January 2021

ITM Power (AIM: ITM), the energy storage and clean fuel company, announces half year results for the six-month period ended 31 October 2020. Comparable figures, where stated, refer to the corresponding period in 2019 unless otherwise indicated.

Commercial:

  • Transformative £172m fundraise post period end
  • Fundraise proceeds to accelerate the Company’s technology and manufacturing strategies
  • Partnership with Snam to develop projects with preferred supplier status for the first 100MW
  • First major ILE project of 24MW in Leuna Germany (world’s largest contracted PEM electrolyser)
  • Collaboration with Orsted and Siemens Gamesa on the €5m EU funded OYSTER project

Backlog and Pipeline:

  • £124m (£42m) backlog comprising £36m (£16m) contracted and £88m (£26m) in advanced stages of negotiation or subject to preferred supplier status
  • £434m+ (October 2020 fundraise: £325m) total tender pipeline; a 34% uplift in three months
    • Total pipeline attributable to ITM Power: £284m, being 65% of total contracts quoted

Operational:

  • Practical completion of the ITM Gigafactory at Bessemer Park in January 2021
  • Production has commenced in the new factory
  • ITM Motive division has agreed a fuel contract with National Express for 20 buses in Birmingham
  • ITM Support division has developed its first partnership with Optimal in Australia
  • ITM Academy formed for training apprentices, staff and partners

Financial:

  • Total income of £4.4m (£3.8m), up 16%, comprising:
    • Revenue of £0.2m (£2.4m), down 92% due to delays in final installation of projects required for revenue recognition arising from Covid-19 issues
    • Grant income plus grants receivable for capital projects of £4.2m (£1.4m), up 200%
  • Loss from operations £12.0m (£9.8m), increased by 22%
  • Adjusted EBITDA Loss of £10.4m, (£8.1m), increased by 28%
  • Cash balance (excluding restricted balances) of £25.9m (£56.9m) at period end
  • Current cash of £187m after fund raise proceeds of £172m received in November.
  • Cash burn* of £14.0m (£6.1m), including £5.7m on Bessemer Park and £1.7m on inventory

*Cash burn is a non-statutory measure. Please see the cash flow statement

Corporate:

  • Katherine Roe appointed as independent non-executive director in May 2020
  • Tom Rae appointed non-executive director in December 2020 representing JCB
  • Formation of Environmental, Social & Governance (ESG) and Strategy sub-committees, both chaired by independent ITM Power NEDs
  • CEO, Dr Graham Cooley joins the UK Government’s Hydrogen Advisory Council

Graham Cooley, CEO, commented: “The collaboration agreement with Snam and the strategic investment that accompanied it, as part of the £172m funding round, is another transformative deal for ITM Power. Alongside the Linde partnership and formation of ILE, ITM Power can concentrate on its core competence of developing and manufacturing electrolysis equipment. The Company is now able to offer a full turnkey solution at industrial scale with the EPC (Engineering, Procurement and Construction) competence of a world leader in the hydrogen industry. The rapidly developing backlog and tender pipeline demonstrates that ITM Power and our partners Linde, Snam and Shell have a world class offering. The completed move into the new 1GW per annum electrolyser factory at Bessemer Park gives the Company a powerful cost reduction trajectory and world beating manufacturing capacity for our record order book and pipeline.”

 Roger Bone, Chairman, added: “I was delighted to welcome Katherine and Tom to the ITM Power board in 2020 and to see such strong progress with the Snam agreement, the rapidly developing Linde partnership and the factory move. Despite all the difficulties Covid has caused we are well poised to accelerate our manufacturing programme and to sustain the significant growth in shareholder value we have seen over the last twelve months. We are also proud of the skills and dedication of our workforce and have rolled out an important incentives programme for all staff. As ever, I will continue my focus on governance, including the development of the Company's ESG reporting, which will be a key task in 2021 and beyond.”

