The company, which is developing membrane-less electrolysers, will issue almost 148 million new shares – growing its share base by nearly 40% – in a bid to secure funding for its wider ambitions.
Despite the heavy dilution, demand was strong. Through an accelerated bookbuild, CPH2 will net around £7m ($9.4m) through the placement of over 140 million new shares at £0.05 ($0.067). A further £0.4m ($0.54m) will be raised through an oversubscribed retail offer.
The new funds give CPH2 the runway to move from pilot testing into full commercial deployment. Earlier this year, CEO Jon Duffy told H2 View CPH2 would need a “small amount” of bridge financing to deliver its commercial systems.
Having completed its first site acceptance test of its pilot 0.5MW MFE110 system for Northern Ireland Water, CPH2 is focusing on delivering its first commercial 1MW units to customers in 2026.
Unlike alkaline or PEM, membrane-less electrolysers operate without a physical membrane to separate hydrogen and oxygen. Instead, they use fluid dynamics or buoyancy to keep gases apart. This simpler, cost-effective design can offer advantages in durability, flexibility, and maintenance.
Despite the potential cost savings and flexibility of membrane-less electrolysis, it is easier for the oxygen and hydrogen gases to mix, which creates concerns around purity and safety.
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