December 2020

Linde and Snam Agreement to Develop Clean Hydrogen Projects in Europe

ITM Power (AIM: ITM), the energy storage and clean fuel company, is pleased to note the announcement today of an agreement between two of the Company’s key strategic partners and shareholders to collaborate on clean hydrogen projects in Europe. The full joint announcement is set out below:


Snam and Linde sign agreement
to jointly develop clean hydrogen projects

San Donato Milanese (MI), 7 December 2020 – Snam, one of the world’s leading energy infrastructure companies, announced today that it has signed a memorandum of understanding (MoU) with Linde (NYSE: LIN; FWB: LIN), a leading global industrial gases and engineering company, to jointly develop clean hydrogen projects and related infrastructure in Europe.

Linde and Snam will work together to promote key technologies along the hydrogen value chain and develop opportunities for joint investments in commercial projects in the areas of production, distribution, compression and storage.

“Hydrogen is expected to play a significant role in achieving the European Green Deal targets,” said Steve Angel, Chief Executive Officer, Linde. “We are very pleased to collaborate with Snam, a recognized leader at the forefront of the energy transition, in the development of the clean hydrogen economy in Europe.”

With this agreement, we combine the know-how and innovative capabilities of both Linde and Snam in order to contribute to scaling-up hydrogen and reaching climate goals, aligned with the European Hydrogen Strategy,” said Marco Alverà, Chief Executive Officer, Snam. “The collaboration with one of the world’s leading companies in the sector strengthens our role as operator along the hydrogen value chain and lays the foundation for new joint projects.”

Linde is a global leader in the production, processing, storage and distribution of hydrogen. It has the largest liquid hydrogen capacity and distribution system in the world.

Snam is actively promoting the adoption of hydrogen and has been amongst the first companies in the world to experiment with a blend of up to 10% of hydrogen into its gas transmission network in Italy. Approximately 50% of the investments included in Snam’s 2020-2024 plan is dedicated to a “hydrogen-ready” infrastructure. The company has signed several partnerships both in Italy and internationally to contribute to the development of hydrogen’s value chain, also by fostering its uses in both industry and transports.

Both Snam and Linde are shareholders of ITM Power, a British company operating in the green hydrogen landscape.

The implementation of the projects will be regulated through separate agreements negotiated between the parties in compliance with the regulatory framework.

Graham Cooley, ITM Power CEO said: “We are pleased to see this agreement between two of our key strategic partners to develop hydrogen projects and infrastructure across Europe. With the additional capacity at our new Gigafactory in Sheffield, ITM Power is well positioned to supply our world-leading PEM electrolysis technology to suitable projects arising from Linde and Snam’s collaboration.”

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

 

ITM Power plc

+44 (0)114 263 7646

James Collins (IR)

 

 

 

Investec Bank plc (Nominated Adviser and Broker)

+44 (0)20 7597 5970

Jeremy Ellis / Chris Sim / Ben Griffiths / Will Fenby

 

 

 

Tavistock (Financial PR and IR)

+44 (0)20 7920 3150

Simon Hudson / Edward Lee / Tim Pearson

 

 

About ITM Power plc

ITM Power plc manufactures integrated hydrogen energy solutions for grid balancing, energy storage and the production of renewable hydrogen for transport, renewable heat and chemicals. ITM Power plc was admitted to the AIM market of the London Stock Exchange in 2004.  In October 2019, the Company announced the completion of a £58.8 million fundraising, including an investment by Linde of £38 million, together with the formation of a joint venture with Linde to focus on delivering renewable hydrogen to large-scale industrial projects worldwide.  In November 2020, ITM Power completed a £172m fundraising, including a £30m investment by Snam, one of the world’s leading energy infrastructure operators. ITM Power signed a forecourt siting agreement with Shell for hydrogen refuelling stations in September 2015 (which was extended in May 2019 to include buses, trucks, trains and ships), and in January 2018 a deal to deploy a 10MW electrolyser at Shell's Rhineland refinery. ITM Power announced the lease of the world's largest electrolyser factory in Sheffield with a capacity of 1GW (1,000MW) per annum in July 2019. Customers and partners include Sumitomo, Ørsted, Phillips 66, National Grid, Cadent, Northern Gas Networks, Gasunie, RWE, Engie, BOC Linde, Toyota, Honda, Hyundai and Anglo American among others.

