European bus commercialisation initiative

RNS Number : 1346X

ITM Power PLC

17 November 2014

 



17^th November 2014

ITM Power plc

("ITM Power" or "the Company")

European bus manufacturers and leading mayors sign fuel cell electric buses LoU

ITM Power (AIM: ITM), the energy storage and clean fuel company, is pleased to note that representatives of five major European bus manufacturers (Daimler Buses (EvoBus), MAN, Solaris, Van Hool and VDL Bus & Coach) signed a joint Letter of Understanding at the Fuel Cells and Hydrogen Joint Undertaking's

(FCH JU) Stakeholders Forum in Brussels last week.

This commercialisation initiative for fuel cell buses launched by the FCH JU and supported by the signing manufacturers and bus operators from major European cities such as Hamburg and London, aims at deploying a total volume of 500 - 1,000 fuel cell buses in Europe until 2020.

ITM Power, as the selected Hydrogen Refuelling partner for London for the HyFive car project welcomes the news of further infrastructure development in major cities across Europe.

The Deputy Mayor of London for business and enterprise, Kit Malthouse, said: "I firmly believe that hydrogen fuel cell technology will eventually replace the internal combustion engine and having a firm commitment from the bus industry to support an increase in hydrogen-powered vehicles on our streets is key. We want London to be at the forefront of the low emission revolution and getting these buses on the road is the first step towards a viable hydrogen future across the UK and the whole of Europe."

Graham Cooley, CEO, ITM Power PLC, commented: "This letter of understanding highlights the commitment from European cities to roll out hydrogen busses in volume.  We are delighted that London is part of this important initiative".

The full announcement can be seen here: http://www.fch-ju.eu/news/european-bus-manufacturers-and-leading-mayors-step-fuel-cell-electric-buses

For further information please visit www.itm-power.com or contact:

ITM Power plc Graham Cooley, CEO	0114 244 5111
Zeus Capital Tim Metcalfe (Nominated Adviser) John Goold (Institutional Sales)	020 7533 7727
Tavistock Communications Simon Hudson / James Collins	020 7920 3150

About ITM Power plc:

ITM Power plc was admitted to the AIM market of the London Stock Exchange in 2004 and raised its initial funding of £10m gross in its IPO.  Further funding rounds of £28.5m in 2006, £5.4m in 2012, £2m in 2013 and £10m in 2014 have been completed.  The Company has now made the transition from a research and development company to a product manufacturer and technology provider.  The Company has both a strong base of intellectual property and engineering expertise for providing complete hydrogen solutions.

ITM Power currently has in build three refueling stations destined for deployment in London in 2015. The Company also now has £6.87m of projects under contract and £1.02m of new projects subject to final contract negotiation.

www.itm-power.com

About the FCH-JU

The Fuel Cells and Hydrogen Joint Undertaking (FCH JU) is a unique public private partnership supporting research, technological development and demonstration (RTD) activities in fuel cell and hydrogen energy technologies in Europe. Its aim is to accelerate the market introduction of these technologies, realising their potential as an instrument in achieving a carbon-lean energy system.

Fuel cells, as an efficient conversion technology, and hydrogen, as a clean energy carrier, have a great potential to help fight carbon dioxide emissions, to reduce dependence on hydrocarbons and to contribute to economic growth. The objective of the FCH JU is to bring these benefits to Europeans through a concentrated effort from all sectors.

The three membersof the FCH JU are the European Commission, fuel cell and hydrogen industries represented by the NEW Industry Grouping and the research community represented by Research Grouping N.ERGHY.

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