Clean Power Hydrogen strikes new licence agreement with Hidrigin, settles legal action with GHFG

Hydrogen technology company Clean Power Hydrogen has struck a new licence agreement and sales contract with Hidrigin and "amicably" settled its legal action with GHFG.

Clan Power said on Monday that the licence agreement grants Hidrigin the right to manufacture up to 2GW's of its MFE220 units in Ireland to connect with its own solar PV and wind farms across the world for its own use.

Under the sales contract, Hidrigin will purchase a 1MW MFE220 electrolyser from CPH2, with delivery expected in 2025. Financial terms of the deal were not disclosed.

The AIM-listed group also said its legal dispute with GHFG had been resolved with "no admission of fault", noting that under the terms of the settlement, it will not claim nor pay any damages and all legal action will be terminated by both parties.

Chief executive Jon Duffy said: "We are pleased to have reached an amicable solution with GHFG. Our focus, following the commercialisation of the MFE110, is on the commercial roll-out of the groundbreaking technology as well as delivering the MFE220 through licensing agreements and our own manufacturing in Doncaster."

As of 1230 GMT, Clean Power shares had surged 19.27% to 9.84p.

Reporting by Iain Gilbert at Sharecast.com