ITM Power PLC Fuel Contract with Commercial Group
23 August 2016 - 7:00AM
RNS Non-Regulatory
TIDMITM
ITM Power PLC
23 August 2016
23(rd) August 2016
ITM Power plc
("ITM Power" or "the Company")
ITM Power signs Fuel Contract with Commercial Group
ITM Power (AIM: ITM), the energy storage and clean fuel company,
is pleased to announce that it has signed a fuel contract to supply
hydrogen at GBP10/kg with Commercial Group ("Commercial"), a
pioneer in hydrogen fuelled fleet logistics. The contract covers
fuel dispensed across ITM Power's hydrogen refuelling network,
including the station recently opened in London. The refuelling
network has been financially supported by projects run by Innovate
UK, OLEV and FCH JU. ITM Power currently has GBP16.19m of projects
under contract and a further GBP1.79m of contracts in the final
stages of negotiation, making a total of GBP17.98m.
The business services company Commercial has been operating a
fleet of hydrogen hybrid delivery vans since 2013 across London and
the South East, along the M4 corridor and out into the South West.
With ITM Power expanding the UK hydrogen refuelling network,
Commercial will be able to serve more customers across its
low-carbon logistics network.
Carbon emissions from Commercial's hydrogen vans are
significantly lower than traditional comparable diesel vehicles and
deliver significant environmental benefits. Commercial's hydrogen
van fleet was deployed via projects with funding support from
Innovate UK. These projects successfully demonstrated the
environmental benefits of the hydrogen technology and the vehicles
will continue to operate across Commercial's fleet.
Simone Hindmarch-Bye, Commercial's co-founder and Sales Director
commented: "We are delighted that we can now extend our low-carbon
hydrogen delivery services to more customers nationwide by
utilising the expanding network of hydrogen refuelling stations.
The use of hydrogen continues to demonstrate Commercial's
commitment to reducing the carbon footprint of our operations and
exploring new and innovative technologies to reduce the UK's
dependency on fossil fuels. "
Dr Graham Cooley, CEO, ITM Power, commented: "We are building a
portfolio of fuel customers and following the first contract - to
supply Toyota, we are very pleased to be working with Commercial
again who are pioneers in the adoption of fleet logistics using
hydrogen. We look forward to supporting their fleets at our
hydrogen refuelling stations."
ITM Power plc
Graham Cooley, CEO +44 (0)114 244 5111
Zeus Capital
Andrew Jones / Jonathan Sharp / Hugh Kingsmill Moore /
Alex Davies +44 (0)20 3829 5000
Tavistock Communications
Simon Hudson / James Collins +44 (0)20 7920 3150
About Commercial
Commercial Group is the largest, independently owned business
services company in the UK. Comprising four divisions; Office
Supplies, IT Services, Interiors and Print, we are renowned for
consistently delivering high quality consultancy, service and
products to our customers nationwide. Founded by Arthur Hindmarch,
his sister Simone Hindmarch-Bye and university friend Alastair
Adams in 1991, Commercial has since grown to a GBP42 million
turnover business. Coined a company of specialists, we develop
strong, longstanding partnerships with customers. Understanding
each customer has their own unique requirements, we tailor our
solutions to enable them to meet their business aims and
objectives.
www.commercial.co.uk
About ITM Power
ITM Power manufactures integrated hydrogen energy solutions
which are rapid response and high pressure that meet the
requirements for grid balancing and energy storage services, and
for the production of clean fuel for transport, renewable heat and
chemicals. ITM Power plc was admitted to the AIM market of the
London Stock Exchange in 2004. The Company received GBP4.9m as a
strategic investment from JCB in March 2015. The Company signed a
forecourt siting agreement with Shell in September 2015. The Group
currently has GBP16.19m of projects under contract and a further
GBP1.79m of contracts in the final stages of negotiation, totaling
GBP17.98m, subject to exchange rate variation. ITM Power is a
founder member of the Social Stock Exchange.
www.itm-power.com
About FCH JU
The Fuel Cells and Hydrogen Joint Undertaking (FCH JU) is a
unique public private partnership supporting research,
technological development and demonstration activities in fuel cell
and hydrogen energy technologies in Europe. Its aim is to
accelerate the market introduction of these technologies, realising
their potential as an instrument in achieving a carbon-lean energy
system. The three members of the FCH JU are the European
Commission, fuel cell and hydrogen industries represented by the
NEW Industry Grouping and the research community represented by
Research Grouping N.ERGHY.
About OLEV
The HRS Infrastructure Grants Scheme was launched on the 2nd
February 2015 by the Office for Low Emission Vehicles (OLEV) to
support roll out of hydrogen infrastructure networks in the UK with
the specific aim of encouraging the introduction of Hydrogen Fuel
Cell Electric Vehicles (FCEVs). The HRS Infrastructure Grants
Scheme will provided grant funding for selected infrastructure
projects seeding development of hydrogen for road transport in the
UK.
About Innovate UK
Innovate UK is the UK's innovation agency; working with people,
companies and partner organisations to find and drive the science
and technology innovations that will grow the UK economy. The
organisation works to determine which science and technology
developments will drive future economic growth; meet UK innovators
with great ideas in the fields we're focused on funding the
strongest opportunities; connect innovators with the right partners
they need to succeed help our innovators launch, build and grow
successful businesses. Since 2007 we have invested over GBP1.5
billion in innovation, matched by a further GBP1.5 billion in
partner and business funding. We have helped more than 5,000
innovative companies in projects estimated to add GBP7.5 billion to
the UK economy and create 35,000 extra new jobs.
This information is provided by RNS
The company news service from the London Stock Exchange
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