ITM Power PLC ITM Power Signs Fuel Contract with Honda (UK)

TIDMITM

ITM Power PLC

11 July 2017

11 July 2017

ITM Power plc

("ITM Power" or "the Company")

ITM Power Signs Fuel Contract with Honda (UK)

ITM Power (AIM: ITM), the energy storage and clean fuel company, is pleased to announce that it has signed a fuel contract with Honda (UK), who will purchase 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 seventeenth fuel supply contract for refuelling fuel cell electric vehicles ITM Power has signed. Honda joins Toyota GB PLC, Hyundai Motor UK Ltd, Commercial Group, Skanska, UlemCo Ltd, Arval UK Ltd, UK Government Car Service, Arcola Energy, Johnson Matthey, Europcar, The Science Museum, JCB, Anglo American, Green Tomato Cars, Yorkshire Ambulance Service and Northern Gas Networks as a fuel customer.

ITM Power is currently rolling out a network of 10 hydrogen refuelling stations in the UK of which 4 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 420 miles of clean emission driving, without compromise to drivers' normal refuelling routine.

Dr Graham Cooley, CEO, ITM Power, commented: "We look forward to supporting Honda and its HyFIVE customers with their refuelling requirements for the Clarity Fuel Cell as our hydrogen refuelling station network expands throughout the UK."

Thomas Brachmann, Automobile Powertrain and Materials Research Expert at Honda R&D Europe (GmbH). "We are delighted that customers using Honda's Clarity Fuel Cell in the HyFIVE project can refuel at ITM Power's hydrogen refuelling stations. Working together with industry partners, such as ITM Power, drivers of fuel cell vehicles can enjoy rapid refuelling at one of the growing number of stations across the UK."

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

 
ITM Power plc 
 Graham Cooley, CEO                         [phone] 
Investec Bank plc (Nominated Adviser and 
 Broker) 
 Jeremy Ellis / Chris Sim / Jonathan Wynn   [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 GBP23.35m of projects under contract and a further GBP5.32m of contracts in the final stages of negotiation, totaling GBP28.67m, subject to exchange rate variation.

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 provide 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.

-ends-

This information is provided by RNS

The company news service from the London Stock Exchange

END

NRAGGUACMUPMGCU

(END) Dow Jones Newswires

July 11, 2017 02:00 ET (06:00 GMT)