Correction to RNS Reach 3270E

RNS Number : 3475E

ITM Power PLC

03 November 2015

 

3 November 2015

ITM Power plc

("ITM Power" or "the Company")

CORRECTION TO RNSR NUMBER 3270E

First Electrolyser station to achieve operational status under the CEC 2014 program

ITM Power achieves the shortest time to commission an onsite hydrogen generation station

In the announcement released at 0700h this morning as an RNS Reach (RNS Number 3270E), it was incorrectly stated in the 'About ITM Power plc' that "The Group currently has £10.545m of projects under contract and £4.33m of contracts in the final stages of negotiation".  It should have read "The Group currently has £10.55m of projects under contract and £4.83m of contracts in the final stages of negotiation".  A corrected version appears below.

ITM Power (AIM: ITM), the energy storage and clean fuel company, is pleased to announce that its US company, ITM Power Inc., has achieved operational status for its Riverside, California hydrogen fuelling station. This is the first electrolyser based station to achieve this status under the California Energy Commissions (CEC) 2014 funding program for hydrogen fuelling stations. The station achieved this status in less than 11 weeks from the issuance of the local permit, setting a precedence for the shortest time taken to install and commission an onsite hydrogen generation fuelling station.

The next phase in the project will see ITM Power confirm station operation with fuel cell vehicle OEMs and qualify the station with the division of measurement standards in order to be able to sell fuel to the public. The station will then become officially open in the eyes of the state of California - a separate release will be issued once this milestone has been reached.

The station was awarded funds in November 2014 under the CEC's PON-13-607, "Hydrogen Refuelling Infrastructure" program, which is part of the Alternative and Renewable Fuel and Vehicle Technology Program (ARFVTP). This grant was to fund projects that develop infrastructure necessary to dispense hydrogen as a transportation fuel to fuel cell electric vehicles (FCEVs) and to provide needed Operation and Maintenance (O&M) funding to support hydrogen refuelling operations prior to the large-scale roll-out of FCEVs.

Achieving the operational status on time is significant as it ensures that ITM Power is eligible to receive the full $2,125,000 grant amount together with the maximum $300,000 O&M fund allowance over a three year period.

The State of California has an official schedule of funding and investment that will support many more stations being deployed. This is expected to continue on an annual basis in to support the California Hydrogen Infrastructure Road Map and the commercialization of FCEVs. To date 54 stations are either built or under construction in California.

ITM Power Inc. MD, Stephen Jones, said: "We are delighted to be the first company to achieve operational status under the CEC funding program for an electrolyser based refuelling station. This project is significant as it represents the fastest station build to date in California. The project clearly demonstrates our capability to deploy successful projects in California and the rest of United States."

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

ITM Power plc Graham Cooley, CEO	[phone]
Zeus Capital Dan Bate/ Andrew Jones / John Goold	[phone]
Tavistock Communications 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. The Company received £4.9m as a strategic investment from JCB in March 2015. The Company signed a forecourt siting agreement with Shell in September 2015. The Group currently has £10.55m of projects under contract and £4.83m of contracts in the final stages of negotiation. ITM Power is a founder member of the Social Stock Exchange.

www.itm-power.com

 

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