27 November 2014
ITM Power plc
("ITM Power" or "the Company")
£0.9m Funding for the HELES project
ITM Power (AIM: ITM), the energy storage and clean fuel company, is pleased to announce that it has received a grant of £897k from Innovate UK's Local Energy Systems Scheme for the Hydrogen Enabled Local Energy Systems ("HELES") project.
The HELES project, a partnership with Cardiff City Council, will integrate a solar photo-voltaic ("PV") farm and landfill gas. The project will use a rapid response electrolyser to generate solar PV hydrogen and inject the hydrogen directly into a land fill gas engine. The importance of the project is both demonstrating Power-to-Gas energy storage for solar PV and the use of hydrogen in high concentrations with the landfill gas for gas engine operation.
Graham Cooley, CEO, ITM Power PLC, commented: "This is an important demonstration of hydrogen fuel for conventional power generation. The results will inform many parts of our energy storage supply chain including PV integration, gas mixing and monitoring and gas engine hydrogen fuelling."
For further information please visit www.itm-power.com or contact:
ITM Power plc Graham Cooley, CEO |
0114 244 5111 |
Zeus Capital Dan Bate/John Depasquale (Nominated Adviser) John Goold (Institutional Sales) |
020 7533 7727 |
Tavistock Communications Simon Hudson / James Collins |
020 7920 3150 |
About ITM Power plc:
ITM Power plc was admitted to the AIM market of the London Stock Exchange in 2004 and raised its initial funding of £10m gross in its IPO. Further funding rounds of £28.5m in 2006, £5.4m in 2012, £2m in 2013 and £10m in 2014 have been completed. The Company has now made the transition from a research and development company to a product manufacturer and technology provider. The Company has both a strong base of intellectual property and engineering expertise for providing complete hydrogen solutions.
The Company now has £7.87m of projects under contract.
www.itm-power.com
About Innovate UK
Innovate UK is the new name for the Technology Strategy Board of the UK's innovation agency. Taking a new idea to market is a challenge. Innovate UK funds, supports and connects innovative businesses through a unique mix of people and programmes to accelerate sustainable economic growth. For further information visit www.innovateuk.org
