May 2020

ITM Power (AIM: ITM), the energy storage and clean fuel company, is pleased to announce the formation of the H2OzBus Project (“the Project”) and the signing of a memorandum of understanding with strategic partners (“the Consortium”).  The Consortium comprises Transit Systems, part of the SeaLink Travel Group, Ballard Power Systems, BOC Limited, Palisade Investment Partners and ITM Power.  The Consortium partners have signed a memorandum of understanding as a further step in evaluating and demonstrating the concept of hydrogen fuel cell electric buses for use in public bus transport in Australia.
 
The Consortium will collaborate on a project to further investigate deploying an initial 100 hydrogen fuel cell electric buses in cities across Australia in Phase 1, with the intention to use this as a seed for more widespread roll-out. Hydrogen  fuel cell electric buses for public transport has alignment to ARENA's (Australian Renewable Energy Agency) key investment priorities in Accelerating Hydrogen and Decarbonising Industry.
 
The first phase of the Project is a concept development phase that will focus on infrastructure requirements and detailed plans for use of hydrogen fuel cell electric buses on bus routes in up to 10 central hub locations across Australia where interest and demand for fuel cell buses has already been identified.  
 
The Consortium is leveraging the strengths of each partner as they work towards agreement on feasibility, scope and funding of the next phase of the Project. The key expertise that each partner in the Consortium brings to the project and their proposed roles in the Project are: ITM Power and BOC will provide the hydrogen production and refuelling infrastructure; Ballard Power Systems will supply the fuel cell system to be integrated into the electric buses supplied by supporting bus manufacturers; Transit Systems, will maintain and operate the vehicles as part of their daily urban transit operations (or within a strategically located project managed by Transit Systems), and: Palisade Investment Partners will assist in providing funding and strategic financial oversight, for the Project.
 
Clint Feuerherdt, CEO SeaLink Travel Group said: “The establishment of the H2OzBus group demonstrates our commitment to innovation and showcases the network and capabilities of our globally recognised transport group. It seeks to provide a “turn-key” solution to generate a “zero emission” outcome in public transport. We are proud to work alongside our Government partners and agencies, as well as industry partners to ensure that our solutions continue to set the benchmark for what is possible.” 
 
Dr Neil Thompson, Managing Director of ITM Power Pty Ltd, commented: “H2OzBus is an exciting project which builds on the international partnerships that have been developed in recent years by ITM Power in the fuel cell electric bus markets across the UK and France. This project provides the first application in Australia of our new 2MW PEM module that has been developed as a result of the REFHYNE project in Germany with Shell and represents a significant scale-up from our sub-1MW foundation projects for Toyota Australia and BOC Australia.”
 
Vesna Olles, Director for Strategy & Business Development, BOC said: “BOC is committed to developing a future Australian transport industry significantly powered by hydrogen. As part of Linde plc, a global leader in hydrogen and hydrogen refuelling technology, BOC will share its technical expertise to scale-up Australian hydrogen supply for the innovative new national bus fleet. Integrating hydrogen in light transport and rolling out hydrogen refuelling infrastructure in major cities is one of the key priorities outlined in the Federal Government’s National Hydrogen Strategy. We look forward to working with all parties involved in the H2OzBus project.”  

Randy MacEwen, President & CEO of Ballard Power Systems, said: “Formation of this new H2OzBus Project to address zero-emission public transit needs in Australia, will provide bus operators with an alternative electric bus option with no compromise on performance and operation.  Use cases requiring extended range, air conditioning and rapid refuelling are an ideal fit for our fuel cell systems, which have been proven through more than 30-million kilometres of on-road experience to date.”   
 
Roger Lloyd, Managing Director & CEO of Palisade Investment Partners said: “Palisade believes green hydrogen will play an important role in the further decarbonisation of our economy, providing an alternate fuel source and an energy storage mechanism.  We are an active investor in renewable energy and transportation and are delighted to work with industry leading partners and the Government on the H2OzBus project.”
 
For more information, please visit www.itm-power.com or contact:
 
ITM Power plc (0)114 244 5111 Andy Allen, Finance Director   
Investec Bank plc (Nominated Adviser and Broker)  (0)20 7597 5970 Chris Sim / Jeremy Ellis / Ben Griffiths   
Tavistock (Financial PR and IR) (0)20 7920 3150 Simon Hudson / Nick Elwes / Barney Hayward 
 
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.  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.
 
