ITM Power PLC Massachusetts Power-to-Gas Feasibility Study (9114J)

TIDMITM

RNS Number : 9114J

ITM Power PLC

05 April 2018

5 April 2018

ITM Power plc

("ITM Power" or the "Company")

Massachusetts Power-to-Gas Feasibility Study

ITM Power (AIM: ITM), the energy storage and clean fuel company, is pleased to announce the award of a grant from the Massachusetts Clean Energy Center (MassCEC) to undertake a multi-MW Power-to-Gas (P2G) feasibility study for the Massachusetts region.

The study will assess the potential for P2G energy storage and hydrogen fuel for the Massachusetts region in collaboration with Holyoke Gas and Electric (HG&E), a local gas and electricity utility, and will determine the technical and economic feasibility for P2G and hydrogen fuel derived from renewable energy sources.

The project is due to commence in Q2 2018 and has a duration of 12 months.

In December 2016 The Massachusetts Department of Energy Resources (DOER) adopted a 200 Megawatt hour (MWh) energy storage target for electric distribution companies to procure viable and cost-effective energy storage systems to be achieved by January 1, 2020.

Steve Jones, Managing Director of ITM Power Inc., commented: "ITM Power's technology is available today at the multi-MW level for utility customers. We are excited to be working with Holyoke Gas and Electric on this project. The North East of the US has recently seen growth in energy storage deployments and has been identified as one of the next regions outside California for the roll out of fuel cell electric vehicles. Managing renewables is about harvesting and utilizing the maximum amount of energy possible. Generating green hydrogen for energy storage and vehicle fuel is a perfect way to achieve this."

Brian Beauregard, Superintendent - Electric at HG&E, said: "Converting excess renewable electricity into renewable gas and/or long-term storable clean energy enables a utility like HG&E to achieve benefits for both sides of our business. HG&E is looking forward to assessing the potential benefits and use cases for this technology with ITM Power."

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

 
ITM Power plc 
 Andy Allen, CFO                              [phone] 
Investec Bank plc (Nominated Adviser and 
 Broker) 
 Corporate Finance: Jeremy Ellis / Jonathan 
 Wynn 
 Corporate Broking: Chris Sim / Rob Baker     [phone] 
Tavistock (Financial PR and IR) 
 Simon Hudson / James Collins                 [phone] 
 

About ITM Power

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. Additional customers include National Grid, RWE, Engie, BOC Linde, Toyota, Honda, Hyundai, Anglo American among others. The Company currently has GBP33.3m of projects under contract and a further GBP5.5m of contracts in the final stages of negotiation constituting a total of GBP38.9m, subject to exchange rate variations.

About Holyoke Gas and Electric

HG&E is working to keep utility bills at some of the lowest rates in New England. HG&E prides itself in its ability to conserve and protect the environment, while reducing the overall carbon footprint of the community. Through energy production projects, such as solar and hydro, over 65% of electricity sold by HG&E is produced from local renewable resources and over 90% of electricity sold is carbon-free. HG&E's Energy Mix far exceeds the Commonwealth's renewable portfolio standard requirements for utilities. In addition, HG&E offers aggressive energy conservation assistance programs, providing customers an ability to reduce energy consumption through a variety of measures such as: interest-free assistance, rebates, energy education, economic development and first-time homebuyer discounts, energy audits, and much more. For more information: http://www.hged.com/

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April 05, 2018 02:15 ET (06:15 GMT)