ITM Power PLC Gasunie Plant Opening

TIDMITM

ITM Power PLC

27 June 2019

27 June 2019

ITM Power plc

("ITM Power" or "the Company")

Opening of the Gasunie 1MW Green Hydrogen Electrolyser Plant in the Netherlands

ITM Power (AIM: ITM), the energy storage and clean fuel company, is pleased to announce the opening yesterday of Gasunie's Hystock green hydrogen plant in Veendam near Groningen in the Netherlands. Gasunie manages and maintains the infrastructure for the large-scale transport and storage of gas in the Netherlands and the northern part of Germany.

ITM Power supplied the 1MW PEM electrolyser system which will use renewable energy and water to generate hydrogen. The electrolyser is located at EnergyStock's Zuidwending salt cavern storage facility in northern Netherlands, and the generated hydrogen will be either used on-site or dispensed into tube trailers for supply to future hydrogen refuelling stations.

Prof Roger Putnam CBE, Chairman of ITM Power, who attended the ceremony, commented: "Hydrogen is a key element in the transition to a fully renewable energy system; we now need immediate political and industry action to accelerate the adoption of renewable hydrogen."

Gasunie's announcement is set out below.

King Willem-Alexander opens sustainable HyStock hydrogen plant

This morning, Wednesday 26 June, King Willem-Alexander opened Gasunie's HyStock green hydrogen plant in Veendam, near Groningen. This plant is the first step in creating the hydrogen supply chain of the future, which will see green energy converted, stored and transported to customers. It is also a key, specific measure that will help make the Netherlands sustainable and carbon-neutral. During his visit, the King saw various uses of hydrogen in the manufacturing and mobility sectors.

The HyStock hydrogen plant converts 1 megawatt of sustainable electricity to green hydrogen and is the first to apply this process on a serious scale. Gasunie's aim is to achieve large-scale and profitable storage of hydrogen in the company's EnergyStock underground gas storage facilities in the near future. The hydrogen can then be used as a sustainable source of energy, including when solar and wind energy are unavailable.

"Hydrogen is a key element of the energy supply of the future," explains Han Fennema, CEO Gasunie. "The HyStock hydrogen plant is the first specific step towards really making an effort to achieve the required further growth in the use of sustainable hydrogen throughout the chain, from production to usage. We will be able to make part of our existing infrastructure suitable for the transport and storage of hydrogen by 2030. This sustainable reuse of the existing gas network will help to keep our energy supply reliable and affordable."

Since large-scale transport and storage of hydrogen is expected to be easy, reliable and affordable, hydrogen can play a key role as a clean energy carrier for manufacturing, mobility and the built environment. Converting electricity into hydrogen is a way of using the expected future surpluses of sustainable electricity. HyStock is the start of the future hydrogen market and therefore helps to achieve the goal of making the Netherlands and Europe carbon-neutral.

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) 
 Chris Sim / Jeremy Ellis              [phone] 
Tavistock (Financial PR and IR) 
 Simon Hudson / Nick Elwes / Barney 
 Hayward                               [phone] 
 

About Gasunie

Gasunie is a leading European energy infrastructure company whose core activities are gas transport and gas storage. The Company serves the public interest and facilitates the energy transition by providing integrated infrastructure services. It focuses on value creation for its sole shareholder, the Dutch State, and its other stakeholders and applies the highest safety and business standards used in the sector. Through networks in the Netherlands and Germany, Gasunie transports nearly a quarter of the total gas consumption in the European Union. The Company's employees are spread over more than 30 locations in the Netherlands and northern Germany with offices in The Hague, Brussels and Moscow. Gasunie is headquartered in Groningen (the Netherlands), and the main office in Germany is located in Hanover.

About ITM Power

ITM Power plc manufactures integrated hydrogen energy solutions for grid balancing, energy storage and the production of green hydrogen for transport, renewable heat and chemicals. ITM Power plc 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, which was extended in May 2019 to include buses, trucks, trains and ships, 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 Ørsted, National Grid, Cadent, Northern Gas Networks, Gasunie, RWE, Engie, BOC Linde, Toyota, Honda, Hyundai, Anglo American among others.

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June 27, 2019 02:01 ET (06:01 GMT)