ITM Power (AIM: ITM), the energy storage and clean fuel company, is pleased to announce that it has signed a Letter of Intent with one of Germany’s top 10 local utility companies to investigate Power-to-Gas energy storage.
The integration of renewable energies into the existing electricity and gas networks in Germany presents great challenges to energy providers. The collaboration will investigate the potential of energy storage by the production of hydrogen from ITM Power’s rapid response electrolysis equipment and build a plant to test the performance and operation.
Phil Doran, MD, ITM Power GmbH, commented: “This is our first key development in the German utility market and I am delighted that this particular, forward-looking utility has recognised ITM Power’s expertise in the energy storage and clean fuel sector. There are many significant opportunities in Germany including energy storage using hydrogen gas injection into the gas grid and clean fuel provision for captive fleets and road vehicles.”
Dr Graham Cooley, CEO, ITM Power plc added: “As a fully integrated energy company, this utility has a deep understanding of the need for energy storage and maximising the use of renewable power and is perfectly placed to demonstrate the benefits of hydrogen gas grid injection.”
For further information please visit www.itm-power.com or contact:
ITM Power plc
0114 244 5111
Graham Cooley, CEO
Singer Capital Markets Limited
(Nominated Adviser & Broker)
020 3205 7500
Shaun Dobson / Samantha New
020 7920 3150
Simon Hudson / Kelsey Traynor
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. A further funding round of £28.5m was completed in 2006. 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:
The sector is populated by many local utilities, which play an important role in the German energy sector, engaged in the provision of one or more of gas, heat, electricity and water services to a city, region or state. These municipal utilities, which are often not only energy suppliers but also energy producers, use local infrastructure to transmit their services and products. As such these local utilities are ideally placed to take advantage of the decision of the German government to abandon nuclear power, thereby substantially increasing the share of renewable power in the energy mix and the consequent integration of storage technologies, at the national and regional level, into the emerging renewable energy economy.