- 19 Oct 2026 Provisional findings; remedial redesign started; external verification pending
- 24 Sep 2026 Independent report overdue; unit still idle
- 1 Jul 2026 Unit non-operational; root cause analysis pending
- 1 Jul 2026 Unit non-operational; three possible causes under investigation
IP monetisation and strategic alternatives
Includes MFE220 1MW testing and on-site operation – Provisional findings; remedial redesign started; external verification pendingFollows from Liquidity and funding shortfall – Fundraise completed 20 July 2026, closed 24 Sep 2026
After dropping MFE220 manufacturing on 5 June 2026, CPH2 is moving to a capital-light licensing model. On 19 Oct 2026 it said the £750,500 Hidrigin convertible loan note (term sheet of 25 Jun 2026) will not proceed after the oversubscribed fundraise, and the interim payment was repaid. Hidrigin's licence now includes US own-use rights, with a broader partnership agreement in negotiation.
- Non-binding MoUs
- Koch Modular up to 100MW (USA, Mexico, Canada); ABE Gruppe/BKW up to 175MW (Germany, Switzerland) 24 Sep 2026 ↗
- Licensees
- Three licensees across 14 countries retained 24 Sep 2026 ↗
- New markets
- SAF, ammonia, drones; new roadmap in coming months 24 Sep 2026 ↗
- CLN
- £750,500 secured convertible loan note not proceeding; none issued, no security granted 19 Oct 2026 ↗
- Repayment
- £750,500 interim payment under legacy MFE220 sales contract repaid to Hidrigin 19 Oct 2026 ↗
- Licence
- Hidrigin licence extended to include own-use rights in the United States 19 Oct 2026 ↗
Next: Strategic Partnership agreement with Hidrigin; wider territory licence talks
- 19 Oct 2026 Licensing model executing; Hidrigin deal reshaped
- 24 Sep 2026 Restructuring complete; executing licensing model
- 16 Jul 2026 Funding the capital-light licensing model
- 1 Jul 2026 Capital-light licensing model being executed
Closed · 3
Company filings. Not investment advice.