ITM Power (AIM: ITM), the energy storage and clean fuel company, announces the incorporation of ITM Power ApS, a wholly owned Danish subsidiary company.
ITM Power has been invited by an international partner, already established in Denmark but who wishes to remain anonymous at this time, to jointly bid for some significant energy storage opportunities in the territory. ITM Power’s partner has been active in Denmark for a number of years developing project opportunities. ITM Power will join the partner to tender for existing opportunities and opportunities under development. In 2012, renewable sources of energy provided 45% of the electricity generated in Denmark, including wind energy at 30% of generation and biomass at almost 15%.
The Danish Government has announced an Energy Plan for 2020 that includes the establishment of a range of initiatives for hydrogen infrastructure and fuel cell electric vehicles (FCEVs) and hydrogen energy storage with the overall aim to reach 100% fossil fuel independence by 2050. The Government initiatives follow the recommendations of a Danish industry coalition analysis and roadmap on hydrogen for transport in Denmark.
The announcement of the initiatives stated:
“The Danish Energy Plan also outlines a set of Government analyses to be conducted to pave the way for continued efforts beyond 2020, with the aim to reach 100% fossil independence by 2050. The joint focus of the various analyses is to ensure an optimal linkage between the power/heat and transport sectors and ensure optimal utilization of the limited biomass potential. Further the analyses are to suggest solutions for energy storage of the increasing amount of fluctuating renewable electricity, which is to reach a 50% share of power and heat consumption by 2020 and 100% by 2035.
“Hydrogen plays a key role in both energy storage as well as connecting the power/heat and transport sector. Further hydrogen can act as a key component in the production of biofuels and biogas from biomass, thus helping to boost the potential of the limited biomass. The various Danish Government analyses are therefore expected to provide strong basis for continued support mechanisms for hydrogen beyond 2015.”
ITM Power CEO, Dr. Graham Cooley, commented: “Denmark will be an important territory for the deployment of energy storage and clean fuel. There is a realisation at government level that hydrogen derived by electrolysis will play a key role in the nation’s plans for fossil fuel independence.”
For further information please visit www.itm-power.com or contact:
ITM Power plc
Graham Cooley, CEO
0114 244 5111
N+1 Singer (Nominated Adviser & Broker)
Shaun Dobson / Jenny Wyllie
020 7496 3000
Simon Hudson / Kelsey Traynor
020 7920 3150
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 and £5.4m in 2012 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: