ITM Power PLC ITM Power Signs Fuel Contract with Honda (UK)
July 11 2017 - 1:00AM
RNS Non-Regulatory
TIDMITM
ITM Power PLC
11 July 2017
11 July 2017
ITM Power plc
("ITM Power" or "the Company")
ITM Power Signs Fuel Contract with Honda (UK)
ITM Power (AIM: ITM), the energy storage and clean fuel company,
is pleased to announce that it has signed a fuel contract with
Honda (UK), who will purchase hydrogen at GBP10/kg. The contract
covers fuel dispensed across ITM Power's hydrogen refuelling
network. The refuelling network has been financially supported by
Innovate UK, Office for Low Emission Vehicles (OLEV) and the Fuel
Cells and Hydrogen Joint Undertaking (FCH JU).
This is the seventeenth fuel supply contract for refuelling fuel
cell electric vehicles ITM Power has signed. Honda joins Toyota GB
PLC, Hyundai Motor UK Ltd, Commercial Group, Skanska, UlemCo Ltd,
Arval UK Ltd, UK Government Car Service, Arcola Energy, Johnson
Matthey, Europcar, The Science Museum, JCB, Anglo American, Green
Tomato Cars, Yorkshire Ambulance Service and Northern Gas Networks
as a fuel customer.
ITM Power is currently rolling out a network of 10 hydrogen
refuelling stations in the UK of which 4 are now open for public
access. Each station produces hydrogen on site via ITM Power's
rapid response electrolyser system, and can refuel a fuel cell
electric car in three minutes, providing 300 to 420 miles of clean
emission driving, without compromise to drivers' normal refuelling
routine.
Dr Graham Cooley, CEO, ITM Power, commented: "We look forward to
supporting Honda and its HyFIVE customers with their refuelling
requirements for the Clarity Fuel Cell as our hydrogen refuelling
station network expands throughout the UK."
Thomas Brachmann, Automobile Powertrain and Materials Research
Expert at Honda R&D Europe (GmbH). "We are delighted that
customers using Honda's Clarity Fuel Cell in the HyFIVE project can
refuel at ITM Power's hydrogen refuelling stations. Working
together with industry partners, such as ITM Power, drivers of fuel
cell vehicles can enjoy rapid refuelling at one of the growing
number of stations across the UK."
For further information, please visit www.itm-power.com or
contact:
ITM Power plc
Graham Cooley, CEO +44 (0)114 244 5111
Investec Bank plc (Nominated Adviser and
Broker)
Jeremy Ellis / Chris Sim / Jonathan Wynn +44 (0)20 7597 5970
Tavistock
Simon Hudson / James Collins +44 (0)20 7920 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. 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 GBP23.35m of projects under contract and a further
GBP5.32m of contracts in the final stages of negotiation, totaling
GBP28.67m, subject to exchange rate variation.
www.itm-power.com
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.
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 provide grant funding for selected infrastructure
projects seeding development of hydrogen for road transport in the
UK.
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.
-ends-
This information is provided by RNS
The company news service from the London Stock Exchange
END
NRAGGUACMUPMGCU
(END) Dow Jones Newswires
July 11, 2017 02:00 ET (06:00 GMT)
Itm Power (LSE:ITM)
Historical Stock Chart
From Apr 2024 to May 2024
Itm Power (LSE:ITM)
Historical Stock Chart
From May 2023 to May 2024