There will be a call for analysts and investors on the Investor Meet Company platform today at 1400h GMT. To register for the call, please go to:

https://www.investormeetcompany.com/itm-power-plc/register-investor

The full Half Year Report can be viewed here

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.  ITM Power signed a deal to deploy a 10MW electrolyser at Shell's Rhineland refinery. 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 operates from the world's largest electrolyser factory in Sheffield with a capacity of 1GW (1,000MW) per annum. ITM Power received an order for the world’s largest PEM electrolyser of 24MW from Linde in January 2021. Other customers and partners include Sumitomo, Ørsted, Phillips 66, Scottish Power, Siemens Gamesa, Cadent, Northern Gas Networks, Gasunie, RWE, Engie, GNVert, National Express, Toyota, Hyundai and Anglo American among others.

Published in News

ITM Power (AIM: ITM), the energy storage and clean fuel company, is pleased to announce the sale to Linde of a 24MW electrolyser to be installed at the Leuna Chemical Complex in Germany. The full text of the Linde announcement is set out below. 

Linde to Build, Own and Operate World’s Largest PEM Electrolyzer for Green Hydrogen 

Guildford, UK, January 13, 2021 – Linde (NYSE: LIN; FWB: LIN) today announced it will build, own and operate the world’s largest PEM (Proton Exchange Membrane) electrolyzer plant at the Leuna Chemical Complex in Germany.

This new 24 megawatt electrolyzer will produce green hydrogen to supply Linde’s industrial customers through the company’s existing pipeline network. In addition, Linde will distribute liquefied green hydrogen to refueling stations and other industrial customers in the region. The total green hydrogen being produced can fuel approximately six hundred fuel cell buses driving 40 million kilometers and saving up to 40,000 tons of carbon dioxide tailpipe emissions per year.

The electrolyzer will be built by ITM Linde Electrolysis GmbH, a joint venture between Linde and ITM Power, using high-efficiency PEM technology. The plant is due to start production in the second half of 2022.  

“Clean hydrogen is a cornerstone of the German and EU strategies to address the challenge of climate change. It is part of the solution to help reduce carbon dioxide emissions across many industries, including chemicals and refining,” said Jens Waldeck, President Region Europe West, Linde. “This project shows that electrolyzer capacity continues to scale up and it is a stepping stone towards even larger plants.”  

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. The company also operates the world's first high-purity hydrogen storage cavern, coupled with an unrivaled pipeline network of approximately 1,000 kilometers to reliably supply its customers. Linde is at the forefront in the transition to clean hydrogen and has installed close to 200 hydrogen fueling stations and 80 hydrogen electrolysis plants worldwide. The company offers the latest electrolysis technology through its joint venture ITM Linde Electrolysis GmbH. 

Graham Cooley, CEO of ITM Power, said: “This is the first sale via our joint venture with Linde and is currently the world’s largest announced PEM electrolyser. This is a significant addition to our sales pipeline and illustrates how the capacity and efficiency of our new factory allows us to tender for much larger scale projects. It demonstrates the growing commitment by industry to use green hydrogen produced by electrolysis to decarbonise production processes. We look forward to working closely with Linde to deliver this exciting project.” 

Andreas Rupieper, MD ILE GmbH said: “ITM Linde Electrolysis GmbH is delighted to have received this order for the world’s largest PEM electrolyser from Linde plc. The close working relationship between the ITM Power engineering team and Linde Engineering in Dresden is driving forward our industrial scale offering to help customers reduce their CO2 emissions. Because we have well-engineered and integrated turn key solutions available today for customers, we feel confident that this important 24MW project is just the beginning of our journey together.”  

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

ITM Power plc

+44 (0)114 263 7646

James Collins, Head of IR

This email address is being protected from spambots. You need JavaScript enabled to view it.

 

 

Investec Bank plc (Nominated Adviser and Broker)

+44 (0)20 7597 5970

Jeremy Ellis / Chris Sim / Ben Griffiths

 

 

 

Tavistock (Financial PR)

+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, Siemens Gamesa, National Grid, Cadent, Northern Gas Networks, Gasunie, RWE, Engie, BOC Linde, National Express, Toyota, Honda, Hyundai, Optimal and Anglo American among others.

