Clean Power Hydrogen PLC (AIM:CPH2) (CPH2) has raised £6.1million through a placing and share subscription of 81.4 million new shares priced at 7.5p each.
Proceeds will facilitate the development and commercialisation of the firm’s Membrane-Free Electrolyser (MFE) technology.
"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,” chief executive Jon Duffy said in a statement.
“The successful Factory Acceptance Test of the MFE110 unit in September marked a significant milestone, confirming the first customer acceptance and validation of our scaled electrolyser technology.”
Duffy added: “This reinforces our confidence in the potential of our unique technology as a leading solution for the green hydrogen industry.”
The funding is contingent on shareholder approval at a general meeting scheduled for 8 January 2025.