Good Morning Team.
H-Power CEO John Wilson joined me for a wide-ranging conversation that went well beyond the usual RNS talking points.
I asked John to walk me through the diesel price parity claim underpinning the Speedy Hire joint venture. We pushed onto whether the October 2026 utilisation and parity targets reflect live field data or a modelled projection, and what diesel and ammonia/electricity price assumptions are baked into that model.
We also considered the implications of the CE certification’s August target, and why accelerating Hy-5 and LC30 deployment matters.
On the commercial partnerships, we talked about the actual price per kilogram in the Protium sale and whether it’s near the company’s stated £10/kg target, whether that deal carries any repeat or volume commitment, the milestone structure and IP/payment terms behind the $2 million Komatsu JDA, the performance thresholds TAMGO needs to see from the two Saudi field-trial units before committing to volume, and who carries capex risk in the 50:50 ICL joint venture if Port Clarence underdelivers on utilisation.
I also asked about the TAMGO relationship, and plans for the Port Clarence commissioning.
Finally, I asked John the harder strategic questions: what stops incumbents like Topsoe, KBR, or Casale from building their own modular cracking product once H-Power’s commercial traction is proven, what he considers genuinely hard to replicate in the technology, the rationale for rebranding - and where this goes next.
Listen in.
