1MW System Sale to ZEAG Energie AG

RNS Number : 6243T

ITM Power PLC

31 March 2016

 

31 March 2016

ITM Power plc

("ITM Power" or "the Company")

1MW sale to ZEAG Energie AG

ITM Power (AIM: ITM), the energy storage and clean fuel company, is pleased to announce the sale of a 1MW electrolyser system with some additional equipment to ZEAG Energie AG ("ZEAG") by competitive tender. The Company currently has £11.40m of projects under contract and a further £7.28m of contracts in the final stages of negotiation constituting a total pipeline of £18.68m.

ZEAG engages in the production and supply of electric power in Germany. The company generates electricity through wind power, hydropower, photovoltaics, nuclear, fossil, and other fuels. It also supplies natural gas to industrial, commercial, and residential customers in the northeastern district of Heilbronn.

The system will comprise an electrolyser, compressor and apparatus to fill tube trailers. The electrolyser will have a nominal capacity of circa 0.9MW in normal operation with an overrun capability of 1MW. The system will be owned and operated by ZEAG but housed in a specially constructed building located at DLR (Deutsches Zentrum für Luft- und Raumfahrt), the German Aerospace Centre in Lampoldshausen. ITM Power is exploring a small further engineering consultancy contract to assist DLR with extended use of hydrogen facilities.

The system is being supplied with a two year warranty plus a five year maintenance contract. Delivery is planned for the first quarter of 2017.

Dr Graham Cooley, CEO, ITM Power commented: "We are delighted to be working with ZEAG and DLR on this important sale for ITM Power. Germany continues to be an important early adoption market for hydrogen fuel and Power-to-Gas equipment and we look forward to updating the market in the near future on further sales."

ITM Power plc Graham Cooley, CEO	[phone]
Zeus Capital Dan Bate / Andrew Jones / Hugh Kingsmill Moore / Alex Davies	[phone]
Tavistock Simon Hudson / James Collins	[phone]

About ITM Power plc:

ITM Power manufactures integrated hydrogen energy solutions which are rapid response and high pressure that meet the requirements for grid balancing and energy storage services, and for the production of clean fuel for transport, renewable heat and chemicals.  ITM Power plc was admitted to the AIM market of the London Stock Exchange in 2004 and is a founder member of the Social Stock Exchange. The company received £4.9m as a strategic investment from JCB in March 2015; signed a forecourt siting agreement with Shell in September 2015 and a fuel agreement with Toyota in October 2015. The Company currently has £11.40m of projects under contract and a further £7.28m of contracts in the final stages of negotiation constituting a total pipeline of £18.68m.

www.itm-power.com

About: ZEAG Energie AG

ZEAG Energie AG engages in the production and supply of electric power in Germany. The company generates electricity through wind power, hydropower, photovoltaics, nuclear, fossil, and other fuels. It also supplies natural gas to industrial, commercial, and residential customers in the northeastern district of Heilbronn. Furthermore ZEAG focuses on integrated infrastructure projects and mid- to large-scale heating solutions. ZEAG Energie AG was founded in 1888 and is headquartered in Heilbronn, Germany.

www.zeag-energie.de

About DLR

DLR is the national aeronautics and space research centre of the Federal Republic of Germany. Its extensive research and development work in aeronautics, space, energy, transport and security is integrated into national and international cooperative ventures. In addition to its own research, as Germany's space agency, DLR has been given responsibility by the federal government for the planning and implementation of the German space programme. DLR is also the umbrella organisation for the nation's largest project management agency. DLR has approximately 8000 employees at 16 locations in Germany: Cologne (headquarters), Augsburg, Berlin, Bonn, Braunschweig, Bremen, Goettingen, Hamburg, Juelich, Lampoldshausen, Neustrelitz, Oberpfaffenhofen, Stade, Stuttgart, Trauen, and Weilheim. DLR also has offices in Brussels, Paris, Tokyo and Washington D.C.

www.dlr.de/dlr/en

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