CPH2 developed the IP-protected Membrane-Free Electrolyser (MFE) and recently received £1.5m investment from ATOME Energy to accelerate the roll out of its projects in South America.  

Read more: CPH2 invests £1.5m in ATOME Energy 

Under the agreement, Duffy, Clive Brook, Joe Scott, Nigel Williamson and Henry Price have agreed to not dispose any of the ordinary shares held by them before:  

Either, 12 months from February 16, 2023, or the completion of a Site Acceptance Test with one or more customers, to that customers satisfaction (covering full capacity ‘Mark 1’ MFE 220 customer owned units). Or the closing mid-market share price of CPH2 being in excess of 55p for at least 20 consecutive trading days. 

Duffy said, “The Directors, founders and related parties, many of whom were instrumental to the initial growth of CPH2, are pleased to show their support in entering into new lock-in arrangements which demonstrate their commitment to CPH2 and belief in the ultimate value of the company.  

“With a significant pipeline of potential orders and a clearly defined strategy to our target production capacity of 4GW by 2030, we remain extremely positive about the future of the company as we begin commercial production from our units next year.”  

The Amendment agreed with Jon Duffy permits him to sell a limited number of Ordinary Shares to cover the cost of exercising any existing share options during the restricted period and the associated tax burden.  

The company has also entered into Amendments with Rodney Brook and Charles Munroe pursuant to which each individual has agreed not to dispose of more than 10% of their current holding prior to one of the conditions being met.  

CPH2 claims that the Amendments cover 97,424,617 Ordinary Shares in the company, which equates to approximately 37% of the current issued share capital.