 

About Linde
Linde is a leading global industrial gases and engineering company with 2019 sales of $28 billion (€25 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 high-purity & 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.

 

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Published in News

ITM Power (AIM: ITM), the energy storage and clean fuel company, is pleased to announce a Partnership Agreement (“the Agreement”) with Optimal Group (“Optimal”), a leading sustainable energy solutions provider in Australasia, to support sales activity in Australia.

Under the Agreement Optimal will provide long-term commissioning, operational and maintenance support, enhancing ITM Power's capabilities across the region to train and deploy skilled engineering resource and spare parts for its customers.

To ensure that ITM Power’s customers continue to enjoy the benefits of low cost and low carbon energy well into the future, Optimal will provide nationwide service and support through its network of factory certified ASP’s (Authorised Service Personnel). The Agreement enhances ITM Power’s capability for project delivery and service of its systems and will support the Company as it pursues much larger multi megawatt systems across Australia.

In addition, ITM Power has received a purchase order from Optimal for the provision of its 0.7MW HGas electrolyser system for use in a hydrogen microgrid project in Tasmania supported by the Federal Government’s Blue Economy CRC programme. This first deployment with Optimal will be a platform for training (through ITM Power's Hydrogen Academy) and the development of the relationship between ITM Power and Optimal.

Dr Neil Thompson, Managing Director of ITM Power Pty Ltd, commented: “Our agreement with Optimal further enhances our project delivery capability, after-sales service and spare parts support across Australia which will be key to the deployment of industrial scale systems.”

Craig Dugan , CEO of Optimal Group , said “Optimal is delighted to become ITM Power’s partner in Australia. Our focus is on sustainable energy and we know that green hydrogen will have a major role to play in the transition to a lower carbon future. Australia’s ambitions to reduce its carbon emissions means that we, and ITM Power, are in the right place at the right time.”  

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

ITM Power plc

+44 (0)114 263 7646

James Collins, Head of IR

This email address is being protected from spambots. You need JavaScript enabled to view it.

 

 

Investec Bank plc (Nominated Adviser and Broker)

+44 (0)20 7597 5970

Jeremy Ellis / Chris Sim / Ben Griffiths

 

 

 

Tavistock (Financial PR)

+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, Siemens Gamesa, National Grid, Cadent, Northern Gas Networks, Gasunie, RWE, Engie, BOC Linde, National Express, Toyota, Honda, Hyundai, Optimal and Anglo American among others.

About Optimal Group
For years we’ve known the traditional ways of fossil fuels, delivered through an old fashioned grid are simply unsustainable, but it’s not until recently that we have had access to real alternatives. Optimal is working at the forefront of this change, assisting progressive organisations to make the transition to a more sustainable power supply. We deliver bespoke energy solutions that solve our customers three biggest issues – rising energy prices, environmental concerns and energy security. At the heart of our solution is efficiency.  We are incredibly optimistic about the future of sustainable power. And with more than 400 Optimal power systems already operating throughout Australia, we are excited to be a big part of it.

www.optimalgroup.com.au

 

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Published in News

ITM Power (AIM: ITM), the energy storage and clean fuel company, is pleased to note the announcement today of a €5m award to a consortium to study the production of green hydrogen offshore. The full joint announcement concerning the OYSTER project is set out below:

Consortium receives funding to investigate offshore hydrogen production

 ITM Power, Ørsted, Siemens Gamesa Renewable Energy, and Element Energy have been awarded EUR 5 million in funding from The Fuel Cells and Hydrogen Joint Undertaking (FCH2-JU) under the European Commission to demonstrate and investigate a combined wind turbine and electrolyser system designed for operation in marine environments.

The Fuel Cells and Hydrogen 2 Joint Undertaking (FCH2-JU), a public private partnership of the European Commission, has awarded the consortium behind the OYSTER project, consisting of ITM Power, Ørsted, Siemens Gamesa Renewable Energy, and Element Energy EUR 5 million to investigate the feasibility and potential of combining an offshore wind turbine directly with an electrolyser and transporting renewable hydrogen to shore. The consortium will develop and test a megawatt-scale fully marinised electrolyser in a shoreside pilot trial. The project will be coordinated by Element Energy.

