ITM Power PLC Fuel Contract with Europcar

TIDMITM

ITM Power PLC

14 November 2016

14 November 2016

ITM Power plc

("ITM Power" or "the Company")

Europcar UK Wins Funding for FCEVs, Signs Fuel Contract with ITM Power

ITM Power (AIM: ITM), the energy storage and clean fuel company, is pleased to announce that it has signed a fuel contract, for the sale of hydrogen fuel at GBP10/kg, with Europcar UK. The fuel contract covers fuel dispensed across ITM Power's hydrogen refuelling network which has been financially supported by Innovate UK, OLEV and FCH JU.

Europcar UK, subsidiary of Europcar Group, a European leader in vehicle rental services and a major player in mobility markets, announced today that it has been awarded a grant from OLEV enabling it to purchase "the largest privately owned fleet of hydrogen cars". ITM Power will be providing fuel for this new fleet of Toyota Mirai fuel cell electric vehicles.

This is the sixth fuel supply contract ITM Power has signed and Europcar joins Hyundai, Toyota, Commercial Group, Arcola Energy and Arval as a fuel customer.

Dr Graham Cooley, CEO of ITM Power, commented: "The adoption of FCEVs and our green hydrogen fuel continues to gather pace. We congratulate Europcar on the award and their decision to create the largest privately owned fleet of hydrogen cars for chauffeur drive and corporate rental."

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 GBP16.85m of projects under contract and a further GBP4.15m of contracts in the final stages of negotiation, totaling GBP21.0m, subject to exchange rate variation. ITM Power is a founder member of the Social Stock Exchange.

www.itm-power.com

About Europcar

Europcar Groupe shares (EUCAR) are listed on the Euronext Paris stock exchange. Europe's leading vehicle rental service for more than 65 years, Europcar is also a major player in mobility markets. Active in more than 140 countries, Europcar serves customers through an extensive vehicle rental network comprised of its wholly- owned subsidiaries as well as sites operated by franchisees and partners. In addition to the Europcar(R) brand, the company offers low-cost vehicle rentals under the InterRent(R) brand. A commitment to customer satisfaction drives the company and its 6,000 people forward and provides the impetus for continuous development of new services. The Europcar Lab was created to respond to tomorrow's mobility challenges through innovation and strategic investments, such as Ubeeqo and E-Car Club.

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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This information is provided by RNS

The company news service from the London Stock Exchange

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November 14, 2016 02:00 ET (07:00 GMT)