ITM Power announce that it has secured funding from the Department for Business, Energy and Industrial Strategy (BEIS) as part of the Energy Storage Feasibility Study Competition launched in January 2017 to collaborate with Northern Gas Networks (NGN) to undertake a study examining the potential deployment of large-scale Power-to-Gas energy storage. The Company’s order pipeline stands at £19.9m of projects under contract and £20.4m of contracts in the final stages of negotiation, totalling £40.3m (subject to exchange rate variation).
ITM Power announce Peter Hargreaves, a Non-executive director since 2003, has notified the Company of his intention to step down from the Board with effect from 31 October. Peter Hargreaves said, “I am proud that I have been involved with ITM Power from the time I encouraged the founders to start the Company. As I look back, I honestly feel that ITM Power is now at its most commercially and financially viable since its foundation.