 

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Published in News

ITM Power (AIM: ITM), the energy storage and clean fuel company, is pleased to announce the appointment of Tom Rae, currently Principal of Tom Rae Consulting, as a Non-executive director of the Company with immediate effect. Until September 2019, Tom was Group Director of Purchasing & Supply Chain and a member of the Group Executive Committee at JCB. He replaces Bob Pendlebury who retired from the Board in July 2020, as the representative of J.C.B. Research Limited, a significant shareholder in ITM Power.

Tom began his career in 1983 as a Process Engineer with Uniroyal Ltd, advancing to Manufacturing Manager in 1989. In 1992, Tom moved to Germany to join Continental AG, one of the world’s largest automotive and industrial systems manufacturers, as European Quality Systems Manager and was a member of the Manufacturing Innovation Team, active in JV projects in Russia, South America and India. He moved back to the UK in 1997 to lead Conti’s UK manufacturing operations.

In 2002, Tom returned to Germany as Senior Vice President of Procurement Continental AG, reporting to the CEO, where he remained until 2007 when he joined Japan’s NSG Group as Chief Procurement Officer and where he was a member of the Executive Committee. NSG Group is a leading global manufacturer of glass technologies, operating in the fields of automotive, technical (touch screen displays, hybrid vehicle batteries and optoelectronics) and architectural (buildings glass and solar panels).

Tom left NSG in 2014 to join JCB as Group Director of Purchasing & Supply Chain and was a member of the Group Executive Committee before setting up his own consultancy practice in late 2019. He holds a degree in chemistry from Heriot-Watt University, Edinburgh and an MBA from Napier University, Edinburgh.

Sir Roger Bone, Chairman of ITM Power said: “On behalf of the Board, I welcome Tom as a non-executive director. I am sure that his experience and expertise in procurement will prove to be of great benefit to the Company as we significantly increase manufacturing capacity. Tom’s worldwide experience will also bring valuable insights to the Board to help us navigate international markets for our products.”

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

 

ITM Power plc

+44 (0)114 263 7646

Nicola Ham Edmonds (Head of Legal and Company Secretary)

James Collins (IR)

 

 

 

Investec Bank plc (Nominated Adviser and Broker)

+44 (0)20 7597 5970

Jeremy Ellis / Chris Sim / Ben Griffiths / Will Fenby

 

 

 

Tavistock (Financial PR and IR)

+44 (0)20 7920 3150

Simon Hudson / Edward Lee / Tim Pearson

 

Further regulatory disclosures

Other than as disclosed below, there are no further disclosures to be made in accordance with AIM Rule 17 and paragraph (g) of Schedule Two of the AIM Rules for Companies:

Name: Thomas Reid Rae; Age: 59;

Tom Rae is, or has during the last five years been, a director or partner of the following companies and partnerships:

Current

Tom Rae Consulting Limited – November 2019 to date

Tom Rae does not currently hold any shares in the Company.

About ITM Power plc

ITM Power plc manufactures integrated hydrogen energy solutions for grid balancing, energy storage and the production of renewable hydrogen for transport, renewable heat and chemicals. ITM Power plc was admitted to the AIM market of the London Stock Exchange in 2004.  In October 2019, the Company announced the completion of a £58.8 million fundraise, including a subscription by Linde of £38 million, together with the formation of a joint-venture with Linde to focus on delivering renewable hydrogen to large scale industrial projects worldwide.  In November 2020, ITM Power completed a £172m fund raise, including £30m from Snam, one of the world’s leading energy infrastructure operators. ITM Power signed a forecourt siting agreement with Shell for hydrogen refuelling stations in September 2015, (which was extended in May 2019 to include buses, trucks, trains and ships) and in January 2018 a deal to deploy a 10MW electrolyser at Shell's Rhineland refinery. ITM Power announced the lease of the world's largest electrolyser factory in Sheffield with a capacity of 1GW (1,000MW) per annum in July 2019. Customers and partners include Sumitomo, Ørsted, Phillips 66, National Grid, Cadent, Northern Gas Networks, Gasunie, RWE, Engie, BOC Linde, Toyota, Honda, Hyundai and Anglo American among others.

 

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Published in News

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