Funding Award to Supply an 8MW Electrolyser

RNS Number : 3948L

ITM Power PLC

30 April 2020

 

30 April 2020

ITM Power plc

("ITM Power" or the "Company")

Funding Award to Supply an 8MW Electrolyser

ITM Power (AIM: ITM), the energy storage and clean fuel company, is pleased to announce it has signed an agreement to supply an 8MW electrolyser in the UK.  The agreement, including associated project costs, has a total value of £10m and funding will fall across FY2021 and FY2022.  Further details will be announced in due course.

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) Chris Sim / Jeremy Ellis / Ben Griffiths	[phone]
Tavistock (Financial PR and IR) Simon Hudson / Edward Lee / Barney Hayward	[phone]

About ITM Power plc

ITM Power plc manufactures integrated hydrogen energy solutions for grid balancing, energy storage and the production of renewable hydrogen for transport, renewable heat and chemicals. ITM Power plc was admitted to the AIM market of the London Stock Exchange in 2004.  In October 2019, the Company announced the completion of a £58.8 million fundraise, including a subscription by Linde of £38 million, together with the formation of a joint-venture with Linde to focus on delivering renewable hydrogen to large scale industrial projects worldwide.  ITM Power signed a forecourt siting agreement with Shell for hydrogen refuelling stations in September 2015, (which was extended in May 2019 to include buses, trucks, trains and ships) and in January 2018 a deal to deploy a 10MW electrolyser at Shell's Rhineland refinery. ITM Power announced the lease of the world's largest electrolyser factory in Sheffield with a capacity of 1GW (1,000MW) per annum in July 2019. Customers and partners include Sumitomo, Ørsted, Phillips 66, National Grid, Cadent, Northern Gas Networks, Gasunie, RWE, Engie, BOC Linde, Toyota, Honda, Hyundai and Anglo American among others. www.itm-power.com

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