ITM Power PLC HRS Update

TIDMITM

ITM Power PLC

13 March 2017

13 March 2017

ITM Power plc

("ITM Power" or the "Company")

Hydrogen Refuelling Stations Update

HRS Planning Consent in Birmingham, Sheffield and Swindon

ITM Power (AIM: ITM), the energy storage and clean fuel company, is pleased to update the market on its progress in providing Hydrogen Refuelling Stations (HRS) in the UK. The Company currently has GBP17.35m of revenue under contract and GBP6.41m in the final stages of negotiation, making a total pipeline of GBP23.76m.

The Company announces that it has gained full planning permission at four sites comprising Birmingham, Swindon and two sites in Sheffield. Additional sites have been identified in London and around the M25; along the M1 Corridor including Leeds; and along the M40 Corridor including Oxford and along the M4 including Bristol and Cardiff. The plans outlined here have been put in place prior to the UK Government's Office of Low Emission Vehicles (OLEV) announcing further grant incentives for hydrogen vehicles and new refuelling infrastructure.

ITM Power now has four publicly accessible HRS, one on the M1 funded by InnovateUK and three funded by the FCH JU and OLEV under the HyFive project. Two further HRS funded by the FCHJU and OLEV under the H2ME project are in construction and another three funded by the FCHJU under the H2ME2 project have been granted planning permission.

ITM Power CEO, Dr. Graham Cooley, said: "UK cities are now under increasing pressure to improve air quality. Air pollution levels have reached "very high" or "high" in eight regions across the UK and London has been issued a final warning by the EU. We have made significant headway in planning further HRS deployments on the M1, M4, M40 and particularly inside the M25 ahead of the accelerating roll-out of commercial and passenger fuel cell electric vehicles as a result of new air quality legislation."

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

 
 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 GBP4.9m 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 GBP17.35m under contract, GBP6.41m in the final stages of negotiation making a total pipeline of GBP23.76m (subject to exchange rate variation).

www.itm-power.com

About OLEV

The GBP11m 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 provided grant funding for selected infrastructure projects seeding development of hydrogen for road transport in the UK. On 10 May 2016, OLEV launched a GBP2 million government fund to encourage more businesses to switch to hydrogen-fuelled vehicles. The Fuel Cell Electric Vehicle (FCEV) Fleet Support Scheme will allow local authorities, health trusts, police forces, fire brigades and private companies to bid for funding to add hydrogen-powered vehicles to their fleets.

https://www.gov.uk/government/organisations/office-for-low-emission-vehicles

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.

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 HyFIVE:

Hydrogen For Innovative Vehicles (HyFIVE) is an ambitious European project including 15 partners who will deploy 185 fuel cell electric vehicles (FCEVs) from BMW, Daimler, Honda, Hyundai and Toyota. To serve these vehicles, the project will create clusters of refuelling station networks in three parts of Europe, where six new stations (Danish Hydrogen Fuel, ITM Power and OMV) will be deployed linking them with 12 existing stations. The research leading to these results has received funding from the European Union's Seventh Framework Programme (FP7/2007-2013) for the Fuel Cells and Hydrogen Joint Technology Initiative under grant agreement ndeg621219. http://www.hyfive.eu/

About H2ME

This EUR68 million demonstration project is co-funded with EUR32 million from the Fuel Cells and Hydrogen Joint Undertaking (FCH JU), a public private partnership supporting fuel cell and hydrogen energy technologies in Europe. Partners include project lead Element Energy, alongside AGA, Air Liquide Advanced Business, Air Liquide Advanced Technologies, AREVA H2GEN, BMW, BOC, Cenex, Communauté d'Agglomération Sarreguemines Confluences, Daimler, Danish Hydrogen Fuel, EIFER, Falkenberg Energi, H2 Logic, H2 Mobility Deutschland, Honda, HYOP, Hyundai, Icelandic New Energy, Intelligent Energy, ITM Power, Linde AG, McPhy Energy, Nissan, OMV, Renault, Symbio FCell, WaterstofNet.

About H2ME2

This EUR100 million demonstration project is co-funded with EUR35 million from the Fuel Cells and Hydrogen Joint Undertaking (FCH JU), a public private partnership supporting fuel cell and hydrogen energy technologies in Europe. Partners include project lead Element Energy, alongside AGA, Air Liquide Advanced Business, Air Liquide Advanced Technologies, AREVA H2GEN, Audi, BMW, Cenex, City of Copenhagen (Kobenhavns Kommune), Communaute Urbaine Du Grand Nancy, CNR, Daimler, EIFER, GNVERT, H2 Logic, H2 Mobility Deutschland, Honda, Hydrogene de France, HYOP, hySOLUTIONS, Icelandic New Energy Ltd, Intelligent Energy, Islenska Vetnisfelagid (H2 Iceland), ITM Power, McPhy Energy, Michelin, Netherlands Ministry of Infrastructure and the Environment (Ministerie Van Infrastrutuur en Milieu), Nissan, OPEN ENERGI, Renault, Renault Trucks, SEMITAN, Stedin, STEP, Symbio FCell, The Danish Partnership for Hydrogen and Fuel Cells (Partnerskab for brint of braensdels cellar), The University of Manchester.

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March 13, 2017 03:01 ET (07:01 GMT)