Business
Revised Agreement with ATOME Energy
Revised Agreement with ATOME Energy.
About this update from Clean Power Hydrogen Plc
[{"type":"text","content":"\n\n \n\nThe information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 which is part of UK law by virtue of the European Union (withdrawal) Act 2018. Upon the publication of this announcement, this inside information is now considered to be in the public domain.\n \n28 November 2023\nClean Power Hydrogen plc\n\n(\"CPH2\", the \"Company\" or the \"Group)\n\n\nRevised Agreement with ATOME Energy\n\nCPH2, the UK-based green hydrogen technology and manufacturing company that has developed the IP-protected Membrane-Free Electrolyser (\"MFE\"), provides an update on its contract with ATOME Energy plc (\"ATOME\") for a single 1MW MFE220 electrolyser placed in March 2022.\nCPH2 and ATOME have reached a mutual agreement to cease the previous production order made by ATOME. The CPH2 Board of Directors considers it is in the Company's best of interests to focus its engineering and installation resources in ensuring roll out MFEs with current partners Fabrum Solutions Limited, KCA Deutag and their longstanding customer, Northern Ireland Water.\nAs part of the agreement, ATOME has requested, and CPH2 has agreed to, a non-binding framework agreement with G-Mobility, a subsidiary of Molecular Energies plc (\"Molecular Energies plc\"), the South American focused energy company, to explore a licencing agreement for the manufacture and sale of CPH2's MFEs in the Mercosur group of countries in South America. Molecular Energy is a 20 per cent. shareholder in ATOME.\nG-Mobility's interest in a non-binding framework agreement is a strong indication of support of CPH2's differentiated technology relative to its competition in terms of cost, efficiency, reliability and scalability. The agreement will allow for the future production of electrolysers in Paraguay to serve the Latin American market using CPH2's technology and experience. \nCPH2 has a 2030 production target of 4GW per year, with 1GW made at its own facility and the rest manufactured under licence by other companies. Through the licencing model, companies will have access to CPH2's innovative MFE technology whilst having the flexibility to oversee its own production and delivery schedules, using its own capital.\nCPH2 continues to focus on the delivery and successful com...