ITM Power PLC New OLEV Funding
March 20 2017 - 2:01AM
RNS Non-Regulatory
TIDMITM
ITM Power PLC
20 March 2017
20 March 2017
ITM Power plc
("ITM Power" or the "Company")
UK Government's GBP23m funding for hydrogen vehicles and
infrastructure
ITM Power (AIM: ITM), the energy storage and clean fuel company,
is pleased to note the announcement made by the UK government's
Office of Low Emission Vehicles (OLEV) on 18 March. The full
announcement is shown below. The Company currently has GBP17.41m of
revenue under contract and GBP7.04m in the final stages of
negotiation, making a total pipeline of GBP24.45m.
GBP23 million boost for hydrogen-powered vehicles and
infrastructure
Funding to accelerate the take up of hydrogen vehicles and
infrastructure
A new GBP23 million fund to accelerate the take up of hydrogen
vehicles and roll out more cutting-edge infrastructure has been
announced by the government today (18 March 2017). Hydrogen fuel
providers will be able to bid for funding in partnership with
organisations that produce hydrogen vehicles to help build
high-tech infrastructure, including fuel stations. The funding will
boost the creation of hydrogen fuel infrastructure and uptake of
hydrogen-powered vehicles.
A competition will be launched this summer, and will invite
proposals from public organisations, businesses and hydrogen
operators. The government will provide match funding for successful
bidders as part of its plans to cut carbon emissions, improve air
quality and deliver economic opportunities for the UK.
Transport Minister John Hayes said: "The transition to zero
emission road transport is both inevitable and desirable as it will
improve air quality in many of our towns and cities. Hydrogen fuel
cell electric vehicles can play a vital role alongside battery
electric vehicles to help us cut harmful emissions. We know
availability of hydrogen refuelling infrastructure can be a
potential obstacle to the take up of hydrogen fuel cell electric
vehicles. That's why we're providing support to give interested
parties the confidence to continue to invest in this new emerging
technology to help us achieve our ambition for almost all new cars
and vans to be zero emission by 2040.
"Hydrogen vehicles can be quickly refuelled using a pump like a
conventional petrol or diesel car, but instead use gas. They
produce only water as a by-product and have a range of around 300
miles per tank, like conventional vehicles. The Government is
working closely with industry on the future direction of the UK
automotive sector and has allocated over GBP600 million for low
emission vehicles over the course of this Parliament with an
additional GBP390 million announced at last year's Autumn Statement
for ultra low emission vehicles and driverless cars."
Paul Van der Burgh, President and Managing Director of Toyota
(GB), said: "Toyota believes hydrogen fuel cell electric vehicles
can play an important role in the transition to a low carbon, low
emissions society. We chose the UK as one of the first
international markets for our Mirai hydrogen fuel cell car and are
pleased that the government is investing in this programme to
encourage the further development of refuelling infrastructure and
the wider uptake of fuel cell vehicles.
"We will continue to work with the Government, organisations and
industry partners to help the UK realise the significant potential
of hydrogen as a clean and sustainable source of power. Today's
announcement builds on the launch of the Industrial Strategy green
paper published in January which outlined plans to fund new
high-value economic infrastructure and reaffirmed government
commitment to investing in energy innovation and to tackling the
causes of climate change."
https://www.gov.uk/government/news/23-million-boost-for-hydrogen-powered-vehicles-and-infrastructure
ITM Power CEO, Dr. Graham Cooley, said: "This important new UK
Government funding programme supporting the roll out of hydrogen
vehicles is a welcome step and shows a commitment to tackling inner
city air pollution. The increasing momentum generated by the
introduction of Toyota, Honda and Hyundai FCEV's into the UK is set
to continue as a result of this significant infrastructure
funding."
For further information please visit www.itm-power.com or
contact:
ITM Power plc +44 (0)114 244
Graham Cooley, CEO 5111
Zeus Capital
Andrew Jones / Hugh Kingsmill +44 (0)20 3829
Moore 5000
Tavistock Communications +44 (0)20 7920
Simon Hudson / James Collins 3150
About ITM Power plc
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 and is a founder member of the Social
Stock Exchange. The company received GBP4.9m as a strategic
investment from JCB in March 2015; signed a forecourt siting
agreement with Shell in September 2015 and a fuel agreement with
Toyota in October 2015. The Company currently has GBP17.41m of
revenue under contract and GBP7.04m in the final stages of
negotiation, making a total pipeline of GBP24.45m (subject to
exchange rate variation).
www.itm-power.com
About OLEV
The GBP11m 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 provided grant funding for selected infrastructure projects
seeding development of hydrogen for road transport in the UK. On 10
May 2016, OLEV launched a GBP2 million government fund to encourage
more businesses to switch to hydrogen-fuelled vehicles. The Fuel
Cell Electric Vehicle (FCEV) Fleet Support Scheme will allow local
authorities, health trusts, police forces, fire brigades and
private companies to bid for funding to add hydrogen-powered
vehicles to their fleets.
https://www.gov.uk/government/organisations/office-for-low-emission-vehicles
-ends-
This information is provided by RNS
The company news service from the London Stock Exchange
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