GCIClean Power Hydrogen shares jump on major 2GW licence deal with Hidrigin
() , a UK-based green hydrogen technology and manufacturing company, announced a new major licence agreement with Lisheen H2 Energy Park a.k.a. Hidrigin. Additionally, the two companies entered a sales agreement for the delivery of a 1MW MFE220 electrolyser unit by .
The licence agreement grants Hidrigin the right to manufacture up to 2GW of MFE220 units in Ireland to connect with its own solar PV and wind farms across the world. The units will feature Clean Power Hydrogen's proprietary Membrane-Free Electrolyser (MFE) technology.
Hidrigin said it will outsource the manufacturing of the MFE units to Jones Engineering Manufacturing, a global engineering contractor. The first 1MW MFE220 unit is scheduled to commence production at Jones' facility in Co. Carlow, Ireland in 2025. As production of MFE220s scales, a further manufacturing facility is planned for Lisheen.
Hidrigin has existing agreements to sell the green hydrogen produced in Lisheen to a number of commercial offtakers as part of its Green Hydrogen Pilot Project. Hidrigin has secured €100m to build out the Lisheen facility and fund the Pilot Project, commencing in 2025. The company aims to develop €500m of its own renewable energy projects, together with its manufactured MFE220s, across Europe by 2030.
Eric Whelan, CEO of Hidrigin, commenting: "CPH2's proven technology is a brilliant low-cost solution to the production of green hydrogen. We are excited to be able to use this technology for our projects here in Ireland and across the world, where the opportunity for green hydrogen production together with renewable energy generation is unparalleled. We look forward to working with CPH2 and with our expert partners at Jones Engineering to build and deploy our electrolysers."
View from Vox
Clean Power Hydrogen scores a major licence deal for up to 2GW of electrolysers using its patented MFE technology over 20 years. The customer, Hidrigin, plans for a massive €500m renewable energy network starting with outsourced manufacture of MFE220 units in 2025. The deal showcases rising demand for green hydrogen using advanced technologies like CPH2's Membrane-Free Electrolyser (MFE).
Under the licence deal, the manufactured electrolysers will be exclusively used by Hidrigin and cannot be sold to 3rd parties. CPH2 will receive a fee in staged payments for the licence upon meeting certain milestones, which it expects to achieve within the next 2 years, as well as revenues from the sale of components and a technology fee per unit manufactured.
Concurrently, the two companies entered a sales contract whereby Hidrigin will purchase a 1MW MFE220 electrolyser from CPH2 with delivery expected in 2025. CPH2 reiterated its goal to produce electrolyser capacity of approx. 1GW at its facilities and 3GW under licence, with today's announcement giving significant impetus to that plan.
Separately, CPH2 announced the settlement of its lawsuit with GHFG, initially disclosed in June 2023. CPH2 said the two companies had agreed to "settle and resolve matters amicably, with no admission of fault". Under the terms of the settlement, CPH2 will not claim nor pay any damages and all legal action will be terminated by both parties.
shares jumped 24% in early trade on the announcements.
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