28th Nov 2023 14:33
(Alliance News) - Clean Power Hydrogen PLC on Tuesday said it had agreed with Atome Energy PLC to cease the previous production order for a single one megawatt MFE220 electrolyser placed in March 2020, while signing a licensing deal focusing on South America.
Clean Power Hydrogen is a Doncaster, England-based green hydrogen technology and manufacturing company, while Atome Energy focuses on green hydrogen, ammonia, and fertilizer project development in Paraguay, Iceland, and Central America.
Clean Power Hydrogen said the board considered it in its best interests to focus its engineering and installation resources in ensuring roll out membrane-free electrolysers with current partners Fabrum Solutions Ltd, KCA Deutag and their longstanding customer, Northern Ireland Water.
In return, Atome said it has received its USD300,000 deposit back.
Clean Power Hydrogen also agreed to Atome's request of a non-binding framework agreement with G-Mobility, a subsidiary of Molecular Energies PLC, to explore a licencing agreement for the manufacture and sale of Clean Power Hydrogen's membrane-free electrolysers in the Mercosur group of countries in South America. Molecular Energy is a 20% shareholder in Atome.
Clean Power Hydrogen said G-Mobility's interest in the non-binding framework agreement is a "strong indication" of support of Clean Power Hydrogen's "differentiated technology relative to its competition in terms of cost, efficiency, reliability and scalability".
"The agreement will allow for the future production of electrolysers in Paraguay to serve the Latin American market using CPH2's technology and experience," the company said.
Clean Power Hydrogen Chief Executive Officer Jon Duffy commented: "I am pleased to be continuing our working relationship with Atome as we engage in a licencing agreement with Molecular Energies and G-Mobility that allows Atome to have on-going exposure to our ground-breaking technology, while allowing us to focus on the delivery of purchase orders to customers in the UK and Europe."
Atome Chair Peter Levine added: "Atome has a longstanding, successful relationship with CPH2, and we are excited to see CPH2 working with Molecular Energies and G-Mobility. G-Mobility looks forward to pursuing discussions on the framework agreement."
Shares in Clean Power Hydrogen were down 5.7% to 12.73 pence each in London on Tuesday afternoon, while Atome shares were up 0.1% to 74.04p.
By Greg Rosenvinge, Alliance News senior reporter
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