To realise the potential of offshore hydrogen production, there is a need for compact electrolysis systems that can withstand harsh offshore environments and have minimal maintenance requirements while still meeting cost and performance targets that will allow production of low-cost hydrogen. The project will provide a major advance towards this aim.

The electrolyser system will be designed to be compact, to allow it to be integrated with a single offshore wind turbine, and to follow the turbine’s production profile. Furthermore, the electrolyser system will integrate desalination and water treatment processes, making it possible to use seawater as a feedstock for the electrolysis process.

The OYSTER project partners share a vision of hydrogen being produced from offshore wind at a cost that is competitive with natural gas (with a realistic carbon tax), thus unlocking bulk markets for green hydrogen making a meaningful impact on CO2 emissions, and facilitating the transition to a fully renewable energy system in Europe.

This project is a key first step on the path to developing a commercial offshore hydrogen production industry and will demonstrate innovative solutions with significant potential in Europe and beyond.

The project is planned to start in 2021 and run to the end of 2024. ITM Power is responsible for the development of the electrolyser system and the electrolyser trials, while Ørsted will lead the offshore deployment analysis, the feasibility study of future physical offshore electrolyser deployments, and support ITM Power in the design of the electrolyser system for marinisation and testing. Siemens Gamesa Renewable Energy and Element Energy are providing technical and project expertise.

Dr Graham Cooley, CEO of ITM Power, said: “ITM Power are delighted to be part of this exciting project, working alongside industry leaders to explore the potential to harness wind for offshore green hydrogen production.”

Anders Christian Nordstrøm, Vice President and Head of Ørsted’s hydrogen activities, said: “To create a world that runs entirely on green energy, we need to electrify as much as we can. However, some sectors cannot decarbonise through electrification and that’s where renewable hydrogen could play a significant role. Offshore hydrogen production could be a future, supplemental way of getting large amounts of energy generated from offshore wind power to shore. As the largest offshore wind company in the world, we’re of course keen to better understand what it will take to produce renewable hydrogen offshore as a potential future supplement to production of renewable electricity. Having pioneered the offshore wind industry, we know that thorough analysis and testing are required before deploying new technologies at sea.”

Bart Biebuyck, Executive Director, Fuel Cells and Hydrogen Joint Undertaking (FCH JU), said: “The OYSTER project is a very exciting addition to the FCH JU pallet of electrolysis projects that will allow the development of an offshore-spec electrolyser for green hydrogen to be generated in the harsh offshore environment. The aim is the optimal integration of electrolysers with off-shore wind turbines to store the energy generated in the form of hydrogen. We are absolutely delighted to support this innovative project which reduces the environmental impact in further industrial applications.”

Michael Dolman, Associate Director at Element Energy, said: “Offshore wind is now one of the lowest cost forms of electricity generation in Europe and will have an important role in Europe’s decarbonisation plans. There is growing interest in transporting renewable energy in the form of hydrogen, particularly for sites far from shore. Realising such a vision will require further development and innovations of the type to be demonstrated in the OYSTER project, which Element Energy is pleased to coordinate.”

About the OYSTER project and the FCH2-JU
This project has received funding from the Fuel Cells and Hydrogen 2 Joint Undertaking (FCH2-JU) under grant agreement No. 101006751. This Joint Undertaking receives support from the European Union’s Horizon 2020 research and innovation programme, Hydrogen Europe, and Hydrogen Europe Research. The FCH2-JU is a unique public-private partnership supporting research, technological development, and demonstration (RTD) activities in fuel cell and hydrogen energy technologies in Europe. Its aim is to accelerate the market introduction of these technologies, realising their potential as an instrument in achieving a carbon-clean energy system.

