10 September 2015
ITM Power plc
("ITM Power" or "the Company")
Strategic Forecourt Siting Partnership Signed
ITM Power (AIM: ITM), the energy storage and clean fuel company, has signed a strategic siting partnership ("the Agreement") with Shell for the delivery of Hydrogen Refuelling Stations (HRS) on three Shell retail forecourts in the UK. These three HRS deployments will be the first to be integrated onto forecourts in the UK.
New London Refuelling Stations:
ITM Power announced on 28 March 2015 that it had been awarded £1.89m by OLEV (Office for Low Emission Vehicles) to invest in two new HRS in London at strategic locations suitable for use by Fuel Cell Electric Vehicles (FCEV). Both HRS will incorporate on-site hydrogen generation using the Company's PEM HGas electrolyser platform. Additional financial support of £1.7m is being contributed by the FCH JU (Fuel Cell and Hydrogen Joint Undertaking) to provide support for the operation of these stations in the early years. Following the agreement with Shell, at least one, possibly two, of these HRS will be built under the OLEV scheme.
Dr Graham Cooley, CEO, ITM Power, commented: "This agreement and the OLEV funding for these new refuelling stations in the South East is an important step in developing hydrogen mobility in the UK. These HRS deployments will be the first to be fully integrated on fuel forecourts."
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 Treacy/ John Goold |
020 7533 7727 |
Tavistock Communications Simon Hudson / James Collins |
020 7920 3150 |
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 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 received £4.9m as a strategic investment from JCB in March 2015. The Group currently has £10.34m of projects under contract and £0.30m of contracts in the final stages of negotiation.
www.itm-power.com
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