ITM Power (AIM: ITM), the energy storage and clean fuel company, is pleased to announce the signing of a Memorandum of Understanding with Good Energy plc (AIM: GOOD), to explore green electricity tariffs for hydrogen production at its refuelling stations across the UK.
The company has a number of strategies for sourcing low carbon electricity for the operation of its hydrogen refuelling stations, which includes: direct coupling to renewable power generation; grid balancing to access renewable energy and renewable energy contracts.
ITM Power and Good Energy will explore the provision of renewable energy contracts and direct coupling to renewable power generation in their portfolio for the production of hydrogen fuel across the UK.
ITM Power CEO, Dr. Graham Cooley, said: “Utilising surplus renewable energy lies at the heart of the proposition for hydrogen as a clean fuel. We look forward to exploring options for direct renewable energy contracts through collaboration with Good Energy”
Juliet Davenport, Good Energy founder and Chief Executive said: “At Good Energy we’re proud to be working with ITM Power on this cutting-edge technology which can play a big part in the energy future of the world. The opportunities to work with ITM power to see how we can integrate the transport, heat and electricity market are really exciting, and we think we are a great fit to supply zero carbon renewable electricity for this inspiring venture.”
ITM Power manufactures integrated hydrogen energy solutions which are rapid response and high pressure that meet the requirements for grid balancing and energy storage services, and for the production of clean fuel for transport, renewable heat and chemicals. ITM Power plc was admitted to the AIM market of the London Stock Exchange in 2004 and is a founder member of the Social Stock Exchange. The company received £4.9m as a strategic investment from JCB in March 2015; signed a forecourt siting agreement with Shell in September 2015 and a fuel agreement with Toyota in October 2015. The Company currently has £13.94m of projects under contract and a further £6.52m of contracts in the final stages of negotiation constituting a total pipeline of £20.46m (subject to exchange rate variation).
About Good Energy
Good Energy is a fast-growing 100% renewable electricity supply and generation company, offering value for money and award-winning customer service. An AIM-listed PLC, and founder member of the Social Stock Exchange, its mission is to support change in the energy market, address climate change and boost energy security. The company has consistently performed well in the annual Which? energy company customer satisfaction survey, winning first or second place in each of the last four years.
It now has more than 68,000 renewable electricity customers and 38,800 gas customers. It also provides Feed-in Tariff administrative services to more than 112,600 sites. (All figures as at 31 December 2015.) Good Energy is the owner of Delabole Wind Farm, the UK’s first commercial wind farm, and owns and operates Hampole Wind Farm, near Doncaster. The company also owns and operates seven solar farms.
Good Energy has won a number of awards including Business Green Company of the Year 2015, British Renewable Energy Association Leadership Award 2015 and, for the second year running, Small Cap Awards – Social Impact Company of the Year.