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(Sharecast News) - Clean Power Hydrogen said it had signed a deed of termination and settlement with Lagan MEICA on Friday, over the delayed delivery of an MFE220 unit for Northern Ireland Water's 1MW project.
The AIM-traded green hydrogen technology company said the settlement would terminate the subcontract and settle all matters between the parties through payment of a settlement sum.
CPH2 said the settlement was conditional on a future fundraise being completed by 31 July, with payment due within seven days of completion.
The board said the outcome would provide "a clear and structured pathway" to resolving the issue and, if completed, remove uncertainty around the project while allowing the company to focus on its core strategy and commercial opportunities.
Shares in Clean Power Hydrogen remained suspended from trading on Friday.
Reporting by Josh White for Sharecast.com.
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