Clean Power Hydrogen: New Product Roadmap

The 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.

10 November 2026

Clean Power Hydrogen plc

(“CPH2”, the “Company” or the “Group”)

New product roadmap positions the Company for improving global market conditions

Clean Power Hydrogen plc (AIM: CPH2), the UK-based hydrogen technology company, provides an update on its product roadmap to maximise opportunities within the changing conditions of the global hydrogen market and position the company for renewed commercial traction.

The CPH2 Board has approved investment from existing resources in a future product roadmap that seeks to leverage the Company’s core capabilities and exploit existing technologies in new ways that align with global growth in electrolyser deployment.

The Board believes that the market for hydrogen production technology is growing fastest in the Middle East and Asia and that UK demand is challenged. Our capital light and global technology licensing model is well suited to adapt to these changing market dynamics.

The International Energy Agency (“IEA”) Global Hydrogen report of June 2026 confirmed 25% growth of low emission hydrogen volumes in 2025 and projected similar growth across 2026.

On October 28, 2026, the UK government cancelled £500m of capital grants for the Hydrogen industry. This was only partially compensated with £300m in conditional loans and equity. The HAR2 ‘contract for difference’ mechanism is said to be “progressing” without funding identified. CPH2 is not directly impacted by these changes.

Product roadmap

“MFE Neo” – small scale modular, membrane-free electrolyser

• A decade of advanced research has progressed our patented membrane-free electrolysis technology. The MFE Neo will be the culmination of that programme and remains our core product. Our IP and know-how address the core $14 billion global market* for electrolysis and hydrogen production.
• As announced on October 19, 2026, the Company commenced research and design work to address the factors that contributed to the late-stage testing incident of the MFE220 electrolyser earlier in the year. This is progressing at pace with international partners.
• This includes the modelling of gas thermodynamics, fluid flow, heat and mass transfer mechanisms to inform design changes for the safe management of MFE technology in new configurations for the future. Design changes will reflect the conclusions of the technical root cause analysis.
• Based on this research, it is anticipated that a revised engineering package for a modular membrane-free electrolyser will be available to CPH2s manufacturing partners and licensees from December 2027 with preliminary designs six months earlier. The engineering packages are cash generative when part of future licensing arrangements.
• This product will be named the ‘MFE Neo’. The management team continue to believe that this technology will deliver lower lifetime ‘LCoH’ and high purity hydrogen and oxygen without the need for unreliable and expensive membranes containing platinum, iridium and PFAs ‘forever chemicals.’

“CSX Eco” – robust, low cost, cell-separated electrolyser

• In parallel, CPH2 will exploit elements of our extensive and secured intellectual property, to deliver a new, low capital cost electrolyser design utilising proprietary cell separation technology. This will be the ‘CSX Eco’, and will also avoid the use of platinum, iridium and PFAs ‘forever chemicals.’ It is being designed specifically to compete on price and efficiency with Chinese Alkaline imports. An engineering package is due to be available to our manufacturing partners and licensees from May 2027. The engineering packages are cash generative when part of future licensing arrangements.
• An ultra-high purity (UHP) hydrogen and oxygen version of the CSX Eco is in development and expected to be available from Q1 2029 to meet the long-term and enduring demand of this high premium sector of the market.

Management believe that to date, in Europe, including the UK, hydrogen projects have focused too heavily on advance technologies, while Chinese manufacturers have concentrated on simpler, lower cost approaches that can still be effective in certain technical and funding scenarios. Such product types command the larger share of the market. CPH2’s aim is to provide solutions for both circumstances; lower lifetime levelised cost of production and lower upfront capital cost.

Stack innovation and manufacture

• The innovative core of the CSX Eco, our low capital cost electrolyser, will be a new electrolysis stack, to be designed, developed and built in Doncaster over the next year and based on our existing stack technology. It is intended that unique and proprietary cell separation technology will be able to extend both operating life and warranties. The stack will be used within our own CPH2 products, and the intention is to also make them available for sale to other electrolyser manufacturing companies globally, on an OEM basis, directly from our factory. Work programmes are underway to enable deliveries to commence from March 2028.
• We believe that the market opportunity is considerable with over 170 manufacturers of electrolyser world-wide that could make use of this type of electrolysis stack, removing the low scale economics and risk of developing their own in-house solution.

MFE Plant Solutions

• Alongside these product developments, CPH2 plans to leverage its existing range of proprietary technologies and capabilities to lower the cost of hydrogen, further improve reliability and integrate novel requirements into larger plant designs. This is intended to be a chargeable, hands-on design and consultancy service. Industries like steel (DRI), glass and brick, along with alternative energy processes for e-SAF, Green Ammonia or those requiring Fischer-Tropsch or reverse water gas shift (RWGS) chemical processes have an identified need to lower costs, carbon and ensure continuity of production and we intend to work with these sectors in achieving those aims.
• From January 2027, CPH2 will offer these services as structured design engagements and bespoke research and analysis programmes for the hydrogen industry, including eSAF, Methanation and Ammonia plants and wherever Hydrogen and Oxygen gases require expert integration. It is intended that our services will be deployed into large scale plants to help drive the efficiency of converting renewable electricity into hydrogen and oxygen for energy intensive applications.

The Company has sufficient capital to deliver against the Product Roadmap described in this update throughout 2027, providing the opportunity for tangible commercial market traction leading to revenue generation.

Commenting on progress, Richard Scott, Chief Executive Officer of CPH2, said: “Today marks a turning point for CPH2. With the Board’s approval on a future product roadmap, we have positioned our company for renewed commercial traction and a bright future.

As the global market for hydrogen exhibits strong growth, it’s important we deliver the technology solutions to capture it, wherever it may be found. Our evolving range of products is being developed from the innovations of previous years. We are now able to target a broad range of growing, well capitalised sectors that do not rely on Government subsidies and have a compelling demand for hydrogen, including petrochemical refining, the defence industries, semiconductors, pharmaceutical, e-SAF, methanol, ammonia and water treatment across the world.

Our membrane-free technology is the cutting edge of this industry, which these plans build upon to deliver small modular units for an evolving market. We are also advancing a new, simpler, lower capital cost electrolyser along with expert services for industrial scale applications and plants.”

*https://www.marketsandmarkets.com/Market-Reports/electrolyzers-market-23889518.html

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Background on CPH2

CPH2 is the holding company of Clean Power Hydrogen Group Limited which has a decade of dedicated research and product development experience that has delivered 17 patents, with 16 more pending, in breakthrough hydrogen and oxygen production technology. The Group's strategic objective is to deliver innovation and technologies to its licensees around the world, which lower the cost of hydrogen for industry and the growing decentralised and alternative energy markets globally. CPH2 is listed on the AIM market and trades under the ticker AIM:CPH2.

For more information: https://www.cph2.com

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