ITM Power PLC Planned 100MW expansion of Shell refinery project (4932Q)

TIDMITM

RNS Number : 4932Q

ITM Power PLC

26 February 2021

26 February 2021

ITM Power plc

("ITM Power" or "the Company")

Planned 100MW expansion of the Shell refinery project

ITM Power (AIM: ITM), the energy storage and clean fuel company, is pleased to note the announcement by Shell today of its plans for its Rhineland Refinery in Germany. These include an increase in the capacity of the ITM Power PEM electrolysis plant by 100MW. Shell's partners for the electrolysis project are ITM Power, ITM Linde Electrolysis GmbH (ILE) and Linde. Subject to finalising contracts and securing some matching funding, construction will begin next year.

The full text of Shell's press release, in German, can be found here:

https://www.shell.de/media/shell-media-releases/2021/shell-energy-and-chemicals-park-rheinland.html

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

 
 ITM Power plc                               [phone] 
 James Collins, Head of IR                   [e-mail] 
 
 Investec Bank plc (Nominated Adviser 
  and Broker)                                [phone] 
 Jeremy Ellis / Chris Sim / Ben Griffiths 
 
 Tavistock (Financial PR)                    [phone] 
 Simon Hudson / Edward Lee / Tim Pearson 
 

About ITM Power plc:

ITM Power plc manufactures integrated hydrogen energy solutions for grid balancing, energy storage and the production of renewable hydrogen for transport, renewable heat and chemicals. ITM Power plc was admitted to the AIM market of the London Stock Exchange in 2004. In November 2020 ITM announced a successful fundraise and a strategic investment from Snam S.p.A., a major Italian energy infrastructure company, totalling GBP172m. In October 2019, the Company announced the completion of a GBP58.8 million fundraise, including a subscription by Linde of GBP38 million, together with the formation of a joint-venture with Linde to focus on delivering renewable hydrogen to large scale industrial projects worldwide. ITM Power 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 in January 2018 a deal to deploy a 10MW electrolyser at Shell's Rhineland refinery. ITM Power announced the lease of the world's largest electrolyser factory in Sheffield with a capacity of 1GW (1,000MW) per annum in July 2019. Customers and partners include Sumitomo, Ørsted, National Grid, Cadent, Northern Gas Networks, Gasunie, RWE, Engie, BOC Linde, Toyota, Honda, Hyundai and Anglo American among others.

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February 26, 2021 04:04 ET (09:04 GMT)