ITM Power PLC Fuel Contract with Anglo American

TIDMITM

ITM Power PLC

23 November 2016

23 November 2016

ITM Power plc

("ITM Power" or "the Company")

ITM Power signs Fuel Contract with Anglo American

ITM Power (AIM: ITM), the energy storage and clean fuel company, is pleased to announce that it has signed a fuel contract with Anglo American, selling hydrogen at GBP10/kg. The contract covers fuel dispensed across ITM Power's hydrogen refuelling network. The refuelling network has been financially supported by Innovate UK, Office for Low Emission Vehicles (OLEV) and the Fuel Cells and Hydrogen Joint Undertaking (FCH JU).

This is the seventh fuel supply contract for refuelling fuel cell electric vehicles ITM has signed. Anglo American joins Europcar, Hyundai, Toyota, Commercial Group, Arcola Energy and Arval as a fuel customer.

ITM Power is currently rolling out a network of 10 hydrogen refuelling stations in the UK of which 3 are now open for public access.

Each station produces hydrogen on site via ITM Power's rapid response electrolyser system, and can refuel a fuel cell electric car in three minutes, providing 300 to 350miles of clean emission driving, without compromise to drivers' normal refuelling routine.

Dr Graham Cooley, CEO, ITM Power, commented: "Anglo American is a most welcome customer for ITM Power and we look forward to further supporting their refuelling requirements as our hydrogen refuelling station network expands throughout the UK."

Andrew Hinkly, Executive Head of Marketing, Anglo American Platinum commented: "To meet the ever more challenging emissions targets being set around the world, the use of zero emissions Hydrogen Fuel Cell Electric Vehicles will increase. Rapid refuelling and the use of a renewable clean fuel offers a significant advantage. We are excited to support the expansion of the hydrogen refuelling network and refuel at ITM Power's hydrogen stations. We look forward to further expansion of the hydrogen refuelling network in the UK over the coming months."

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

 
ITM Power plc 
 Graham Cooley, CEO                         [phone] 
Zeus Capital 
 Andrew Jones / Dan Bate / Hugh Kingsmill 
 Moore                                      [phone] 
Tavistock 
 Simon Hudson / James Collins               [phone] 
 

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 GBP4.9m 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 GBP17.77m of projects under contract and a further GBP2.43m of contracts in the final stages of negotiation, totaling GBP20.2m, subject to exchange rate variation. ITM Power is a founder member of the Social Stock Exchange.

www.itm-power.com

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 GBP1.5 billion in innovation, matched by a further GBP1.5 billion in partner and business funding. We have helped more than 5,000 innovative companies in projects estimated to add GBP7.5 billion to the UK economy and create 35,000 extra new jobs.

About OLEV

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.

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November 23, 2016 07:18 ET (12:18 GMT)