Clean Power Hydrogen PLC (AIM:CPH2) (CPH2) said it has entered into a Technology Cooperation Agreement with Bentec GmbH, an operating company entity of Kenera Energy Solutions, which will allow the latter to manufacture and sell its products.
The UK-based green hydrogen technology and manufacturing company, which has developed the IP-protected Membrane-Free Electrolyser (MFE) for hydrogen production, granted Kenera a non-exclusive license to sell and manufacture its products in Germany, Scotland, Azerbaijan, Denmark and Norway up to a maximum of 150 MFE units per annum.
Kenera can make up to 30 MFE220 units for Clean Power at its manufacturing facility in Germany and was granted an exclusive license to sell and manufacture its products across the Middle East - up to a maximum level of 2GW - including Oman, Saudi Arabia, United Arab Emirates, Qatar, Kuwait and Iraq.
The agreement binds Clean Power's innovative MFE technology, which uses cryogenics to separate oxygen from hydrogen, and Kenera's international client base and industry-leading manufacturing capabilities.
"We are delighted to enter into this agreement with Kenera, whose parent company, KCA Deutag, is not only an investor in CPH2 but is also one of the leading energy sector manufacturing businesses in the world, adding valuable and immediate manufacturing capacity," Jon Duffy, Clean Power chief executive said in a statement.
"I am particularly pleased to have additionally signed two sales licensing sub-agreements, which are a capital efficient production method for CPH2, and should will enable a much faster scale up and market penetration of our innovative and disruptive hydrogen electrolyzer technology. Interest in this technology continues to grow and our pipeline of opportunities is constantly developing," Duffy added.
KCA Deutag chose to invest in Clean Power Hydrogen at its IPO in February 2022 and the collaboration between the parties since has positioned both to take advantage of the rapidly growing hydrogen market, which is forecast to require investment of up to €10 trillion globally by 2050.
Ally Hogg, head of Commercial for Kenera, commented: "This collaboration follows our investment into this exciting and ambitious high growth hydrogen business. The relationship with CPH2 adds to our clean energy portfolio and we look forward to actively collaborating with their team as we expand our business in the energy transition space and create value for our stakeholders by delivering our innovative technological solutions, manufacturing and after-sales expertise."
New CFO appointed
In a separate statement, Clean Power also announced the appointment of James Hobson as its chief financial officer and executive director, with effect from December 5, 2022, when Clive Brook will retire from the roles.
Jon Duffy commented: "We are excited to have James joining as CFO of CPH2. James' expertise across the energy sector can be seen through his work with private and AIM-listed companies across the past ten years and his knowledge will help us deliver on the opportunities ahead. We look forward to welcoming James in his new role soon. I would like to take this opportunity of thanking Clive for all his support over the years and speak on behalf of the entire CPH2 team in wishing him all the best in his retirement."
Hobson will join Clean Power Hydrogen from AMTE Power PLC (AIM:AMTE), where he has been CFO since October 2021. The company noted that he has a wealth of experience across the energy sector, having worked as a senior finance executive in the sector for ten years.
Hobson said: "I am delighted to be joining CPH2 following its successful IPO in February. I believe CPH2 and its technology will have a significant role in the evolution of the hydrogen sector both in the UK and the wider world. The team has grown significantly this year and I look forward to supporting CPH2 in its future endeavours."