ITM Power PLC Launch of Large Scale HRS, Pipeline Increase (2178N)

TIDMITM

RNS Number : 2178N

ITM Power PLC

07 August 2017

7 August 2017

ITM Power plc

("ITM Power" or the "Company")

20 Tonne/day Hydrogen Refuelling Station designs to be launched in Las Vegas

Contract Pipeline Exceeds GBP40m (US$53m)

ITM Power (AIM: ITM), the energy storage and clean fuel company, is pleased to announce that it will be launching a series of large scale refuelling station designs at Hydrogen + Fuel Cells North America, part of the SolarPower International Conference in Las Vegas.

The large scale refuelling station designs are based around electrolyser configurations of up to 50MW in size with the capability to produce up to 20 tonnes of hydrogen per day. This is in response to industry demand for larger scale industrial installations for refuelling heavy logistics vehicles, such as road haulage vehicles, ships and trains.

Separately, ITM Power announces a significant increase in its order pipeline of GBP4.87m, which has been added over the last two weeks. The Company currently has GBP23.54m of projects under contract and GBP16.67m of contracts in the final stages of negotiation, totalling GBP40.21m (subject to exchange rate variation).

ITM Power CEO, Dr. Graham Cooley, said: "These new refuelling station designs are being launched in response to a dramatic increase in the number of enquiries for refuelling heavy logistics vehicles at large scale as the viability of hydrogen power continues to gather scale and momentum across a growing number of industrial applications. ITM Power is delighted to be in a prime position to support these important transportation sectors as they plan their transition to a greener vehicle fleet to reduce emissions. Air quality and fossil fuel emissions is now a high priority for governments worldwide."

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 (Financial PR and IR) 
 Simon Hudson / James Collins               [phone] 
 

NOTES TO EDITORS

Emissions in transport

In the drive to reduce harmful emissions, governments worldwide are now focusing on the heavy logistics industry, shipping and rail transport.

Diesel vehicles produce high amounts of smog-forming nitrogen oxide and particulate matter (soot) and diesel emissions in the logistics industry cause more than US$20 billion in health impacts each year, according to the American Lung Association. Transport emissions are expected to double by 2050 according to OECD. In California, the freight system is the single largest contributor of diesel particulate matter and smog forming nitrogen-oxide emissions in the state. The LA basin has the nation's highest ozone pollution. At the ports of Los Angeles and Long Beach, under their recently launched Clean Air Action Plan, up to $14 billion will be spent under a new clean-air plan to eliminate diesel vehicles and loading equipment by 2035 with zero and near-zero-emission technology.

In shipping, large ocean-going ships tend to use bunker fuel that can contain up to 3,500 times more sulphur than the diesel used to fuel passenger cars. Shipping now accounts for 13% of annual sulphur oxide emissions worldwide according to the International Maritime Organization. New global rules for shipping to cut sulphur pollution are due to come into force in 2020 but the sulphur content of shipping fuel under the new regulations will still be some 500 times higher than road diesel. Shipping is also responsible for 15% of global NOx emissions, and 3% of CO(2) emissions, which are expected to increase considerably in the next 30 years. Most of these emissions occur out to sea but ships in seaports can be major polluters on land.

In rail transport, enclosed railway stations hosting diesel trains pose a risk to passengers and workers, according to an independent study by the University of Cambridge et al, published in September 2015. For example, London Paddington, over a period of five days, was found to be in breach of European limits regarding nitrogen dioxide (NO(2) ) for outdoor air quality. Particulate matter (PM2.5), sulphur dioxide (SO(2) ) and NO(2) concentrations were also found to be much higher than on the busy Marylebone road next door. Up to 70% of Paddington's trains are powered by diesel engines with many of them old and thus exempt from the regulations for modern diesel locomotives.

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 GBP23.54m of projects under contract and a further GBP16.67m of contracts in the final stages of negotiation, totaling GBP40.21m (subject to exchange rate variation).

www.itm-power.com

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August 07, 2017 02:00 ET (06:00 GMT)