ITM Power (AIM: ITM), the energy storage and clean fuel company, is pleased to note the announcement by Shell that it is building, with ITM Power, a new hydrogen electrolysis plant, the largest of its kind in the world.
ITM Power announce the formation of ITM Power Pty Ltd, a wholly owned subsidiary incorporated in Australia to develop the market for ITM Power’s rapid response electrolyser technology. Dr. Neil Thompson has been appointed Managing Director (“MD”) of the newly formed company. ITM Power is also pleased to announce membership of Hydrogen Mobility Australia.
ITM Power announce an update on trading and operations for the period since the announcement of its successful placing and open offer on 29 September 2017. The Company maintains its focus on increasing commercial sales and currently has £20.2m of projects under contract and a further £22.4m of contracts in the final stages of negotiation. The total of £42.6m is an increase of £5.9m in the two months since the placing and open offer announcement.
ITM Power announce that it has secured funding from the Department for Business, Energy and Industrial Strategy (BEIS) as part of the Energy Storage Feasibility Study Competition launched in January 2017 to collaborate with Northern Gas Networks (NGN) to undertake a study examining the potential deployment of large-scale Power-to-Gas energy storage. The Company’s order pipeline stands at £19.9m of projects under contract and £20.4m of contracts in the final stages of negotiation, totalling £40.3m (subject to exchange rate variation).