ITM Power PLC Fuel Contract with Europcar
14 November 2016 - 7:00AM
RNS Non-Regulatory
TIDMITM
ITM Power PLC
14 November 2016
14 November 2016
ITM Power plc
("ITM Power" or "the Company")
Europcar UK Wins Funding for FCEVs, Signs Fuel Contract with ITM
Power
ITM Power (AIM: ITM), the energy storage and clean fuel company,
is pleased to announce that it has signed a fuel contract, for the
sale of hydrogen fuel at GBP10/kg, with Europcar UK. The fuel
contract covers fuel dispensed across ITM Power's hydrogen
refuelling network which has been financially supported by Innovate
UK, OLEV and FCH JU.
Europcar UK, subsidiary of Europcar Group, a European leader in
vehicle rental services and a major player in mobility markets,
announced today that it has been awarded a grant from OLEV enabling
it to purchase "the largest privately owned fleet of hydrogen
cars". ITM Power will be providing fuel for this new fleet of
Toyota Mirai fuel cell electric vehicles.
This is the sixth fuel supply contract ITM Power has signed and
Europcar joins Hyundai, Toyota, Commercial Group, Arcola Energy and
Arval as a fuel customer.
Dr Graham Cooley, CEO of ITM Power, commented: "The adoption of
FCEVs and our green hydrogen fuel continues to gather pace. We
congratulate Europcar on the award and their decision to create the
largest privately owned fleet of hydrogen cars for chauffeur drive
and corporate rental."
For further information, please visit www.itm-power.com or
contact:
ITM Power plc
Graham Cooley, CEO +44 (0)114 244 5111
Zeus Capital
Andrew Jones / Dan Bate / Hugh Kingsmill
Moore +44 (0)20 3829 5000
Tavistock
Simon Hudson / James Collins +44 (0)20 7920 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. 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 GBP16.85m of projects under contract and a further
GBP4.15m of contracts in the final stages of negotiation, totaling
GBP21.0m, subject to exchange rate variation. ITM Power is a
founder member of the Social Stock Exchange.
www.itm-power.com
About Europcar
Europcar Groupe shares (EUCAR) are listed on the Euronext Paris
stock exchange. Europe's leading vehicle rental service for more
than 65 years, Europcar is also a major player in mobility markets.
Active in more than 140 countries, Europcar serves customers
through an extensive vehicle rental network comprised of its
wholly- owned subsidiaries as well as sites operated by franchisees
and partners. In addition to the Europcar(R) brand, the company
offers low-cost vehicle rentals under the InterRent(R) brand. A
commitment to customer satisfaction drives the company and its
6,000 people forward and provides the impetus for continuous
development of new services. The Europcar Lab was created to
respond to tomorrow's mobility challenges through innovation and
strategic investments, such as Ubeeqo and E-Car Club.
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 provided 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-
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November 14, 2016 02:00 ET (07:00 GMT)