ITM Power PLC First Sales in Australia (9407M)

TIDMITM

RNS Number : 9407M

ITM Power PLC

14 January 2019

14 January 2018

ITM Power plc

("ITM Power" or the "Company")

First Four Sales in Australia

ITM Power (AIM: ITM), the energy storage and clean fuel company, is pleased to announce the sale of four 250kW electrolyser systems totaling 1MW to three different customers across Australia. Further details of these projects will be released in due course.

The four deployments represent an important step in entering this significant new territory and will serve as reference plants for ITM Power technology in both the mobility and industrial hydrogen sectors in Australia. These commercial sales are of standard ITM Power products, optimised and compliant for the territory, which often requires operation in extreme thermal environments.

This is the first step towards building a critical mass of units in Australia so that the Company can optimise both commissioning, after-sales support and spares holding.

Dr Neil Thompson, MD, ITM Power Pty Ltd said: "We are delighted to have secured our first standard product sales in Australia. The roll-out of these units starts to create a critical mass to deploy after-sales support and spares, both of which create customer confidence for future tender opportunities and give ITM Power an early mover advantage in this important new market."

ITM Power CEO, Dr Graham Cooley, said: "Australia is a very exciting new market for green hydrogen production and we are pleased to be making these important deployments of reference plants for ITM Power technology. Australia holds significant growth opportunities for us and demonstrates the accelerating momentum in the hydrogen sector."

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

 
ITM Power plc 
 Andy Allen, Finance Director            [phone] 
Investec Bank plc (Nominated Adviser 
 and Broker) 
 Corporate Finance: Jeremy Ellis / 
 Alexander Ruffman 
 Corporate Broking: Chris Sim / Helene 
 Comitis                                 [phone] 
Tavistock (Financial PR and IR) 
 Simon Hudson / Nick Elwes / Barney 
 Hayward                                 [phone] 
 

About ITM Power plc

ITM Power manufactures integrated hydrogen energy solutions for grid balancing, energy storage and the production of green hydrogen for transport, renewable heat and chemicals. ITM Power was admitted to the AIM market of the London Stock Exchange in 2004. In September 2017 the Company announced the completion of a GBP29.4m working capital fundraise. The Company signed a forecourt siting agreement with Shell for hydrogen refuelling stations in September 2015 and subsequently a deal to deploy a 10MW electrolyser at Shell's Rhineland refinery. The company entered into a Strategic Partnership Agreement with Sumitomo Corporation in July 2018 for the development of multi-megawatt projects in Japan. Additional customers and partners include National Grid, Cadent, Northern Gas Networks, RWE, Engie, BOC Linde, Toyota, Honda, Hyundai, Anglo American among others.

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January 14, 2019 02:00 ET (07:00 GMT)