Investigative work to date following the failure of CPH2’s MFE220 electrolyser have established that the key technology elements of the stack and separators did not cause the incident and there remains significant technical merit in the technology with value in the intellectual property. With more limited working capital, CPHG2 will now focus on a capital light business model, seeking further licences for the technology and full exploitation of the related intellectual property. A fund raise to support this has been announced and Richard Scott will step into the CEO role to take the new strategy forward.