Primorus puts £1m into Clean Power Hydrogen IPO

Primorus Investments has invested £1m in the initial public offering of Clean Power Hydrogen (CPH2), it announced on Wednesday.

The company described its new AIM colleague CPH2 as a manufacturer of the membrane-free electrolyser used to create hydrogen and medical grade oxygen.

It said it had agreed to subscribe for 2,222,222 shares, at a price of 45p per share.

CPH2 raised £30m of new equity finance before expenses and fees, which it would use for working capital, supply chain development, global marketing, product development and factory development.

Its market capitalisation on admission to AIM would be around £120m, Primorus said.

“The board of Primorus believes this is an excellent time to make an investment into this sector, and looks forward to CPH2 developing its products and global brand,” the company’s directors said in their statement.

In the year ended 31 December 2020, CPH2 had turnover of £0.11m and made a loss of £1.68m.

At 1336 GMT, shares in Primorus Investments were up 5.21% at 3.58p.