UK-based green hydrogen group CPH2 has raised £30m following its debut on the London Stock Exchange.
Shares in the company soared over 30 per cent on its first listed day on AIM-All Share market, which would boost CPH2’s value to over £150m when the markets close.
CPH2 designs and builds hydrogen production units and is focused on the commercial production of green hydrogen in a safe and sustainable manner.
It is best known for developing its membrane-free electrolyser, which reduces the risk of failure and downtime for maintenance purposes and cuts down production costs, as degradation issues involving of the membrane are avoided.
The firm hopes to take advantage of Downing Street’s ambitions to reach 5GW of hydrogen energy by the end of the decade as part of its 2050 net zero plans, and wants to penetrate a fast-growing market across the continent.
The hydrogen group is aiming to build out its manufacturing capabilities through the listing.
Chief executive Jon Duffy said: “The funds raised will further strengthen the group’s financial position and will enable CPH2 to build out our Doncaster manufacturing operation. CPH2 has an opportunity to penetrate an extremely fast-growing hydrogen market and aims to become a globally recognised, highly profitable designer, manufacturer and licensor of its MFE technology, targeting 4GW production capacity by 2030, an opportunity further advanced by the move onto the public markets.”
In relation to the admission, Cenkos is acting as nominated adviser and sole broker, while Browne Jacobson also provided expertise.
Paul Hill, head of Browne Jacobson’s energy and infrastructure practice said: “It is fantastic to witness the rapid growth of CPH2’s profile over the last few years. They are at the forefront of the UK’s green hydrogen sector and are helping to shape the future green tech landscape and we are incredibly proud to have worked with them again on this important chapter in their business.