Element 2 founder calls for investigation as hydrogen firm faces collapse

The petition against Element 2 Limited was advertised in The Gazette on 30 October 2026 and an application has been made to the High Court in Manchester seeking to place the company into administration.

Harper founded Element 2 in 2020 to develop a national HGV hydrogen refuelling network and stepped down as chief executive and director in December 2024.

Responding to the post in The Gazette, Harper said it was “deeply disappointing” that less than two years after his departure Element 2 is facing administration.

He added that he had no involvement in the company’s executive management, financial decisions or operational strategy since leaving the company and that the company’s directors had been responsible for its management and financial affairs following his departure.

“Whatever the underlying causes of the present difficulties, the company has reached this position under their stewardship,” he said.

He added: “That is an uncomfortable fact, but an important one. The consequences extend beyond the company itself.

“Investors have committed capital, creditors have provided financial support, employees have invested their time and expertise, and commercial partners have placed confidence in Element 2’s plans. All deserve clarity about what happens next.”

Harper stressed that financial difficulties did not, in themselves, establish misconduct or negligence by directors, but said this should not remove the need for accountability.

“An independent examination of the company’s financial and governance history would help establish the facts and provide confidence in whatever happens next,” he said.

Harper also indicated that he was exploring an alternative rescue proposal to preserve viable elements of the business, potentially through a solvent restructuring or an appropriate insolvency process.

He said he supported efforts to protect employment and retain the value created through years of investment and development, but warned that any rescue would need to address the underlying causes of the company’s financial difficulties.

A credible proposal, he said, would require a commercially viable and adequately financed business plan, transparent governance, clear accountability and proper consideration of creditors and other stakeholders.

He also called for independent scrutiny of proposed asset transfers, particularly where connected parties were involved.

“ A restructuring that simply transfers the business into a new corporate vehicle, without addressing the underlying causes of its difficulties, risks reproducing the problems it is intended to resolve,” he said.

Harper said any alternative rescue would need to be independently financed, commercially sustainable and structured in accordance with applicable legal requirements.

He invited investors, creditors, industry partners and other interested parties to contact him to discuss a potential alternative approach.

Despite Element 2’s financial difficulties, Harper remains positive about the future of hydrogen as an alternative fuel for HGV transport.

He said: “Element 2’s present difficulties are disappointing, but they should not be taken as a verdict on the future of hydrogen infrastructure in the United Kingdom.

“The sector faces genuine commercial challenges. Addressing them requires sound economics, credible demand, patient investment and competent management.

“Those principles were central to the ambition behind Element 2 when I founded it.

“I hope that the company’s current difficulties can be resolved in a way that protects legitimate stakeholder interests and preserves whatever commercial value remains.

“But whatever form a rescue takes, the lessons of the company’s present financial crisis must not be ignored.

“The investors, creditors and employees who supported Element 2 deserve nothing less.”

MT’s has requested a comment from Element 2 but has yet to receive a response.