Toyota Fuel Contract and Delivery of FCEV

RNS Number : 7114C

ITM Power PLC

19 October 2015

 

19 October 2015

ITM Power plc

("ITM Power" or "the Company")

ITM Power receives the UK's First Toyota Mirai FCEV, and

Signs Hydrogen Fuel Contract with Toyota

ITM Power (AIM: ITM), the energy storage and clean fuel company, is pleased to announce that it has today officially received the first  Toyota Mirai fuel cell electric vehicle (FCEV) to be delivered in the UK. This coincides with the announcement by Toyota today confirming the choice of the UK as an early entry market for its FCEVs.  Dr Graham Cooley, CEO and Prof Roger Putnam CBE, Chairman of ITM Power received the Toyota Mirai from Dr Johann Van Zyl, VP Toyota EU, at the Toyota (GB) Headquarters in Epsom, Surrey.

The Company has also today signed its first fuel contract, with Toyota, covering the green hydrogen fuel dispensed from the three London HyFive refuelling stations, funded by the FCHJU and the two further refuelling stations funded by OLEV and the FCHJU. Following a recent Strategic Forecourt Siting Agreement, three of these hydrogen stations will be deployed on existing fuel retail forecourts in London. The refuelling stations have a total capacity of 400 kg/day and will form the initial seeding of a UK green hydrogen infrastructure initially centred on London.

The price of hydrogen to all customers from ITM Power's public refuelling stations will be £10/kg which is the lowest hydrogen price at any public refuelling station in the UK. This clearly demonstrates the economic advantages of making hydrogen on-site. Toyota is a direct customer for the fuel since all Toyota Mirai vehicles will be offered by Toyota with free fuel for the first three years.

Mirai is the world's first hydrogen fuel cell saloon, benefiting from Toyota research and development into fuel cell technology spanning two decades, and world-leading experience in hybrid vehicle power systems. Using hydrogen gas to generate electricity within a fuel cell stack, Mirai produces no tailpipe emissions other than water. Spacious, refined, comfortable and safe, it combines its advanced technology with superb practicality: a full-tank driving range of around 300 miles bears comparison with a petrol-powered car and the refuelling process only takes about three minutes to complete.

The UK is among the first wave of national markets in Europe for Mirai, together with Germany and Denmark. Toyota expects 12 to be on the road in the UK before the end of this year, including four vehicles announced by Transport for London last week.

Dr Johann Van Zyl, VP Toyota EU said: "Mirai and our hydrogen fuel cell technology are important elements in our mission to help create a future zero emissions society. We are proud of the technology we have developed, but if our ambitions for sustainable mobility are to be achieved, our vision needs to be shared by our customers. That is what we are seeing today, with ITM Power embracing Mirai and hydrogen power at the earliest opportunity. We thank them for their support and advocacy."

Paul Van der Burgh President & Managing Director, Toyota (GB) added: "This is a proud moment for Toyota in the UK, which fittingly comes in our 50^th anniversary year of selling vehicles in this country. Toyota has made Britain one of the first markets in Europe for Mirai, thanks to the commitment of government and business here to put in place the infrastructure and resources needed to make hydrogen power a viable, practical and effective proposition. Our first customers for Mirai are true pioneers who recognise the valuable rewards hydrogen can deliver."

Dr Graham Cooley, CEO, ITM Power, commented: "It is an honour for ITM Power to be the first customer in the UK to receive a Toyota Mirai.  The Mirai FCEV is, quite simply, the future of transport and we are delighted to be part of that future. We will be working closely with Toyota to ensure that Mirai drivers have the most rewarding driving experience possible."

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 and is a founder member of the Social Stock Exchange. 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 £10.548m of projects under contract and £4.763m of contracts in the final stages of negotiation.

www.itm-power.com

-ends-

 

END

 

 

CNTLLFVVIVLALIE