ITM Power PLC New OLEV Funding

TIDMITM

ITM Power PLC

20 March 2017

20 March 2017

ITM Power plc

("ITM Power" or the "Company")

UK Government's GBP23m funding for hydrogen vehicles and infrastructure

ITM Power (AIM: ITM), the energy storage and clean fuel company, is pleased to note the announcement made by the UK government's Office of Low Emission Vehicles (OLEV) on 18 March. The full announcement is shown below. The Company currently has GBP17.41m of revenue under contract and GBP7.04m in the final stages of negotiation, making a total pipeline of GBP24.45m.

GBP23 million boost for hydrogen-powered vehicles and infrastructure

Funding to accelerate the take up of hydrogen vehicles and infrastructure

A new GBP23 million fund to accelerate the take up of hydrogen vehicles and roll out more cutting-edge infrastructure has been announced by the government today (18 March 2017). Hydrogen fuel providers will be able to bid for funding in partnership with organisations that produce hydrogen vehicles to help build high-tech infrastructure, including fuel stations. The funding will boost the creation of hydrogen fuel infrastructure and uptake of hydrogen-powered vehicles.

A competition will be launched this summer, and will invite proposals from public organisations, businesses and hydrogen operators. The government will provide match funding for successful bidders as part of its plans to cut carbon emissions, improve air quality and deliver economic opportunities for the UK.

Transport Minister John Hayes said: "The transition to zero emission road transport is both inevitable and desirable as it will improve air quality in many of our towns and cities. Hydrogen fuel cell electric vehicles can play a vital role alongside battery electric vehicles to help us cut harmful emissions. We know availability of hydrogen refuelling infrastructure can be a potential obstacle to the take up of hydrogen fuel cell electric vehicles. That's why we're providing support to give interested parties the confidence to continue to invest in this new emerging technology to help us achieve our ambition for almost all new cars and vans to be zero emission by 2040.

"Hydrogen vehicles can be quickly refuelled using a pump like a conventional petrol or diesel car, but instead use gas. They produce only water as a by-product and have a range of around 300 miles per tank, like conventional vehicles. The Government is working closely with industry on the future direction of the UK automotive sector and has allocated over GBP600 million for low emission vehicles over the course of this Parliament with an additional GBP390 million announced at last year's Autumn Statement for ultra low emission vehicles and driverless cars."

Paul Van der Burgh, President and Managing Director of Toyota (GB), said: "Toyota believes hydrogen fuel cell electric vehicles can play an important role in the transition to a low carbon, low emissions society. We chose the UK as one of the first international markets for our Mirai hydrogen fuel cell car and are pleased that the government is investing in this programme to encourage the further development of refuelling infrastructure and the wider uptake of fuel cell vehicles.

"We will continue to work with the Government, organisations and industry partners to help the UK realise the significant potential of hydrogen as a clean and sustainable source of power. Today's announcement builds on the launch of the Industrial Strategy green paper published in January which outlined plans to fund new high-value economic infrastructure and reaffirmed government commitment to investing in energy innovation and to tackling the causes of climate change."

https://www.gov.uk/government/news/23-million-boost-for-hydrogen-powered-vehicles-and-infrastructure

ITM Power CEO, Dr. Graham Cooley, said: "This important new UK Government funding programme supporting the roll out of hydrogen vehicles is a welcome step and shows a commitment to tackling inner city air pollution. The increasing momentum generated by the introduction of Toyota, Honda and Hyundai FCEV's into the UK is set to continue as a result of this significant infrastructure funding."

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 GBP17.41m of revenue under contract and GBP7.04m in the final stages of negotiation, making a total pipeline of GBP24.45m (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

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This information is provided by RNS

The company news service from the London Stock Exchange

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March 20, 2017 03:01 ET (07:01 GMT)