TIDMITM
RNS Number : 6734R
ITM Power PLC
08 November 2011
Embargoed until 7:00 a.m. 8(th) November 2011
ITM Power plc
("ITM Power" or "the Company")
Isle of Wight EcoIsland Partnership Agreement
Island Smart Grid Hydrogen Energy Storage Project
ITM Power (AIM: ITM), the energy storage and clean fuel company,
is pleased to announce a partnership agreement with a consortium
called EcoIsland, the largest single sustainability project in the
UK. The partners in EcoIsland are IBM, Toshiba, Scottish and
Southern Energy (SSE), Southern Water, Cable & Wireless and ITM
Power. The Company will provide hydrogen energy storage and clean
fuel technologies for integration into the renewable energy smart
grid system being developed on the Isle of Wight.
The EcoIsland project brings together within a single island
energy system a critical mass of smart energy technologies to
demonstrate how a future energy system can be configured. With
renewable generation including wind, solar, tidal and geothermal
the island will need to match supply and demand using battery
energy storage, hydrogen energy storage and demand side management.
These technologies will be coordinated centrally by smart grid
technologies supplied by IBM, Cable & Wireless, SSE and
Toshiba.
ITM Power is the hydrogen fuel partner and will supply hydrogen
refueling equipment controlled by smart grid technology to optimize
both renewable energy storage and the provision of fuel to both
fuel cell vehicles and Hydrogen Internal Combustion Engine
commercial vehicles. The intention is that the island will also be
a showcase for advanced low emission hydrogen vehicles being
launched from 2013.
Up to four refueling systems are planned for the first phase of
deployment on the island demonstrating the scale-ability of the
technology and rapid response demand side reserve.
The project will also present an opportunity for the Company to
showcase its unique domestic scale products - HBox Solar and HFill
which respectively offer hydrogen generation directly from solar PV
(even in situations where there is no electricity grid) and home
hydrogen refueling.
EcoIsland founder, David Green commented: "The collection of
technologies that we are bringing together on EcoIsland will
provide the total energy solution for tomorrow's world. Hydrogen
and ITM Power's technology will be integral to proving that
renewable energy can be utilized effectively despite being
intermittent. Using wind energy to decarbonise the transport system
on the island is a fantastic prospect.
ITM Power CEO, Graham Cooley, commented: "Joined up thinking in
the energy sector is rare and EcoIsland is a world class project on
our doorstep with exactly that. At ITM Power we are convinced that
hydrogen is the solution to renewable power intermittency and
decarbonising road transport so where better to prove hydrogen
energy storage than on the EcoIsland."
For further information please visit www.itm-power.com or
contact:
ITM Power plc
Graham Cooley, CEO 0114 244 5111
Nomura Code Securities
Juliet Thompson/Dr Chris Golden 020 77761200
Tavistock Communications
Simon Hudson / Andrew Dunn 020 7920 3150
About EcoIsland:
The Isle of Wight's EcoIsland is the largest single
sustainability project in the UK and the most successful working
example of the Big Society in action - a concept launched by the
Prime Minister David Cameron in July 2010. The Minister of State
for the Cabinet Office, Oliver Letwin MP, responsible for
Government Policy advice, will be speaking at the launch event
indicating the importance of this idea to the future of
Britain.
On 15 November the EcoIsland Partnership Community Interest
Company (CIC) will be launched as a Global Innovation Centre for
Smart Grid technology and show how, working with Global Partners
IBM and Toshiba, it plans to integrate the island's future wind,
tidal, geothermal and solar power. The Smart Grid initiative is one
of the key ingredients in the Isle of Wight's aim to become the
first truly sustainable region of the UK.
-- Smart Grid technology set to power the island's future energy needs
-- Future Isle of Wight fuel bills set to reduce by up to 50%
-- EcoIsland project is living proof how Big Society can work in practice
Since February 2011 EcoIsland has built a solid foundation on
which to deliver a range of sustainability initiatives, including
raising the first tranche of the GBP200m private funding, required
to achieve its goals. Ecoisland is working alongside a number of
other Partners to deliver key infrastructure objectives
including;
-- Global Communications Partner Cable&Wireless linking all
the home installations and renewable technologies with a
combination of a wireless mesh and existing communications
infrastructure.
-- National Partner SSE ( Distribution Network Operator and
energy supplier ) are facilitating grid connections and leading
change withinnovations including tariffs
-- National Partner ITM Power providing energy storage and clean
fuel production in the form of hydrogen for commercial and private
vehicles
-- National Partner Southern Water who are supporting our aims
to have a zero energy footprint through the development of
renewable energy
EcoIsland has already delivered:
-- A GBP25m project to install Solar Photo Voltaic Panels on
3,500 social houses and upwards of 500 air-source heat pumps
-- A Greenback card backed by 65 local companies helping residents save up to GBP400/yr
-- First steps towards building the Island into a centre for green technology and innovation
-- Support from 70 Global, National, Founding, Local, Carbon and Knowledge Partners
-- Evaluation of zero emission transport options including
electric cars, bikes, hydrogen vans and green public transport
Future EcoIsland initiatives already underway include:
-- The Isle of Wight becoming a net exporter of energy by 2020
-- Reducing energy bills for the Isle of Wight's 142,000
residents by 50% through increased capture and use of solar, tidal,
geothermal and wind power and a creative tariff system
-- Fueling the GREEN Economy creating jobs on the Island through
green tech investment Setting up an Eco Centre and seat of
learningfor visitors, UK schools and IOW residents
-- Cutting landfill to zero and to stop waste being transported off the Island
-- Web address: www.eco-island.org
-- The Founders BLOG: www.eco-island.org/hub/blog/C51
-- ECOTV video content: www.eco-island.org/hub/eco-tv
-- Images and info on the Press section: www.eco-island.org/hub/press
-ends-
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