ITM Power PLC Additional facilities at Bessemer Park (0476V)

TIDMITM

RNS Number : 0476V

ITM Power PLC

03 April 2023

03 April 2023

ITM Power PLC

("ITM" or the "Company")

Expansion at Bessemer Park

Following our announcement on 14 March 2023 regarding the planned increase in our power supply at Bessemer Park by 300% to 30 megavolt amperes (MVA) by the end of 2024, we have now taken the decision to substantially expand our facilities at Bessemer Park, Sheffield, and signed a contract for the lease of additional factory and office space.

A key component of our 12-month priorities plan as set out in January is the debottlenecking of our fabrication, testing and product validation. The expansion will allow us to create a dedicated R&D and product validation centre which will include science laboratories and testing facilities for future technology developments, and which will enable us to use the existing fabrication space at Bessemer Park more effectively for higher volume output. The additional power supply will feed into the new facility which will enhance and expand our factory testing capabilities.

ITM personnel operate from a number of different locations in Sheffield today, and it is our intention to consolidate all of our workforce and operations at Bessemer Park, at both our existing unit and the additional unit announced today. This will allow us to work together more effectively.

The initial lease period is for 15 years, covering more than 83,000 sq ft. Fitting out of the laboratories and validation areas will commence towards the end of 2023 and ITM will occupy the facility early in 2024.

Dennis Schulz said : "We are well on track on delivering against our 12-month plan laid out in January. One of our priorities was the need for ITM to strengthen product validation and to debottleneck factory space and product testing. Today's announcement is not only a critically important step on our journey to scale up manufacturing, but it will also enable the focussed development of future technologies."

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

 
 ITM Power PLC 
 James Collins, Investor Relations          [phone] 
  Justin Scarborough, Investor Relations     [phone] 
 
 Investec Bank plc (Nominated Adviser 
  and Broker)                               [phone] 
 James Rudd / Chris Sim / Ben Griffiths 
 
 Tavistock (Financial PR and IR)            [phone] 
 Simon Hudson / Tim Pearson / Charlie 
  Baister 
 

About ITM Power PLC:

ITM Power was founded in 2000 and ITM Power PLC was admitted to the AIM market of the London Stock Exchange in 2004. Headquartered in Sheffield, England, ITM Power designs and manufactures electrolysers based on proton exchange membrane (PEM) technology to produce green hydrogen, the only net zero energy gas, using renewable electricity and water.

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April 03, 2023 02:00 ET (06:00 GMT)