H-Power hails progress after reset year amid focus on further orders

H-Power PLC on Monday said that in its new financial year, it is focused on converting customer demand into further orders, as it noted that the financial year just gone was an important reset.

The Cranleigh, England-based provider of hydrogen power-generation technologies said during the financial year ended on October 31, it reset from a technology-led business into a commercially focused products company.

Revenue rose to £2.0 million from £125,000 in financial year 2025, while remaining below financial 2024's £4.0 million. The on-year climb was due to sales of LC30 fuel cell generators, production and sale of hydrogen and the fulfilment of the first phase of the Komatsu joint development agreement, the second phase of which remains on track for delivery by the end of 2027.

Notably, around £1.8 million of the revenue was achieved in the second half of the year.

Chief Executive Officer John Wilson said: "FY26 was an important year in the reset of H-Power from a technology-led business into a commercially focused products company.

"We have made meaningful progress across the commercial routes we have set out for the business. The LC30 is generating product sales and repeat orders, hydrogen sales are now established, HY5 product sales have commenced and our proprietary ammonia cracking technology is generating revenue through development and integration programmes.

"The progress with Speedy is particularly encouraging. LC30 utilisation has exceeded our target, our commercial offering is at price parity with diesel and this has translated into a 15-unit replenishment order, further overcoming traditional industry barriers. We are also seeing growing commercial momentum around HY5, with Protium agreeing to deploy the product."

He added: "Our focus for FY27 is now on building on these foundations: converting customer demand into further orders, increasing deployed units and utilisation, progressing HY5 into customer operations and building the repeatable revenues needed to scale H-Power."

H-Power shares fell 11% to 6.69 pence each on Monday afternoon in London.

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