ITM Power PLC Directorate Change (5188U)
October 25 2017 - 1:00AM
UK Regulatory
TIDMITM
RNS Number : 5188U
ITM Power PLC
25 October 2017
25 October 2017
ITM Power plc
("ITM Power" or the "Company")
Non-Executive Director and Original Funder, Peter Hargreaves, to
Step Down from Board
ITM Power (AIM: ITM), the energy storage and clean fuel company,
announces that Peter Hargreaves, a Non-executive director since
2003, has notified the Company of his intention to step down from
the Board with effect from 31 October.
Commenting on his involvement with ITM Power, Peter Hargreaves
said, "I am proud that I have been involved with ITM Power from the
time I encouraged the founders to start the Company. As I look
back, I honestly feel that ITM Power is now at its most
commercially and financially viable since its foundation.
"During the initial deliberations with the founders in 2001, we
had just a concept that PEM (Proton Exchange Membrane)
electrolysers and fuel cells would become a major part of the clean
energy future. My convictions were such that I provided seed
finance for the early days. Today I feel vindicated that ITM Power
is a world leader in the manufacture of electrolysers utilising PEM
technology. I am sure ITM Power will stay at the forefront of
manufacturing equipment for clean hydrogen production. The team in
Sheffield is highly regarded throughout the world.
"My involvement with the Company now spans 16 years and I feel
it is the right time to reduce my involvement and step down from
the board. I would add it is my intention to retain all my
shareholding and I welcome the invitation extended to me by the
Company to keep in regular touch and offer advice.
"I am pleased I can step down in the knowledge that the Company
is in good hands and I look forward to hearing of its future
success."
ITM Power Chairman, Professor Roger Putnam, added, "On behalf of
his board colleagues, the staff of ITM Power and all of our
shareholders, I would like to thank Peter for his help and support
over the years. We would not be where we are today without him. All
of us would miss his plain speaking contribution to discussions and
we look forward to that continuing in the future."
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
ITM Power manufactures integrated hydrogen energy solutions for
grid balancing, energy storage and the production of green hydrogen
for transport, renewable heat and chemicals. ITM Power was admitted
to the AIM market of the London Stock Exchange in 2004. In
September 2017 the Company announced the completion of a GBP29.4m
working capital fundraise.
The Company signed a forecourt siting agreement with Shell for
hydrogen refuelling stations in September 2015 and subsequently a
deal to deploy a 10MW electrolyser at Shell's Rhineland refinery.
Additional customers include National Grid, RWE, Engie, BOC Linde,
Toyota, Honda, Hyundai, Anglo American among others. The Company's
order pipeline has grown rapidly and now stands at GBP20m of
projects under contract and GBP17.4m of contracts in the final
stages of negotiation, totalling GBP37.4m (subject to exchange rate
variation).
-ends-
This information is provided by RNS
The company news service from the London Stock Exchange
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