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Share Name Share Symbol Market Type Share ISIN Share Description
Itm Power Plc LSE:ITM London Ordinary Share GB00B0130H42 ORD 5P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.20p +0.62% 32.70p 31.00p 32.60p 33.50p 31.10p 33.00p 651,998 16:35:14
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Alternative Energy 3.3 -6.5 -2.1 - 81.95

ITM Power PLC Refuelling Sites Approved for EcoIsland

07/02/2014 7:00am

RNS Non-Regulatory


TIDMITM

ITM Power PLC

07 February 2014

7(th) Febuary2014

ITM Power plc

("ITM Power", "the Group" or the "Company")

Five hydrogen refuelling sites approved for planning on the Isle of Wight

ITM Power, the energy storage and clean fuel company is pleased to announce achievement of planning permission for five hydrogen refuelling sites on the Isle of Wight.

ITM Power has been granted planning permission for an 80kg/day hydrogen refuelling station at four locations and at one for a 15kg/day marine refuelling station. All planning applications submitted on the Isle of Wight have been successful. ITM has chosen two of these sites to take forward for installation of hydrogen refuellers ready for operation in November 2014, as part of the EcoIsland Hydrogen Vehicle Refueller project on the Isle of Wight, supported by funding from the UK's innovation agency, the Technology Strategy Board.

The approvals process involved several stages including the identification of candidate sites prior to conducting a detailed survey, preparation of plans together with a Design and Access Planning Statement and liaison with stakeholders including the Isle of Wight Council and the Environment Agency.

The sites surveyed included two owned by Vestas; one being their R&D centre at Stag Lane and the other Monks Brook, one operated by Scotia Gas Networks in East Cowes, and one at the St Cross Business Park, Newport. The marine refueller is to be sited on the dock-side at Cheetah Marine in Ventnor. ITM Power has decided to proceed with the site owned by Scotia Gas Networks, providing an opportunity to further develop commercial links with SGN.

ITM Power sits on three Working Groups of the ISO Technical Committee 197, which has as its stated scope the standardization in the field of systems and devices for the production, storage, transport, measurement and use of hydrogen. Furthermore, ITM Power sits on the British Compressed Gas Association Technical Steering Committees with particular emphasis on Code of Practice 41, which addresses "The Design, Construction, Maintenance and Operation of Filling Stations Providing Gaseous Fuels".

Dr Graham Cooley, Chief Executive of ITM Power, said: "The expertise required to achieve planning permission and satisfy compliance bodies is often underestimated. I am delighted that ITM has been successful in gaining approval to commence the build of two hydrogen refuelling stations on the Isle of Wight. Furthermore, the continued support from the Isle of Wight council and their determination to become a prime location for hydrogen fuel cell vehicle deployment provides a fantastic backdrop to this exciting project."

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

 
 ITM Power plc 
  Graham Cooley                       0114 244 5111 
 Zeus Capital 
  Tim Metcalfe (Nominated Adviser) 
  John Goold (Institutional Sales)    020 7533 7727 
 Tavistock Communications 
  Simon Hudson / James Collins        020 7920 3150 
 

About The Technology Strategy Board

The Technology Strategy Board is the UK's innovation agency. Its goal is to accelerate economic growth by stimulating and supporting business-led innovation. Sponsored by the Department for Business, Innovation and Skills (BIS), the Technology Strategy Board brings together business, research and the public sector, supporting and accelerating the development of innovative products and services to meet market needs, tackle major societal challenges and help build the future economy. For more information please visit www.innovateuk.org.

About ITM Power plc

ITM Power plc was admitted to the AIM market of the London Stock Exchange in 2004 and raised its initial funding of GBP10m gross in its IPO. Further funding rounds of GBP28.5m in 2006, GBP5.4m in 2012 and GBP2m in 2013 have been completed. The Company has now made the transition from a research and development company to a product manufacturer and technology provider. The Company has both a strong base of intellectual property and engineering expertise for providing complete hydrogen solutions.

-ends-

This information is provided by RNS

The company news service from the London Stock Exchange

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