Expansion of Presence in the German Market

ITM Power (AIM: ITM), the energy storage and clean fuel company, is pleased to announce that its German subsidiary, ITM Power GmbH, has signed a lease on new larger premises to accommodate both business development staff and technical support personnel. ITM Power GmbH has been based near Frankfurt am Main since its incorporation in July 2011 and will now occupy new premises in Hungen, north of Frankfurt.

The new premises in Hungen will be the base for the existing three staff as well as a number of new hires to support the Company’s growing operations in Germany. It will also provide a base, for the first time, for technical staff engaged in supporting the Group’s projects in the important German market. These projects include the 10MW green hydrogen refinery project with Shell, a Power-to-Gas PEM electrolyser system being operated by Innogy, an electrolyser system supplied to ZEAG Energie, housed in a purpose-built building at a DLR site, as well as three other plants in Germany and Holland. Key to operations in Germany will be a store of strategic spares and the creation of an after-sales support function which will be further enlarged as new contracts are completed. ITM Power GmbH currently is responsible for Maintenance Contracts of €33,000 per annum which will increase, over the next year, to approximately €450,000 per annum as the new projects are commissioned and fall under the after-sales support provisions.

The technical sales and project management teams in Sheffield have also recruited German personnel to optimise customer support to the German speaking market and to streamline the tendering process and design team liaison with Germany.

Commenting on the expansion, Calum McConnell, Geschäftsführer (Managing Director), ITM Power GmbH said: “The German speaking market for hydrogen energy systems is already very strong with many new industrial players entering and actively engaging with ITM Power GmbH. Recognising this positive trend – and because we are building the world’s largest PEM electrolyser in Germany – we now feel able to justify significant expansion. I am confident about our offering and its fit to the German market.”

Commenting on the expansion, Graham Cooley, ITM Power’s CEO, said: “Germany, as an early adopter of hydrogen systems, has for many years been an important market for ITM Power. Our scale of operations there, existing and planned, means we are now taking the natural step of adding technical staff alongside our business development team. With the upward trend in the market, the general acceptance across the political, energy and industrial landscape that hydrogen will play a significant role in reducing CO2 emissions, it is the obvious time to expand our footprint in a market that will remain key to our plans for growth.”

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

ITM Power plc
+44 (0)114 244 5111
Graham Cooley, CEO

Investec Bank plc (Nominated Adviser and Broker)
+44 (0)20 7597 5970
Jeremy Ellis / Chris Sim / Alexander Ruffman

Tavistock
+44 (0)20 7920 3150
Simon Hudson / James Collins

About ITM Power plc
ITM Power manufactures integrated hydrogen energy solutions for grid balancing, energy storage and the production of green hydrogen for transport, renewable heat and chemicals. ITM Power was admitted to the AIM market of the London Stock Exchange in 2004. In September 2017 the Company announced the completion of a GBP29.4m working capital fundraise. The Company signed a forecourt siting agreement with Shell for hydrogen refuelling stations in September 2015 and subsequently a deal to deploy a 10MW electrolyser at Shell’s Rhineland refinery. The company entered into a Strategic Partnership Agreement with Sumitomo Corporation in July 2018 for the development of multi-megawatt projects in Japan. Additional customers and partners include National Grid, Cadent, Northern Gas Networks, RWE, Engie, BOC Linde, Toyota, Honda, Hyundai, Anglo American among others.

www.itm-power.com