About Ørsted
Ørsted’s vision is to create a world that runs entirely on green energy. Ørsted develops, constructs, and operates offshore and onshore wind farms, solar farms, energy storage facilities, and bioenergy plants, and provides energy products to its customers. Ørsted ranks #1 in Corporate Knights’ 2020 index of the Global 100 most sustainable corporations in the world and is recognised on the CDP Climate Change A List as a global leader on climate action. Headquartered in Denmark, Ørsted employs 6,120 people. Ørsted’s shares are listed on Nasdaq Copenhagen (Orsted). In 2019, the company generated revenue of DKK 67.8 billion (EUR 9.1 billion).

About Siemens Gamesa Renewable Energy
Siemens Gamesa is a global leader in the wind power industry, with a strong presence in all facets of the business: offshore, onshore and services. The company’s advanced digital capabilities enable it to offer one of the broadest product portfolios in the sector as well as industry-leading service solutions, helping to make clean energy more affordable and reliable. With more than 107 GW installed worldwide, Siemens Gamesa manufactures, installs and maintains wind turbines, both onshore and offshore. The company’s orders backlog stands at €30.2 billion. The company is headquartered in Spain and listed on the Spanish stock exchange (trading on the Ibex-35 index).

About Element Energy
Element Energy is a dynamic and growing zero carbon energy consultancy. We specialise in the intelligent analysis of zero carbon energy and help our clients understand zero carbon technology options and develop innovative projects using these technologies. Element Energy is involved in many of the largest hydrogen deployment projects across Europe. These include a number of projects based around large scale renewable hydrogen production and associated end uses in the transport and industrial sectors.

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

Manufacturing Commences at the ITM Power Gigafactory

Notice of Half Year Results

Practical Completion, 5MW power supply and change of Registered Office address

 ITM Power (AIM: ITM), the energy storage and clean fuel company, announces an update on the fit out and opening of the Company’s first Gigafactory at Bessemer Park in Sheffield.

 Bessemer Park
The fit out of the 1GW (1,000MW) per annum Gigafactory at Bessemer Park has now reached ‘Practical Completion’ – the handover to the Company by the contractors of the completed building - having suffered only a minor delay from the Covid-19 pandemic. The completed fit out included an expansion of the existing offices, enlargement of the stack manufacturing and production areas and a dedicated ATEX rated space for factory acceptance testing of products, all coupled with the necessary 5MW power supply on site. 

The Gigafactory also houses the 24 hour remote and technical monitoring centre that will support ITM Power’s after-sales service proposition, the Marketing centre, Technology centre and component stores. The site, just off J34 of the M1 in Sheffield will welcome visitors in the near future, with the creation of a conferencing facility, as well as a Hydrogen Academy to support the training of apprentices, local engineers and customers, together with facilities for site visits by customers, shareholders, investors and other stakeholders. 

The ITM Power Gigafactory delivers a blueprint for a high capacity, semi-automated PEM electrolyser manufacturing facility, which can be readily replicated, enabling a local facility to be planned and rapidly deployed in response to large order volumes. 

Change of Registered Office Address:
ITM Power plc announces that its registered office has changed to:

ITM Power Plc
2 Bessemer Park
Sheffield
S9 1DZ
United Kingdom

Notice of Half Year Results
The Company will announce its results for the six months to 31 October 2020 and provide updates on the Tender Opportunity Pipeline and Backlog on Thursday 28 January 2021. There will be an investor presentation on the day at 1400h GMT and those wishing to attend can register for the event at: https://www.investormeetcompany.com/itm-power-plc/register-investor

Graham Cooley, CEO, said: “We have made solid progress over the last few months in operations as we gear up for the step change in manufacturing volumes enabled by our move into the world’s largest electrolyser production facility. Designing the factory and the manufacturing processes, followed by the fit out, has been a two and half year journey, which has produced a blueprint for additional Gigafactories when justified by order volumes. We are pleased and proud to be in our new home.”

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

 

ITM Power plc

Graham Cooley, CEO

James Collins, IR

+44 (0)114 263 7646

Investec Bank plc (Nominated Adviser and Broker)

Jeremy Ellis / Chris Sim / Ben Griffiths

+44 (0)20 7597 5970

Tavistock (Financial PR and IR)

Simon Hudson / Edward Lee / Tim Pearson

+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 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

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