About Transit Systems and SeaLink Travel Group Limited (ASX:SLK)
Transit Systems is a wholly owned subsidiary of the SeaLink Travel Group Limited (SeaLink). SeaLink is Australia’s largest integrated land and marine, tourism and public transport service provider with established international operations in London and Singapore. It is one of Australia’s most experienced and diverse multi-modal transport businesses, boasting performance-driven capabilities across ferry, bus and light rail. SeaLink is made up of Australian marine and tourism operations and Transit Systems’ domestic and international public bus and light rail transport operations.  SeaLink moves more than 360 million customers per year, has over 8,700 employees and operates approximately 3,400 buses and 80 ferries. Visit www.sealinktravelgroup.com.au    About Ballard Power Systems Ballard Power Systems’ (NASDAQ: BLDP; TSX: BLDP) vision is to deliver fuel cell power for a sustainable planet. Ballard zero-emission PEM fuel cells are enabling electrification of mobility, including buses, commercial trucks, trains, marine vessels, passenger cars, forklift trucks and UAVs. To learn more about Ballard, please visit www.ballard.com.
 
About BOC
BOC, a subsidiary of Linde plc, supplies compressed and bulk gases, chemicals and equipment across the South Pacific region. Linde is a leading global industrial gases and engineering company with 2019 sales of US$28 billion. We live our mission of making our world more productive every day by providing high-quality solutions, technologies and services which are making our customers more successful and helping to sustain and protect our planet. The company serves a variety of end markets including chemicals & refining, food & beverage, electronics, healthcare, manufacturing and primary metals. Linde’s industrial gases are used in countless applications, from life-saving oxygen for hospitals to highpurity & specialty gases for electronics manufacturing, hydrogen for clean fuels and much more. Linde also delivers state-of-the-art gas processing solutions to support customer expansion, efficiency improvements and emissions reductions. Information about BOC can be found here:  https://www.boc-limited.com.au/ 
 
About Palisade Investment Partners
Palisade is a specialist, independent infrastructure manager that provides institutional investors with access to Australian infrastructure projects through tailored portfolios and co-mingled funds. Palisade’s multi-disciplinary and experienced team focuses on attractive mid-market assets that are essential to the efficient functioning of the communities and economies they serve. In particular, Palisade has strong experience in managing renewable generation and transportation assets including Gold Coast Rapid Transit, Sydney Metro Northwest, Snowtown 2 Wind Farm, Ross River Solar Farm, Granville Harbour Wind Farm, as well as Darwin, Alice Springs and Sunshine Coast airports. For more information, visit: http://palisadepartners.com.au/
 
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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 Duncan Yellen as Managing Director of ITM Motive, the division of ITM Power responsible for the UK build, own and operate portfolio of hydrogen refueling stations.  ITM Motive will be established as a separate, wholly owned subsidiary for the management of the Company’s refueling assets.
 
Dr Duncan Yellen (54) has had a 30 year career in the energy and environmental sector. Prior to joining ITM Motive, Duncan was most recently M&A and Business/Project Development Manager at Storengy, a wholly owned subsidiary of Engie, where he was responsible for identifying new business streams and successfully developed its business strategy in green gases, CNG and geothermal. From 2012 to 2018  he was Head of Consulting for EA Technology Ltd, managing a team of 40 consultants.  Duncan’s early career was with National Power in the UK and with British Gas in various technology and business development roles. Duncan has an MBA from Bradford University a PhD in Materials Science and BSc in Physics from Liverpool University.
 
On establishment, ITM Motive will own and operate a network of eight publicly accessible hydrogen refueling stations, which will expand to 11 by the end of 2020. Each incorporates an ITM Power electrolyser and a Linde IC90 compression, storage and dispensing system. ITM Power has successfully sourced both UK and EU funding to support the build and deployment costs, and developed a siting agreement with Shell for deployment on their forecourts in the UK. The Company has demonstrated (in close collaboration with Linde) a world class station availability of 98 per cent which is encouraging further fuel cell electric vehicle (FCEV) roll out in the UK.
 
