Business
Update on Licence Agreement with GHFG Limited
Update on Licence Agreement with GHFG Limited.
About this update from Clean Power Hydrogen Plc
[{"type":"text","content":"\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 \n \n6 June 2023\n \nClean Power Hydrogen plc\n(\"CPH2\", the \"Company\" or the \"Group\")\n \nUpdate on Licence Agreement with GHFG Limited\n \nCPH2, the UK-based green hydrogen technology and manufacturing company that has developed the IP-protected Membrane-Free Electrolyser (\"MFE\"), announces an update regarding the Licence Agreement with GHFG Limited (\"GHFG\"), the terms of which were announced on 19 July 2022 (the \"Licence Agreement\"). GHFG is a joint venture between international renewable independent power producer, Alternus Energy Group Plc (\"Alternus\"), and Eric Whelan, CEO of Irish based developer, Soleirtricity.\n \nGHFG has undertaken actions which, based on legal advice received by CPH2, the Board believes constitutes a repudiatory breach of the Licence Agreement on the part of GHFG. In response to GHFG's actions, the Directors consider it in the best interests of the Company and its shareholders to accept the repudiatory breach by GHFG, thereby terminating the Licence Agreement with immediate effect.\n \nThe Company has notified GHFG that its repudiatory breach has been accepted and that CPH2 intends to claim damages from GHFG and retain all sums paid by it to CPH2 pursuant to the Licence Agreement to date.\n \n \nJon Duffy, Chief Executive Officer of CPH2, commented:\n \n\"We are disappointed by the recent actions of GHFG. We pride ourselves on having an open dialogue with our partners and have enjoyed a very constructive relationship with them up until this point.\n \nWe continue to focus on the commercial delivery of the MFE220 1MW electrolyser and are currently undergoing testing of the MFE110. Following successful commercialisation, we expect to see increasing customer demand for our MFE technology.\"\n \n \n \nFor more information, please contact:\n \n\n\n\nClean Power Hydrogen plc\n\n\nvia Camarco\n\n\n\n\nJon Duffy, Chief Executive Officer\nJames Hob...