Sale to Toyota Australia

RNS Number : 2280T

ITM Power PLC

19 March 2019

 

19 March 2019

ITM Power plc

("ITM Power" or the "Company")

ITM POWER SECURES FIRST EQUIPMENT SALE TO TOYOTA AUSTRALIA

Further to the Company's announcement on 14 January this year of its first four sales in Australia, ITM Power (AIM: ITM), the energy storage and clean fuel company, is pleased to announce that Toyota Australia have purchased from ITM Power a 0.25MW rapid-response PEM electrolyser.  Further details of the other three sales will be released in due course.

On 28 December 2017, the Company announced the formation of ITM Power Pty Ltd, a wholly owned subsidiary incorporated in Australia, the appointment of Dr Neil Thompson as Managing Director ("MD") and membership of Hydrogen Mobility Australia (www.hydrogenmobilityaustralia.com.au). The Company announces today its first customer in this important new territory.

The electrolyser will generate hydrogen on-site at Toyota's facilities in Altona, Melbourne using renewable energy to split water. The hydrogen will be utilised for refuelling Toyota's fuel cell electric vehicles including the Toyota Mirai.

ITM Power Pty MD, Dr Neil Thompson, said: "We are delighted to be working with Toyota in Australia and making our first sale in this exciting new territory. We look forward to working closely with Toyota Australia, a fellow member of Hydrogen Mobility Australia."

ITM Power CEO, Dr Graham Cooley, said: "Australia is an important new market for ITM Power and we are working hard to build strong commercial relationships with our partners. I am delighted to be working closely with Toyota as it continues to explore and showcase opportunities for hydrogen in Australia including the Mirai FCEV. The valuable work of Hydrogen Mobility Australia and their members is also a key focus for our business development activities."

Toyota Australia Manager of Advanced Planning, Matt MacLeod, said: "Toyota Australia sees great opportunities for hydrogen in Australia as a method to lower carbon emissions and support utilisation of renewable energy. ITM Power has demonstrated capability in this field in overseas markets and we look forward to continuing to support the growing interest in the hydrogen industry in Australia."

About Hydrogen in Australia

The Federal Government's lead scientist Dr Alan Finkel recently suggested that Australia could slash global carbon emissions and create a multi-billion dollar export industry by developing hydrogen as an everyday energy source to replace fossil fuels used in vehicles, homes and industry. His suggestion came in response to release of the latest report from the UN's Intergovernmental Panel on Climate Change which called for a coal phase-out by 2050 and predicted a substantial decline in the use of natural gas. Since 2017, various Australian State Government's including South Australia, Western Australia and Queensland have been developing roadmaps for transition to Dr Finkel's proposed "hydrogen economy" which has also been mapped at the Federal level via release in August 2018 of the CSIRO's National Hydrogen Roadmap along with ARENA's hydrogen export report. Dr Finkel has also been working closely with the Council of Australian Governments (COAG) on development of a National Hydrogen Strategy via the COAG Energy Council which is due for release by late 2019 following extensive industry and community consultation

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

ITM Power plc Andy Allen, Finance Director	[phone]
Investec Bank plc (Nominated Adviser and Broker) Jeremy Ellis / Chris Sim / Alexander Ruffman	[phone]
Tavistock (Financial PR and IR) Simon Hudson / Nick Elwes / Barney Hayward	[phone]

About ITM Power plc

ITM Power manufactures integrated hydrogen energy solutions for grid balancing, energy storage and the production of green hydrogen for transport, renewable heat and chemicals. ITM Power was admitted to the AIM market of the London Stock Exchange in 2004. In September 2017 the Company announced the completion of a GBP29.4m working capital fundraise. The Company signed a forecourt siting agreement with Shell for hydrogen refuelling stations in September 2015 and subsequently a deal to deploy a 10MW electrolyser at Shell's Rhineland refinery. The company entered into a Strategic Partnership Agreement with Sumitomo Corporation in July 2018 for the development of multi-megawatt projects in Japan. Additional customers and partners include National Grid, Cadent, Northern Gas Networks, RWE, Engie, BOC Linde, Toyota, Honda, Hyundai, Anglo American among others.

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