ITM Power (AIM: ITM), the energy storage and clean fuel company, announces that 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.
Commenting on his involvement with ITM Power, 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.
“During the initial deliberations with the founders in 2001, we had just a concept that PEM (Proton Exchange Membrane) electrolysers and fuel cells would become a major part of the clean energy future. My convictions were such that I provided seed finance for the early days. Today I feel vindicated that ITM Power is a world leader in the manufacture of electrolysers utilising PEM technology. I am sure ITM Power will stay at the forefront of manufacturing equipment for clean hydrogen production. The team in Sheffield is highly regarded throughout the world.
“My involvement with the Company now spans 16 years and I feel it is the right time to reduce my involvement and step down from the board. I would add it is my intention to retain all my shareholding and I welcome the invitation extended to me by the Company to keep in regular touch and offer advice.
“I am pleased I can step down in the knowledge that the Company is in good hands and I look forward to hearing of its future success.”
ITM Power Chairman, Professor Roger Putnam, added, “On behalf of his board colleagues, the staff of ITM Power and all of our shareholders, I would like to thank Peter for his help and support over the years. We would not be where we are today without him. All of us would miss his plain speaking contribution to discussions and we look forward to that continuing in the future.”
For further information please visit www.itm-power.com or contact:
ITM Power plc Graham Cooley, CEO +44 (0)114 244 5111
Investec Bank plc (Nominated Adviser and Broker) Jeremy Ellis / Chris Sim / Jonathan Wynn +44 (0)20 7597 5970 Tavistock (Financial PR and IR) Simon Hudson / James Collins +44 (0)20 7920 3150
About ITM Power
ITM Power manufactures integrated hydrogen energy solutions for grid balancing, energy storage and the production of green hydrogen for transport, renewable heat and chemicals. ITM Power was admitted to the AIM market of the London Stock Exchange in 2004. In September 2017 the Company announced the completion of a £29.4m working capital fundraise.
The Company signed a forecourt siting agreement with Shell for hydrogen refuelling stations in September 2015 and subsequently a deal to deploy a 10MW electrolyser at Shell’s Rhineland refinery. Additional customers include National Grid, RWE, Engie, BOC Linde, Toyota, Honda, Hyundai, Anglo American among others. The Company’s order pipeline has grown rapidly and now stands at £20m of projects under contract and £17.4m of contracts in the final stages of negotiation, totalling £37.4m (subject to exchange rate variation).