Momentum for Hydrogen Continues to Build
ITM Power (AIM: ITM), the energy storage and clean fuel company, is pleased to announce its participation in Swiss H2Mobility which follows on from the national programmes of Germany, UK, France, Denmark and the USA.
The Swiss Federal Office supports the proposed H2-Mobility Swiss Initiative. The office has and will continue to facilitate the Initiative’s activities, which have already included the “Assessment of key technical, economic and political factors” published in March 2013 and will include the implementation of Phase 1 in the form of a pilot and demonstration project from the autumn of 2013 to mid-2015, involving the development of the necessary framework, operation of demonstration sites and vehicles and the preparation of Phase 2, planned for July 2015 to December 2020, comprising the rollout of the initial infrastructure and fuel cell electric vehicles (FCEVs).
The initial assessment was supported by the Federal Office of Energy, the Canton of Aargau and the Paul Scherrer Institute. The analysis was published on the web site of the Federal Office in May 2013 and is publicly available.
Implementation of H2Mobility Swiss is planned in two phases:
Phase 1 – The Pilot and Demonstration Project will be the key enabler for the commercial roll-out of hydrogen fueling stations (HRS) based on the automotive OEM’s FCEV commercialisation plans. It will deal with the necessary technical, political and regulatory framework to support preparation of commercial roll out in Phase 2. This will also include proof of concept via the demonstration of HRS’s and vehicles. It shall therefore establish the next step of the initiative.
Phase 2 – From mid-2015 a follow-up initiative in the form of a Lighthouse Project is proposed to realise and implement the broader introduction of HRS’s and FCEVS out to 2020.
The Federal Office of Energy is preparing the new ‘Energy Strategy 2050’ which will be subject to a public vote in 2014, thus establishing the requested framework for a stronger and growing role of renewable energies in Switzerland. Phase 2 of the project will be embedded in the associated activities and start in the middle of 2015 to allow the requested lead times for the build-up of infrastructure and the supply of vehicles.
ITM Power CEO, Graham Cooley, commented: “Hydrogen fuel is being deployed all over Europe in time for the mass roll out of Hydrogen Fuel Cell Electric Vehicles by the major automotive OEM’s; we are delighted to be part of the Swiss Initiative.”
For further information please visit www.itm-power.com or contact:
ITM Power plc Graham Cooley, CEO 0114 244 5111
Zeus Capital (Nominated Adviser & Broker) Tim Metcalfe / John Goold 020 7533 7727
Tavistock Communications Simon Hudson 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: