Research on Clean Power Hydrogen PLC (CPH2:LON) from Turner Pope Investments
Clean Power Hydrogen plc (AIM: CPH2) announced a new product roadmap on 10 November 2026, building on its shift to a capital-light licensing model after the May 2026 MFE220 testing incident. The Board believes hydrogen demand is growing fastest in the Middle East and Asia while UK demand is challenged, citing the IEA’s 25% growth in low-emission hydrogen volumes in 2025 and the UK government’s cancellation of £500m of hydrogen capital grants on 28 October (CPH2 says it is not directly affected). The roadmap has four strands: the “MFE Neo”, a modular membrane-free electrolyser that remains the core product, with preliminary designs about six months ahead of a full engineering package expected from December 2027 and reflecting the incident root-cause analysis; the “CSX Eco”, a low-cost cell-separated electrolyser aimed at competing with Chinese alkaline imports, with an engineering package from May 2027 and an ultra-high-purity version from Q1 2029; a new Doncaster-built electrolysis stack for CPH2’s own products and OEM sale to other manufacturers, with deliveries from March 2028; and “MFE Plant Solutions”, a chargeable design and consultancy service from January 2027 for sectors such as e-SAF, ammonia, methanation and steel. The company says it has sufficient capital to deliver the roadmap throughout 2027 and is targeting subsidy-independent sectors including refining, defence, semiconductors and pharmaceuticals, but the RNS gives no revenue forecasts, funding figures or customer orders.
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