Two clean hydrogen technology companies have successfully completed IPOs in Europe this month, despite challenging equity market conditions.

UK-based green hydrogen and technology company CPH2 has raised £30mn ($41mn) through a listing on London’s AIM stock exchange. The share placing, which was oversubscribed and took place in “difficult stock market conditions”, values the company at £119.4mn, CPH2 says.

CPH2, which has developed a membrane-free electrolyser (MFE) technology, says it will use the proceeds of the listing to expand its production plant in Doncaster in the north of England.

“CPH2 has an opportunity to penetrate an extremely fast-growing hydrogen market and aims to become a globally recognised, highly profitable designer, manufacturer and licensor of its MFE technology, targeting 4GW production capacity by 2030, an opportunity further advanced by the move onto the public markets,” says CEO Jon Duffy.

“Investors are more and more risk-averse, and investment cases must be flawless in order to fly” Latreille, Natixis

CPH2’s listing follows another hydrogen-sector IPO last week, which saw France-based Haffner Energy list on the French Euronext exchange, raising around €83mn ($94mn).

Haffner has developed a green hydrogen production and carbon capture process based on the thermolysis of forest and agricultural biomass.

“In spite of an IPO market environment which is getting more volatile, Haffner Energy and its banking partners managed to face the strong headwinds to place successfully the first IPO of 2022 in Europe, says Renaud Latreille, global head of strategic equity capital markets at French investment bank Natixis, which managed the listing.

“Investors are more and more risk-averse, and investment cases must be flawless in order to fly. The solid anchoring at launch with three strategic investors and two financial names was also instrumental to the deal’s success,” he adds.

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Author: Stuart Penson