Welsh Government Grant

RNS Number : 7055P

ITM Power PLC

04 October 2013

4 October 2013

ITM Power plc

("ITM Power" or "the Company")

Welsh Government Backing for ITM Power in Wales

ITM Power (AIM:ITM), the energy storage and clean fuel company, is pleased to announce that it has received a £1m grant award from the Welsh Government to establish a wholly owned subsidiary, ITM Motive, in Wales to assist with the establishment of a hydrogen refuelling infrastructure in Wales.

The grant reflects a growing momentum and appetite for deployment of ITM Power's electrolyser based hydrogen refuelling stations at sites across Wales, to produce hydrogen fuel from renewable energy, including the planned M4 corridor project and a wider Welsh roll-out. The Welsh Government has also recently joined the UKH₂Mobility project and is committed to a leading first mover role for Wales in the roll-out of hydrogen refuelling infrastructure.

ITM Motive will initially establish a business development office in Cardiff. The ultimate intention is to establish a facility for assembly and after sales support in Wales. ITM Motive will work closely with the Baglan Hydrogen Energy Centre at the University of South Wales and Ynni Glan, the clean energy consultancy specialising in fuel cells, hydrogen, solar, wind and bioenergy, on the development of a Welsh hydrogen refuelling infrastructure.

The Welsh Government has also established the Welsh Low Carbon Vehicle Steering Group and appointed Dr Graham Cooley CEO of ITM Power as a member. Professor Garel Rhys will chair the group, which consists of representatives from the Welsh Automotive Forum, Cardiff Business School, EV Centre of Excellence, Cardiff University, Toyota Europe, University of South Wales, the Energy Saving Trust, British Gas and SSE.

ITM Power is also delighted to announce the appointment of Dr John Newton as MD of ITM Motive. John has been Business Development Manager at ITM Power for nearly two years and has successfully developed some of its largest UK projects. Prior to joining ITM Power, John was CIO for the generation business at RWE Npower. John has 19 years' utility experience in various roles, R&D, supply chain development and management, international business development, engineering consultancy and IT demand side management. John has a background in Energy Storage and was part of Regenesys Technologies, a company formed by National Power. From 2002 to 2008 John was an independent assessor for the UK DTI New & Renewable Energy Programme.

The Welsh operation will complement ITM Power's important existing Sheffield facilities and its activity in Yorkshire, the Isle of Wight and other activities across the UK and internationally.

Dr Graham Cooley, CEO of ITM Powercommented: "We recognise the opportunities to benefit from the expertise within Wales and the Hydrogen facilities and project partners of ITM in South Wales. This is also complimented by the increasing penetration of renewable power in Wales and the opportunities to make green hydrogen fuel from wind."

Business Minister Edwina Hart MBE CStJ AM said: "I am delighted that ITM Power recognises the existing expertise that we have in Wales in this particular field and that it is looking to set up a development base here. Attracting investment in next generation technology supports two of our key sectors and I am pleased to offer funding in support of this investment."

Hydrogen Refuelling Stations in Wales and the M4 corridor

The M4 motorway is a strong candidate for hydrogen refuelling linking London with South Wales (which is part of the European route E30) via Swansea, Cardiff, Newport, Bristol and Swindon. The Welsh Government plans to make the Welsh section of the M4 a hydrogen corridor, to promote the use of ultra-low emission vehicles fuelled by hydrogen. The Welsh Government is also committed to a wider rollout of hydrogen fuel across wales and to promote its use by industrial and utility companies.

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

ITM Power plc

Graham Cooley, CEO

0114 244 5111

Zeus Capital

Tim Metcalfe (Nominated Adviser)

John Goold (Institutional Sales)

020 7533 7727

Tavistock Communications

Simon Hudson / James Collins

020 7920 3150

About ITM Power plc

ITM Power plc was admitted to the AIM market of the London Stock Exchange in 2004 and raised its initial funding of £10m gross in its IPO. Further funding rounds of £28.5m in 2006, £5.4m in 2012 and £2m in 2013 have been completed. The Company has now made the transition from a research and development company to a product manufacturer and technology provider. The Company has both a strong base of intellectual property and engineering expertise for providing complete hydrogen solutions. The Company has been successful in developing strategic industry partnerships in the following projects:

First Refuelling Station Sale in the US

http://www.itm-power.com/news-item/first-refuelling-station-sale-in-the-us/

ITM Power Joins Californian Hydrogen Business Council Hydrogen Energy Storage (HES) Program

http://www.itm-power.com/news-item/itm-power-joins-californian-hydrogen-business-council-hydrogen-energy-storage-hes-program/

German Energy Agency Power to Gas Strategy Platform

http://www.itm-power.com/news-item/itm-power-joins-german-energy-agencys-power-to-gas-strategy-platform/

Incorporation of ITM Power ApS Denmark

http://www.itm-power.com/news-item/incorporation-of-itm-power-aps-in-denmark/

Participation in H2USA

http://www.itm-power.com/news-item/participation-in-h2usa/

Participation in North Sea Power-to-Gas Platform

http://www.itm-power.com/news-item/participation-in-north-sea-power-to-gas-platform/