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H-Power plc (HPOW): Hy5 portable cracker development

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HPOW H-Power plc

£104m · 8.2p · −8% since the first step
17.0p 8.2p Now 8.2p · 23 Oct +51% +0% +4% −20% −21% Oct ’25NovDecJan ’26FebMarAprMayJunJulAugSepOct
6 Nov 2025 · Pilot cracker relocating to Port Clarence site · +51% until the next step We expect to produce low cost hydrogen for commercial use in the first half of calendar year 2026, subject to permitting.
10 Jun 2026 · Positive engagement; no permitting update · −20% until the next step Continued positive engagement and progress with our joint venture and strategic partners ICL and Volex
Project milestones
Hy5 portable cracker development
Phase 1 complete; final phase begins September 2026
Every step · 7
  1. 6 Nov 2025 Pilot cracker relocating to Port Clarence site – We expect to produce low cost hydrogen for commercial use in the first half of calendar year 2026, subject to permitting. ↗
  2. 21 Jan 2026 First LC30 built, operational testing underway – is pleased to announce the completion of the first build of our new generation LC30 30kW liquid-cooled fuel cell generator (the "LC30 Generator") which is... ↗
  3. 10 Feb 2026 JDA signed; feasibility and design phase – the Company and Komatsu will work together to design and integrate AFC Energy's proprietary ammonia cracking technology with a Komatsu industrial internal... ↗
  4. 25 Feb 2026 Targeting production by end of 2026, permitting pending – Joint venture with Industrial Chemicals Group Limited to use AFC Energy's proprietary, leading ammonia cracking technology to produce the lowest cost bulk... ↗
  5. 10 Jun 2026 Positive engagement; no permitting update – Continued positive engagement and progress with our joint venture and strategic partners ICL and Volex ↗
  6. 10 Jun 2026 On track; launch by end of calendar 2026 – The development and launch of H-Power's HY5 decentralised portable cracker unit (capable of producing up to 500 kg of hydrogen per day) remains on track and... ↗
  7. 10 Aug 2026 Phase 1 complete; final phase begins September 2026 – The second, and final, phase is to deliver the build out and demonstration of H-Power's ammonia cracker integrated with Komatsu's engine and is scheduled to... ↗

What is happening

H-Power plc: Hy5 portable cracker development – Phase 1 complete; final phase begins September 2026. ['Phase 1 complete; final phase begins September 2026']

In short
The Komatsu JDA of c.US$2m, announced in February 2026, is a feasibility-stage contract to integrate H-Power's ammonia cracker with a Komatsu diesel engine. Phase 1 is now successfully complete and the final build-and-demonstration phase is agreed, running September 2026 to December 2027. Any production scale-up is not yet contracted.
Announced
6 Nov 2025 · Pilot cracker relocating to Port Clarence site
Latest
10 Aug 2026 · Phase 1 complete; final phase begins September 2026
Contract value
cUS$2 million, as previously announced
Phase 1
Successfully completed
Next milestone
Phase 2 build out and demonstration, September 2026 to December 2027
Aim
Assess feasibility of a new ammonia fuelled engine platform capable of scaled production
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