British company Clean Power Hydrogen (CPH2) has announced its intention to enter the London stock market.
Through its proposed admission to trading on the AIM market, the company aims to raise approximately 50 million through a placement of new Ordinary Shares on Admission.
Cenkos Securities has been appointed designated adviser and sole broker for CPH2.
The money raised will allow the green hydrogen technology and manufacturing company to undertake capital investments at two levels.
CPH2 will use the funds to expand its manufacturing operations, including assembly, logistics and stack automation.
It will also allow the company to complete the identification of a potential site for a plant in Northern Ireland, complete site development and implement operations at the new plant.
KCA Deutag in the picture
CPH2 has entered into a non-binding letter of intent with Kenera Energy Solutions, is part of KCA Deutag, headquartered in Aberdeen, last week, the latter indicating its intention to participate in the classification.
Kenera aims to underwrite or acquire approximately $10 million in stock.
At the same time, the two companies entered into a letter setting out their non-binding objective to negotiate and agree on the terms of a global technical cooperation agreement.
Although other terms must be agreed, this will allow Kenera to assemble CPH2 products at any of its manufacturing facilities.
Jon Duffy, Managing Director of CPH2, said: We are delighted to announce our placement and admissions proposal to AIM, to support the rapid growth of CPH2.
Our approach to electrolyzer technology is based on long-challenged market views for the benefit of our customers and the market as a whole, and the result is a lower cost, simpler and much more durable electrolyzer to separate the hydrogen and oxygen from water.
The new capital raised through a listing on AIM will position the Group well to become a globally recognized and highly profitable designer, manufacturer and licensor of the membraneless electrolyser with a production capacity of at least 4 GW by 2030.
Hydrogen is at the heart of government strategies to decarbonize the economy. This transition to net zero changes the way electricity is generated, stored and managed. We aim to be at the forefront of technology enabling this transition.
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