ITM Power (AIM: ITM), the energy storage and clean fuel company, is pleased to announce that it has signed an agreement with AEG Power Solutions (AEG PS) to cooperate in integrating its electrolyser technology with AEG’s power control electronics. Under the agreement, ITM Power and AEG PS will initially address five live projects, the status of which ranges from imminent deployment to early proposal development.
This collaboration between leading technologies in power electronics and demand side energy storage is a significant step towards achieving energy efficiency for the renewables sector. Power electronics integration is essential for future smart grids and the demand side management of loads to assimilate intermittent and fluctuating renewable energy sources.
AEG PS has extensive experience of renewable power integration and have already supplied power electronics into several power to gas installations in Germany. This agreement with ITM represents the first time AEG PS’s power conversion technology will be coupled with Polymer Exchange Membrane (PEM) electrolysis, enabling rapid response electrolysis at a scale appropriate for electricity grid balancing services.
ITM Power’s CTO, Dr Simon Bourne, said: “AEG Power Solutions are a world leader in power electronics for power conversion and controlling rapid response demand side loads. We are delighted to have developed this important collaboration and look forward to working together on a developing pipeline of projects.”
AEG PS’s CSO, Gladwyn De Vidts, said: “We are proud to cooperate with ITM Power who offers leading technology in PEM electrolysis. We are confident that the partnership will be favourable for both companies, opening new business opportunities in the future,”
For further information please visit www.itm-power.com or contact:
ITM Power plc
Graham Cooley, CEO
0114 244 5111
Singer Capital Markets Limited (Nominated Adviser & Broker)
Shaun Dobson / Jenny Wyllie
020 3205 7500
Simon Hudson / Kelsey Traynor
020 7920 3150
AEG Power Solutions (AEG PS) Group is a global provider of power electronic systems and solutions for all industrial power requirements offering one of the most comprehensive product and service portfolios in the area of power conversion and power control. Thanks to its distinctive expertise, bridging both AC and DC power technologies and spanning the worlds of both conventional and renewable energy, the company creates innovative solutions for energy networks and smart grids.
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: