Clean hydrogen innovators were this morning reflecting on further moves in the gas’ advance to commercial maturity.

The deal grants the Kiwi firm non-exclusive rights build CPH2’s electrolysers in Christchurch, ready for sale into its native and Australian markets.

Fabrum is the result of two companies merging. One of them, AFCryo, had supplied ultralow temperature systems to CPH2 since 2020.

CPH2 is aiming for 4GW of MFE production by 2030. A quarter will be built & assembled in Yorkshire,  and the rest under license agreements such as agreed with Fabrum.

LSE investors pushed CPH2’s shares 4% higher by mid-morning.

In contrast a second Yorkshire hydrogen firm, Sheffield’s ITM Power, confirmed continuing tough curbs to remedy its haemorrhaging of cash. An overdue focus on trading profit will replace techno-tinkering & waste, CEO Dennis Schultz announced.

Losses at EBITDA level leapt fourfold to £ 54.1 million in the six months to October, despite 30% of the firm’s staff being let go.

Schultz arrived two months ago from German gas giant Linde, itself the owner of a sixth of ITM’s equity, on a mission to save ITM over the next twelve months.  Ending the British firm’s joint venture with fuels trader Vitol, potentially saving £28 million, is among options being considered.

“As a former customer of ITM, I had a good understanding of the company’s situation before I took on (this) challenge”, Schulz told investors this morning.

“Prior to committing myself, I questioned myself on the following”, the new boss explained.

  1.    “Does ITM have a cutting-edge electrolyser technology with the potential to outperform its competitors?
  2.    “Does ITM have a strong enough balance sheet to support the necessary strategic and operational changes required to strengthen the company’s foundations?
  3.    “Does the market give us the time window needed to solve the growing pains ITM is encountering?

“In answer, I am confident these crucial preconditions are met. …I am convinced that ITM’s technology can outperform the competition”.

The new CEO’s words reassured investors.  ITM’s share price rose over 10% by early afternoon.

With Linde, ITM Power is building the world’s biggest PEM – proton electron membrane – electrolyser, due to be installed at power company RWE’s site in Lingen, Germany.

Revenues from another collaboration, on Linde’s Project Leuna, are being deferred by ITM, following a change of delivery model and delays.

More details here.


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