ITM Power PLC Contract and Operations Update (5436C)

TIDMITM

RNS Number : 5436C

ITM Power PLC

18 April 2017

18 April 2017

ITM Power plc

("ITM Power" or "the Company")

Contract and Operations Update

GBP5.66m Increase in Signed Contracts in 11 weeks

ITM Power (AIM: ITM), the energy storage and clean fuel company, is pleased to announce an update on trading and operations covering the period since the GBP5.7m Working Capital Fundraise and Interim Results announcement on 26 January 2017. The Company currently has GBP22.64m of projects under contract and a further GBP1.72m of contracts in the final stages of negotiation constituting a total pipeline of GBP24.36m.

In the interim results statement the company announced GBP16.98m of projects under contract and a total pipeline of GBP18.35m. Projects under contract have increased by GBP5.66m in the last 11 weeks. The Company notes a developing pipeline of quotes in response to customer tenders for its MW scale rapid response electrolyser products in energy storage, refuelling and chemical synthesis applications. The bulk of enquiries continue to be for 0.3MW to 6MW, often including ancillary hydrogen energy systems and after sales support contracts. In addition, the Company is increasingly receiving enquiries from multinational entities for significantly larger platforms and for a broader range of applications.

Hydrogen Refuelling Stations (HRS)

   --              ITM Power now owns 5 operational public HRS with another 7 HRS under contract 
   --              HRS performance is continually monitored by ITM Power's new product control room 

-- Performance data sharing is part of the HyFive, H2ME & H2ME2 projects funded by the FCH JU

-- In March the UK Gov. announced a GBP23m funding competition for FCEVs and HRS infrastructure

Power-to-Gas and MW Scale electrolysis

   --              5.25MW of large electrolysis equipment contracted in 2016 
   --              3.5MW contracted in Q1 2017 
   --              Pre-qualified for Enhanced Frequency Response requiring <1 second response time 
   --              Three years of grid balancing and gas grid injection experience in Germany 
   --              HyDeploy P2G project with National Grid and Northern Gas Networks is under contract 

Corporate

ITM Power will participate in a number of key events for the coming months. The Company will be:

   --              Exhibiting a 2MW electrolyser system at the Hannover Messe from 24 - 28 April 
   --              Showcasing the company's 100MW designs at the Hannover Messe 

-- Exhibiting at All-Energy, the UK's largest renewable energy event, Glasgow, 10 & 11 May

   --              Staff numbers have been kept under control and currently the Company has 70 staff 

-- Development work is tightly focused on electrolyser scale, performance and cost reduction

Dr Graham Cooley, CEO, ITM Power commented: "The increase in contracted projects over the last few months is testimony to the performance and cost reduction of ITM Power's technology and to our vastly experienced sales team."

 
 ITM Power plc                     [phone] 
  Graham Cooley, CEO                5111 
 Zeus Capital 
  Andrew Jones / Hugh Kingsmill    [phone] 
  Moore                             5000 
 Tavistock Communications          [phone] 
  Simon Hudson / James Collins      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 is a founder member of the Social Stock Exchange. The company received GBP4.85m as a strategic investment from JCB in March 2015; signed a forecourt siting agreement with Shell in September 2015 and a fuel agreement with Toyota in October 2015. The Company currently has GBP22.64m of projects under contract and a further GBP1.72m of contracts in the final stages of negotiation constituting a total pipeline of GBP24.36m. 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 Hydrogen Europe and the research community represented by Research Grouping N.ERGHY.

This information is provided by RNS

The company news service from the London Stock Exchange

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April 18, 2017 02:00 ET (06:00 GMT)