March 2017
Monday, 27 March 2017 08:58

£0.73m Electrolyser Sale

ITM Power (AIM: ITM), the energy storage and clean fuel company, is pleased to announce the sale of a
0.5MW Electrolyser and some associated hydrogen energy equipment for £0.73m. The Company
currently has £18.31m of revenue under contract and £6.41m in the final stages of negotiation, making a
total pipeline of £24.72m.

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ITM Power (AIM: ITM), the energy storage and clean fuel company, is pleased to note the announcement made by the UK government’s Office of Low Emission Vehicles (OLEV) on 18 March.  The full announcement is shown below.  The Company currently has £17.41m of revenue under contract and £7.04m in the final stages of negotiation, making a total pipeline of £24.45m.

£23 million boost for hydrogen-powered vehicles and infrastructure
Funding to accelerate the take up of hydrogen vehicles and infrastructure

A new £23 million fund to accelerate the take up of hydrogen vehicles and roll out more cutting-edge infrastructure has been announced by the government today (18 March 2017). Hydrogen fuel providers will be able to bid for funding in partnership with organisations that produce hydrogen vehicles to help build high-tech infrastructure, including fuel stations. The funding will boost the creation of hydrogen fuel infrastructure and uptake of hydrogen-powered vehicles.

A competition will be launched this summer, and will invite proposals from public organisations, businesses and hydrogen operators. The government will provide match funding for successful bidders as part of its plans to cut carbon emissions, improve air quality and deliver economic opportunities for the UK.

Transport Minister John Hayes said: “The transition to zero emission road transport is both inevitable and desirable as it will improve air quality in many of our towns and cities. Hydrogen fuel cell electric vehicles can play a vital role alongside battery electric vehicles to help us cut harmful emissions. We know availability of hydrogen refuelling infrastructure can be a potential obstacle to the take up of hydrogen fuel cell electric vehicles. That’s why we’re providing support to give interested parties the confidence to continue to invest in this new emerging technology to help us achieve our ambition for almost all new cars and vans to be zero emission by 2040.

“Hydrogen vehicles can be quickly refuelled using a pump like a conventional petrol or diesel car, but instead use gas. They produce only water as a by-product and have a range of around 300 miles per tank, like conventional vehicles. The Government is working closely with industry on the future direction of the UK automotive sector and has allocated over £600 million for low emission vehicles over the course of this Parliament with an additional £390 million announced at last year’s Autumn Statement for ultra low emission vehicles and driverless cars.”

Paul Van der Burgh, President and Managing Director of Toyota (GB), said: “Toyota believes hydrogen fuel cell electric vehicles can play an important role in the transition to a low carbon, low emissions society. We chose the UK as one of the first international markets for our Mirai hydrogen fuel cell car and are pleased that the government is investing in this programme to encourage the further development of refuelling infrastructure and the wider uptake of fuel cell vehicles.

“We will continue to work with the Government, organisations and industry partners to help the UK realise the significant potential of hydrogen as a clean and sustainable source of power. Today’s announcement builds on the launch of the Industrial Strategy green paper published in January which outlined plans to fund new high-value economic infrastructure and reaffirmed government commitment to investing in energy innovation and to tackling the causes of climate change.”

https://www.gov.uk/government/news/23-million-boost-for-hydrogen-powered-vehicles-and-infrastructure

ITM Power CEO, Dr. Graham Cooley, said: “This important new UK Government funding programme supporting the roll out of hydrogen vehicles is a welcome step and shows a commitment to tackling inner city air pollution. The increasing momentum generated by the introduction of Toyota, Honda and Hyundai FCEV’s into the UK is set to continue as a result of this significant infrastructure funding.”

 

About ITM Power plc
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 £17.41m of revenue under contract and £7.04m in the final stages of negotiation, making a total pipeline of £24.45m (subject to exchange rate variation).
www.itm-power.com

About OLEV
The £11m HRS Infrastructure Grants Scheme was launched on the 2nd February 2015 by the Office for Low Emission Vehicles (OLEV) to support roll out of hydrogen infrastructure networks in the UK with the specific aim of encouraging the introduction of Hydrogen Fuel Cell Electric Vehicles (FCEVs). The HRS Infrastructure Grants Scheme provided grant funding for selected infrastructure projects seeding development of hydrogen for road transport in the UK. On 10 May 2016, OLEV launched a £2 million government fund to encourage more businesses to switch to hydrogen-fuelled vehicles. The Fuel Cell Electric Vehicle (FCEV) Fleet Support Scheme will allow local authorities, health trusts, police forces, fire brigades and private companies to bid for funding to add hydrogen-powered vehicles to their fleets.
https://www.gov.uk/government/organisations/office-for-low-emission-vehicles

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Hydrogen Refuelling Stations Update
HRS Planning Consent in Birmingham, Sheffield and Swindon

ITM Power (AIM: ITM), the energy storage and clean fuel company, is pleased to update the market on its progress in providing Hydrogen Refuelling Stations (HRS) in the UK.  The Company currently has £17.35m of revenue under contract and £6.41m in the final stages of negotiation, making a total pipeline of £23.76m.

The Company announces that it has gained full planning permission at four sites comprising Birmingham, Swindon and two sites in Sheffield.  Additional sites have been identified in London and around the M25; along the M1 Corridor including Leeds; and along the M40 Corridor including Oxford and along the M4 including Bristol and Cardiff.  The plans outlined here have been put in place prior to the UK Government’s Office of Low Emission Vehicles (OLEV) announcing further grant incentives for hydrogen vehicles and new refuelling infrastructure.

ITM Power now has four publicly accessible HRS, one on the M1 funded by InnovateUK and three funded by the FCH JU and OLEV under the HyFive project. Two further HRS funded by the FCHJU and OLEV under the H2ME project are in construction and another three funded by the FCHJU under the H2ME2 project have been granted planning permission.

ITM Power CEO, Dr. Graham Cooley, said: “UK cities are now under increasing pressure to improve air quality.  Air pollution levels have reached “very high” or “high” in eight regions across the UK and London has been issued a final warning by the EU.  We have made significant headway in planning further HRS deployments on the M1, M4, M40 and particularly inside the M25 ahead of the accelerating roll-out of commercial and passenger fuel cell electric vehicles as a result of new air quality legislation.”

For further information please visit www.itm-power.com or contact:

ITM Power plc
Graham Cooley, CEO
+44 (0)114 244 5111
Zeus Capital
Andrew Jones / Hugh Kingsmill Moore
+44 (0)20 3829 5000
Tavistock Communications
Simon Hudson / James Collins +44 (0)20 7920 3150

About ITM Power plc
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 £17.35m under contract, £6.41m in the final stages of negotiation making a total pipeline of £23.76m (subject to exchange rate variation).
www.itm-power.com

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ITM POWER HEAD OFFICE
22 Atlas Way
Sheffield
S4 7QQ
+44 (0)114 244 5111

Investor Relations


TAVISTOCK COMMUNICATIONS
Simon Hudson
1 Cornhill
London
EC3V 3ND
+44(0) 20 7920 3150

ITM Power is a public limited company registered in England and Wales. Company Number 05059407