ITM Power (AIM: ITM), the energy storage and clean fuel company, is delighted to announce its membership of the California Hydrogen Business Council (CHBC) and its participation as a founding member in the CHBC Hydrogen Energy Storage (HES) Program.
“We are delighted to play an active role in the CHBC and support the activities of the Hydrogen Energy Storage Program. Energy storage is a significant business opportunity in California and the formation of this important grouping is very timely,” commented Dr. Graham Cooley, CEO of ITM Power. “We are looking forward to building on our relationships and entering the U.S. market with our HGas products.”
Geoffrey Budd, ITM Power’s Representative in the USA, has been appointed to the HES Program Committee. The other founding members of the HES Program are Southern California Gas Company and Hydrogenics Corporation.
The decision to create a Hydrogen Energy Storage Program was taken by the CHBC’s Board of Directors on April 9, 2013 and implemented on June 17, 2013. It will assist the market adoption of hydrogen energy storage in California by providing a greater understanding of the role of Power-to-gas energy storage and the energy storage role played by hydrogen used as a transport fuel.
“Hydrogen energy storage will play an increasingly important part of the future energy mix in California as we extend the use of renewable power,” declared Mark Abramowitz, CHBC President. “The formation of this program will play a vital part in defining the role and guiding the deployment of hydrogen energy storage.”
Hydrogen energy storage has the potential to become an immense business opportunity in California, as the state moves to an ever increasing use of renewable energy, with a target of 33% renewable electricity by 2020 set by the California Air Resources Board (ARB), Executive Order S-21-09. California has also taken a big step forward in making grid-scale energy storage on a large scale a reality. In 2010 the California Assembly Bill 2514 was passed, the first state law calling for grid-scale energy storage. The bill requires the California Public Utilities Commission (CPUC) to conclude on targets for viable and cost-effective energy storage systems by October 1, 2013. On June 10, 2013, the CPUC released a proposal that calls for the State’s three main utilities to procure 1.3 gigawatts of energy storage by 2020.
The California Hydrogen Business Council is comprised of organizations and individuals involved in the business of hydrogen. Its mission is to advance the commercialization of hydrogen in transportation and stationary sources to reduce emissions and dependence on foreign oil. (www.californiahydrogen.org)
For further information please visit www.itm-power.com or contact:
ITM Power plc
Graham Cooley, CEO
+44 114 244 5111
N+1 Singer (Nominated Adviser & Broker)
Shaun Dobson / Jenny Wyllie
020 7496 3000
Simon Hudson / Kelsey Traynor
+44 20 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: