Shares in Clean Power Hydrogen PLC (AIM:CPH2) gained 30% as the UK-based green hydrogen technology and manufacturing group made its debut on AIM.
The group also raised £30.5mln via an over-subscribed placing, with a total of 67.7mln shares issued at 45p per share.
The funds will help develop the company’s financial position as well as build out its manufacturing operation in Doncaster, according to chief executive Jon Duffy.
Duffy also said Clean Power will continue to invest in research and development to enhance its intellectual property position while “establishing a stock of completed units to deliver the substantial and continually growing opportunity pipeline.”
The company could “penetrate an extremely fast-growing hydrogen market and aims to become a globally recognised leader,” Duffy added. It is also “targeting 4GW production capacity by 2030.”
Clean Power hopes to become a “highly profitable designer, manufacturer and licensor of its membrane-free electrolyser technology,” Duffy said.
“Today's listing and over-subscribed placing, delivered in difficult stock market conditions, is an important milestone for CPH2 and will assist the rapid growth of the group,” Duffy said.
The company was also awarded the LSE’s Green Economy Mark, which recognises companies who derive 50% or more of its annual revenue from green products or services.
“We are confident in our ability deliver on the opportunities ahead and I look forward to providing updates on our progress as our business develops,” Duffy said.