ITM Power PLC Fuel Contract with Commercial Group

TIDMITM

ITM Power PLC

23 August 2016

23(rd) August 2016

ITM Power plc

("ITM Power" or "the Company")

ITM Power signs Fuel Contract with Commercial Group

ITM Power (AIM: ITM), the energy storage and clean fuel company, is pleased to announce that it has signed a fuel contract to supply hydrogen at GBP10/kg with Commercial Group ("Commercial"), a pioneer in hydrogen fuelled fleet logistics. The contract covers fuel dispensed across ITM Power's hydrogen refuelling network, including the station recently opened in London. The refuelling network has been financially supported by projects run by Innovate UK, OLEV and FCH JU. ITM Power currently has GBP16.19m of projects under contract and a further GBP1.79m of contracts in the final stages of negotiation, making a total of GBP17.98m.

The business services company Commercial has been operating a fleet of hydrogen hybrid delivery vans since 2013 across London and the South East, along the M4 corridor and out into the South West. With ITM Power expanding the UK hydrogen refuelling network, Commercial will be able to serve more customers across its low-carbon logistics network.

Carbon emissions from Commercial's hydrogen vans are significantly lower than traditional comparable diesel vehicles and deliver significant environmental benefits. Commercial's hydrogen van fleet was deployed via projects with funding support from Innovate UK. These projects successfully demonstrated the environmental benefits of the hydrogen technology and the vehicles will continue to operate across Commercial's fleet.

Simone Hindmarch-Bye, Commercial's co-founder and Sales Director commented: "We are delighted that we can now extend our low-carbon hydrogen delivery services to more customers nationwide by utilising the expanding network of hydrogen refuelling stations. The use of hydrogen continues to demonstrate Commercial's commitment to reducing the carbon footprint of our operations and exploring new and innovative technologies to reduce the UK's dependency on fossil fuels. "

Dr Graham Cooley, CEO, ITM Power, commented: "We are building a portfolio of fuel customers and following the first contract - to supply Toyota, we are very pleased to be working with Commercial again who are pioneers in the adoption of fleet logistics using hydrogen. We look forward to supporting their fleets at our hydrogen refuelling stations."

 
ITM Power plc 
 Graham Cooley, CEO                                       [phone] 
Zeus Capital 
 Andrew Jones / Jonathan Sharp / Hugh Kingsmill Moore / 
 Alex Davies                                              [phone] 
Tavistock Communications 
 Simon Hudson / James Collins                             [phone] 
 

About Commercial

Commercial Group is the largest, independently owned business services company in the UK. Comprising four divisions; Office Supplies, IT Services, Interiors and Print, we are renowned for consistently delivering high quality consultancy, service and products to our customers nationwide. Founded by Arthur Hindmarch, his sister Simone Hindmarch-Bye and university friend Alastair Adams in 1991, Commercial has since grown to a GBP42 million turnover business. Coined a company of specialists, we develop strong, longstanding partnerships with customers. Understanding each customer has their own unique requirements, we tailor our solutions to enable them to meet their business aims and objectives.

www.commercial.co.uk

About ITM Power

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 GBP16.19m of projects under contract and a further GBP1.79m of contracts in the final stages of negotiation, totaling GBP17.98m, subject to exchange rate variation. ITM Power is a founder member of the Social Stock Exchange.

www.itm-power.com

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.

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 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.

This information is provided by RNS

The company news service from the London Stock Exchange

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August 23, 2016 02:00 ET (06:00 GMT)