ITM Motive’s sites in the UK continue to be operational as part of the essential services provided during the current lockdown, refueling vehicles for the Metropolitan Police and Green Tomato cars (which is providing transport for NHS staff) among others. 
 
Dr Graham Cooley, CEO of ITM Power said: “We’re delighted to have been able to recruit Duncan to be ITM Motive’s Managing Director.  He has exactly the right mix of relevant experience and entrepreneurial ability to develop the business’s portfolio and drive it to profitability.” 
 
Dr Duncan Yellen added: “This is an exciting role with a company in the vanguard of the hydrogen revolution.  The UK has the opportunity to become one of the world leaders in the transition to zero carbon energy and fuel.  Transport needs to decarbonise and I look forward to helping cement ITM Power’s position at the forefront of this change.”

Jon Hunt, Toyota’s Manager of Alternative Fuels commented: “As well as providing world leading electrolyser technology ITM Power has pioneered the development of the UK hydrogen refueling infrastructure which has allowed Toyota and others to make the UK one of the first countries to benefit from this clean energy. The creation of ITM Motive with the appointment of the experienced Duncan Yellen as MD to focus on this area demonstrates the shared commitment to make the UK a leader in this technology and enable the country to reach its carbon reduction and air quality targets. We welcome this development and look forward to continuing our close collaboration with the new business”.
 
Ashley Andrew, Hyundai Motor UK’s Managing Director, commented: It’s fantastic to see that ITM is implementing a strengthened commercial approach to its hydrogen refueling station expansion strategy. This commitment to developing the UK infrastructure will in turn help to increase consumer demand for hydrogen fuel cell vehicles, like the Hyundai NEXO, that offer zero-emissions motoring, along with refueling times and range comparable to internal combustion engine vehicles.”
 
For further information please visit www.itm-power.com or contact:
 
ITM Power plc Andy Allen, Finance Director, +44 (0)114 244 5111
Investec Bank plc (Nominated Adviser and Broker) Chris Sim / Jeremy Ellis / Ben Griffiths +44 (0)20 7597 5970
Tavistock (Financial PR and IR) Simon Hudson / Edward Lee / Barney Hayward, +44 (0)20 7920 3150
 
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.  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 Katherine Roe as a non-executive director with immediate effect.
 
Katherine Roe (42) is CEO of Wentworth Resources plc, an AIM listed East African natural domestic gas producer.  She is currently a non-executive director and Audit Committee Chair of Longboat Energy plc.  Katherine joined Wentworth in 2014 and was responsible for corporate development and investor relations before becoming CFO in 2018 and CEO in 2019.  Before joining Wentworth, Katherine had a 14 year plus career in investment banking and corporate finance, initially with Morgan Stanley and subsequently with Panmure Gordon where she was a Director within Investment Banking and headed up the energy team from 2010 to 2014.
 
Sir Roger Bone, Chairman of ITM Power said: “I am pleased to welcome Katherine to the Board of ITM Power.  Her knowledge and experience of investment markets and the energy industry will add a directly relevant skill set to the governance and strategic direction of the Company.  We look forward to working with her.” 
 
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: Katherine Louise Margiad Roe; Age: 42; 
 
Katherine Roe is, or has during the last five years been, a director or partner of the following companies and partnerships:
 
Current
Wentworth Resources plc – November 2018 to date
Wentworth Mozambique (Mauritius) Limited – January 2020 to date 
Longboat Energy plc – November 2019 to date
Previous IDE Group Holdings plc, non-executive director – January 2016 to September 2018
Faroe Petroleum plc, non-executive director – July 2018 to February 2019
Roe Resources Limited – May 2014 to November 2018 
 
Katherine Roe does not currently hold any shares in the Company.
 
For further information please visit www.itm-power.com or contact:
 
ITM Power plc Nicola Ham Edmonds, Company Secretary  +44 (0)114 244 5111
Investec Bank plc (Nominated Adviser and Broker) Chris Sim / Jeremy Ellis / Ben Griffiths +44 (0)20 7597 5970
Tavistock (Financial PR and IR) Simon Hudson / Edward Lee / Barney Hayward +44 (0)20 7920 3150
 
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.  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. www.itm-power.com
 
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ITM Power is a public limited company registered in England and Wales. Company Number 05059407