ITM Power PLC UK Hydrogen for Transport Programme
August 21 2017 - 1:00AM
RNS Non-Regulatory
TIDMITM
ITM Power PLC
21 August 2017
21 August 2017
ITM Power plc
("ITM Power" or the "Company")
Launch of UK Government Hydrogen for Transport Programme
ITM Power (AIM: ITM), the energy storage and clean fuel company,
is pleased to note the launch of the UK Government's "The Hydrogen
for Transport Programme". In March 2017, the Government announced
additional funding to support the development of hydrogen for
transport until 2020. The Hydrogen for Transport Programme (HTP)
will provide up to GBP23m to increase the uptake of hydrogen fuel
cell vehicles and grow the UK hydrogen refuelling infrastructure.
The funding competition for the programme has now been launched
with an application deadline of 9am on Monday 16 October.
ITM Power currently has GBP24.06m of projects under contract and
GBP18.22m of contracts in the final stages of negotiation,
totalling GBP42.28m (subject to exchange rate variation).
ITM Power CEO, Dr Graham Cooley, said: "The Hydrogen for
Transport Programme is a further demonstration of the UK
Government's commitment to developing a hydrogen infrastructure in
the UK as part of its target to eliminate diesel and petrol from UK
roads by 2040. We welcome this initiative but note the huge
disparity between the funding for hydrogen infrastructure and the
charging infrastructure for battery electric vehicles."
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 (Financial PR and IR)
Simon Hudson / James Collins +44 (0)20 7920 3150
NOTES TO EDITORS:
The new Hydrogen for Transport Programme (HTP) sets out the next
steps to develop the UK hydrogen vehicle market, providing up to
GBP23m of new grant funding until 2020 to support the growth of
refuelling infrastructure alongside the deployment of new vehicles.
The HTP was launched on the 17th August 2017 by the Office for Low
Emission Vehicles (OLEV) and will provide funding via an open
competition for both Hydrogen Refuelling Stations (HRS) and
hydrogen fuel cell vehicles. The programme will be supported in two
stages:
Stage 1: will commit up to GBP9m to 50:50 match fund around
seven HRSs to be completed in 2018/19, plus captive fleets. Funding
will commence in November 2017.
Stage 2: will commit up to GBP14m to fund up to ten HRSs plus
captive fleets and will begin in December 2018, subject to market
developments over Stage 1.
The funding will allow additional larger capacity HRS to be
built, whilst optimising the utilisation of these and existing
stations by providing funding to support the purchase of vehicle
fleets that can be refuelled at all HRS.
Important secondary objectives include:
-- Maximising the benefit to the UK hydrogen refuelling network,
through ease of access and by reinforcing it (some slight
redundancy of station locations will ensure that downtime has less
impact for the customer), by extending it (enabling vehicles to
travel further) and by increasing the density (more stations
between nodes will enable more vehicles to travel within an
area).
-- Increasing the amount of hydrogen used and so increasing
familiarity, real-world experience and the economics of its
delivery.
-- Increasing station throughput, improving the economics of the
stations and reducing the likelihood of technical problems linked
to idle equipment.
-- Enabling future expansion of both network and individual
stations, by judicious placement or the potential to add future
capacity.
-- Ensuring credibility in the eyes of all stakeholders,
including government, local authorities, fleet operators, station
operators and the general public.
-- Enabling, where possible, additional applications that
require hydrogen, such as stationary applications or non-fuel cell
vehicles, as well as developing the case for expansion of the
sector, for example through future links to trains or ferries, or
to renewable hydrogen.
-- Helping strengthen the supply chain by providing evidence of
emerging markets and hence some mitigation against the risk of
early participation.
Increasing knowledge throughout the sector, including expert
knowledge on performance and failures, best practice, and
understanding of refuelling patterns and how to move forward with
network optimisation. This will be met within a framework designed
to offer the best Value for Money to the Government and hence to
the UK taxpayer. The size and placement of the stations will be
carefully considered, and also; The strength of the links that new
stations have with the fleets to be operated. The likelihood - and
ease - of other vehicles using the new stations, and how much
hydrogen the vehicles will use and how regular the demand will be.
The ability to increase hydrogen capacity and number of dispensers
will be taken into account, as will the cost and environmental
footprint of the hydrogen.
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
Company currently has GBP24.06m of projects under contract and
GBP18.22m of contracts in the final stages of negotiation,
totalling GBP42.28m (subject to exchange rate variation).
-ends-
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