ITM Power (AIM: ITM), the energy storage and clean fuel company, is pleased to announce that it has signed a fuel contract, selling hydrogen at £10/kg, with Arval (BNP Paribas Group) a global leader in car and van leasing. The contract covers fuel dispensed across ITM Power's hydrogen refuelling network. The refuelling network has been financially supported by Innovate UK, OLEV and FCH JU. This follows the successful award of funding to Arval announced by OLEV on 13 October under the FCEV Fleet Support Scheme.
Elliott Woodhead, SME & Partnerships Director at Arval, commented: "As an innovative provider of car and van leasing solutions for business it is vital that Arval is fully informed on developments that might affect our customers both now and in the future. Hydrogen has the potential to have a significant impact on our market and we need to be fully prepared for this. In signing this supply agreement with ITM Power we are pleased to be working with the leading innovator in the development of Hydrogen refuelling networks".
Dr Graham Cooley, CEO, ITM Power, commented: "We are extremely pleased to be working with Arval in providing clean fuel for the roll-out of fuel cell electric vehicles to the wider business community. We look forward to supporting their fleets at our hydrogen refuelling stations."
For further information, please visit www.itm-power.com or contact:
ITM Power plc
Graham Cooley, CEO
+44 (0)114 244 5111
Andrew Jones / Dan Bate / Hugh Kingsmill Moore
+44 (0)20 3829 5000
Simon Hudson / James Collins
+44 (0)20 7920 3150
Arval UK, part of the Arval Group, is a leader in the provision of vehicle funding and fleet management solutions. Owned by BNP Paribas, with substantial buying power, we have 40 years of industry experience and fund more than 150,000 cars and vans. Focused on service quality, Arval UK is a people-led company, with specialist teams dedicated to businesses from start-ups to FTSE 100 companies. Arval continues to invest significantly in technology to improve fleet efficiency and has a comprehensive range of products and services covering funding solutions including contract hire, vehicle maintenance, fuel management, accident management, breakdown recovery, short and medium term hire, insured lease vehicles, full outsourcing and consultancy services.
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. The Company received £4.9m as a strategic investment from JCB in March 2015. The Company signed a forecourt siting agreement with Shell in September 2015. The Group currently has £16.96m of projects under contract and a further £2.19m of contracts in the final stages of negotiation, totaling £19.15m, subject to exchange rate variation. ITM Power is a founder member of the Social Stock Exchange.
About Innovate UK
Innovate UK is the UK's innovation agency; working with people, companies and partner organisations to find and drive the science and technology innovations that will grow the UK economy. The organisation works to determine which science and technology developments will drive future economic growth; meet UK innovators with great ideas in the fields we're focused on funding the strongest opportunities; connect innovators with the right partners they need to succeed help our innovators launch, build and grow successful businesses. Since 2007 we have invested over £1.5 billion in innovation, matched by a further £1.5 billion in partner and business funding. We have helped more than 5,000 innovative companies in projects estimated to add £7.5 billion to the UK economy and create 35,000 extra new jobs.
The 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 will provided grant funding for selected infrastructure projects seeding development of hydrogen for road transport in the UK.
About FCH JU
The Fuel Cells and Hydrogen Joint Undertaking (FCH JU) is a unique public private partnership supporting research, technological development and demonstration 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-lean energy system.
The three members of the FCH JU are the European Commission, fuel cell and hydrogen industries represented by the NEW Industry Grouping and the research community represented by Research Grouping N.ERGHY.