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56 min ago 2 min read
Membrane-less electrolyser firm Clean Power Hydrogen (CPH2) has terminated the deal for what would have been its first commercial 1MW deployment after the system failed factory acceptance testing last month.
The company confirmed it had executed a deed of termination and settlement related to the subcontract with engineering firm Lagan MEICA that would have seen its 1MW MFE220 system installed at a Northern Ireland Water (NIW) site in Belfast.
It was due to be the of CPH2’s hydrogen production technology, where NIW would use oxygen for water treatment and hydrogen would have been sold off-site.
The settlement sum remains undisclosed, but is conditional upon a £3m ($3.96m) fundraise that CPH2 hopes to complete before the end of July.
It comes after the MFE220 unit was during factory acceptance testing after a hydrogen-oxygen mixture ignited. The company said the incident was by its stacks or separators. The detailed cause of the failure remains under investigation.
CPH2 is now attempting to pivot its business to a purely licensing basis, after admitting it does not have the “financial, engineering, or technical” resources to redesign the MFE220.
On 25 June, CPH2 revealed it was in talks with existing to grant it exclusive rights to manufacture the technology in the UK, Ireland, the US, Canada, and Mexico.
Irish project developer Hidrigin is also allowing CPH2 to convert £750,000 ($989,800) originally paid for its own MFE220 to a loan.
The Hidrigin deal is also conditional on the firm raising at least £3m by 31 July.
