Resignation of Tom Rae as Non-executive Director

RNS Number : 5604S

ITM Power PLC

16 November 2021

 

16 November 2021

ITM Power plc

("ITM", "ITM Power", the "Group" or the "Company")

Resignation of Tom Rae as Non-executive Director

ITM Power (AIM: ITM), the energy storage and clean fuel company, announces that Tom Rae, the representative of J.C.B. Research, a significant shareholder in ITM Power, has tendered his resignation as a non-executive director of the Company from today. This follows completion of the placing (the "Placing") by way of an accelerated bookbuild by Investec Bank plc and Merrill Lynch International, as announced on 14 October 2021. As a result of the Placing, J.C.B. Research's shareholding has fallen below the threshold giving them the right to appoint a non-executive director to the Company's Board.

Sir Roger Bone, Chairman of ITM Power, said: "On behalf of the Board, I would like to thank Tom for his invaluable contribution during his year with us as a non-executive director. His expertise and experience in procurement and supply chain have been of great benefit to the Group. We are therefore pleased to confirm that Tom will continue to provide consultancy support to the Group in this important area as we continue to increase manufacturing capacity."

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

ITM Power plc
James Collins, Investor Relations Justin Scarborough, Investor Relations	[phone] [phone]
Investec Bank plc (Nominated Adviser and Broker)	[phone]
Jeremy Ellis / Chris Sim / Ben Griffiths
Tavistock (Financial PR and IR)	[phone]
Simon Hudson / David Cracknell / Tim Pearson

About ITM Power plc:

ITM Power 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 £58.8m fundraising, including an investment by Linde of £38m, together with the formation of a joint venture to deliver renewable hydrogen to large-scale industrial projects worldwide. In November 2020, ITM Power completed a £172m fundraising, including a £30m investment by Snam, one of the world's leading energy infrastructure operators. In January 2021, the Company received an order for the world's then largest PEM electrolyser of 24MW from Linde. In October 2021, the Company, with Linde, announced the deployment of a 100MW electrolyser at Shell's Rhineland refinery, following the start-up of an initial 10MW facility at the site.

ITM Power operates from the world's largest electrolyser factory in Sheffield with a capacity of 1GW (1,000MW) per annum, with the announced intention to build a second UK Gigafactory in Sheffield with a capacity of 1.5GW expected to be fully operational by the end of 2023. The Group's first international facility, expected to have a capacity of 2.5GW per annum, is intended to be operational by the end of 2024, bringing total Group capacity to 5GW per annum. Customers and partners include Sumitomo, Ørsted, Phillips 66, Scottish Power, Siemens Gamesa, Cadent, Northern Gas Networks, Gasunie, RWE, Engie, GNVert, National Express, Toyota, Hyundai and Anglo American among others.

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