1 December 2022

ITM Power plc

("ITM Power" or the "Company")

Deferral of Trading Update

In order to provide Dennis Schulz, the newly appointed Chief Executive Officer, with sufficient time to properly assess the Company's operations and identify his near-term priorities, the Company has elected to defer its planned trading update, originally scheduled for 8 December 2022. The Company expects to provide an initial strategic and operational update at the time of the half year results to be announced by the end of January 2023. 

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

About ITM Power plc:

ITM Power was founded in 2001 and ITM Power plc was admitted to the AIM market of the London Stock Exchange in 2004. Headquartered in Sheffield, England, ITM Power designs and manufactures electrolysers based on proton exchange membrane (PEM) technology to produce green hydrogen, the only net zero gas, using renewable electricity and water.

Linde, the leading industrial gases and engineering company acquired a minority stake in ITM in 2019 and currently holds 16.2% of the company. At the same time, Linde and ITM Power formed a joint venture, ITM Linde Electrolysis (ILE), bringing together ITM Power's expertise in PEM electrolysis and Linde's world class engineering, procurement and construction (EPC) expertise to deliver turnkey solutions to customers.

In March 2022, ITM Power's subsidiary, Motive Fuels, which builds, owns and operates green hydrogen refuelling stations, formed a joint venture with Vitol Holdings SARL, creating a partnership which will help facilitate the scaling up of production, distribution and demand stimulation for Hydrogen to Transportation.

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