ITM Itm Power Plc

TIDMITM

RNS Number : 0960R

ITM Power PLC

19 September 2017

19 September 2017

ITM Power plc

("ITM Power" or the "Company")

Sale of 1.1MW Power-to-Gas Plant to EnergyStock

ITM Power (AIM: ITM), the energy storage and clean fuel company, is pleased to announce that EnergyStock, a subsidiary of Gasunie, the Dutch gas transmission network operator, has purchased an ITM Power 1.1MW rapid-response PEM electrolyser. The sale was won in a competitive tender process and includes an after-sales support contract. The electrolyser will be located at EnergyStock's Zuidwending salt cavern storage facility in northern Netherlands, and the generated hydrogen will be either used on-site within EnergyStock's systems, or dispensed into tube trailers for supply to future hydrogen refuelling stations. Power will be delivered to the equipment via TenneT's high voltage electricity network.

ITM Power CEO, Dr. Graham Cooley, said: "We are delighted to be working with EnergyStock in the rapidly developing Power-to-Gas energy storage market. Power-to-Gas is the lowest cost long duration energy storage technique known. Power-to-Gas Energy Storage is joined up energy systems thinking - it exploits the virtues of an existing asset (the gas grid) to decarbonise both electricity and gas networks. Using excess renewable power to provide renewable heat combines two problems into one elegant solution."

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 
 

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 GBP20m of projects under contract and GBP16.7m of contracts in the final stages of negotiation, totalling GBP36.7m (subject to exchange rate variation).

About EnergyStock

EnergyStock as affiliate of N.V. Nederlandse Gasunie (a European gas infrastructure company that provides the transport of natural gas and green gas in the Netherlands and the Northern part of Germany) provides energy storage services.

-ends-

This information is provided by RNS

The company news service from the London Stock Exchange

END

AGRLPMMTMBJBTIR

(END) Dow Jones Newswires

September 19, 2017 02:01 ET (06:01 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