Clean Power Hydrogen raises £6.1m in share placing

(Sharecast News) - AIM-listed Clean Power Hydrogen has conditionally raised £6.1m in a share placing as it works towards completing three key projects. The company, otherwise known as CPH2, announced a placing of, and subscription for, a total of 81.4m new share at an issue price of 7.5p, representing 22.9% of its existing ordinary shares.

The placing and issue of new shares are conditional upon a shareholder vote at a general meeting on 8 January, amongst other conditions.

CPH2 proposed the placing on Wednesday, saying that proceeds will be used to fund working capital requirements for the shipping, installation and commission of its MFE110 electrolyser unit to Northern Ireland Water and completing the design and optimisation of the MFE220 electrolyser unit.

Following a successful factory acceptance test of the MFE110 unit in September, CPH2 is also working on completing the same for the first commercial MFE220 unit.

"We are pleased to have secured this additional funding, which will allow us to further progress and enter into the next phase of CPH2's development, targeting the full commercialisation of our flagship MFE220 unit and the generation of first revenues in 2025," said chief executive Jon Duffy.

Shares were down 2.4% at 7.61p by 0824 GMT.