TIDMITM
RNS Number : 8954I
ITM Power PLC
26 March 2018
26 March 2018
ITM Power plc
("ITM Power" or the "Company")
GBP8.8m OLEV funding to deliver the largest expansion of
hydrogen refuelling infrastructure ever undertaken in the UK
ITM Power (AIM: ITM), the energy storage and clean fuel company,
is pleased to announce that a consortium including ITM Power,
Shell, Toyota, Honda and Hyundai has won GBP8.8 million in funding
from the Department for Transport "DfT" to improve access to an
expanded network of hydrogen refuelling stations to support the
continued roll out of hydrogen fuel cell electric vehicles (FCEVs)
in the UK. Out of the GBP8.8 million total, ITM Power will receive
GBP4.3m from the DfT to build four new hydrogen refuelling stations
and to upgrade five existing hydrogen refuelling stations to
increase capacity to support a larger fleet of FCEVs. The project
has further funding support from the European Fuel Cells and
Hydrogen Joint Undertaking (FCH JU).
Further details are provided in the Operations Update released
today, and the DfT announcement is reproduced in full below:
NEW GREENER POLICE CARS TO RUN ON HYDROGEN
Police cars and taxis will be among nearly 200 new hydrogen
powered vehicles switching to zero emission miles, thanks to a
multimillion pound Government boost.
The zero emission vehicles are part of a project that has won
GBP8.8 million in funding from the Department for Transport to
improve access to hydrogen refuelling stations up and down the
country and increase the number of hydrogen cars on our roads from
this summer.
The winning project, is run by a consortium managed by Element
Energy and including expertise from ITM Power, Shell, Toyota, Honda
and Hyundai. It will capitalise on the reliable mileage of
established fleets and see vehicles being procured by emergency
services such as the Metropolitan Police, as well as Green Tomato
Cars and Europcar to support the growth of refuelling
infrastructure for hydrogen vehicles up and down the country.
Roads Minister, Jesse Norman said: "Decarbonising our roads is
an essential part of meeting our climate targets. The innovative
new technologies involved present great opportunities for our
increasingly low carbon economy.
"Hydrogen has huge potential, especially for those making longer
journeys and clocking up high mileage. That is what makes this
project truly exciting. Not only is it demonstrating the technology
in action, but it is also developing the refuelling infrastructure
needed for the future."
The project helps cement the UK's place as a world-leader in
adopting hydrogen technology, using not only British expertise
through ITM Power, but also securing further investment from
multi-national companies such as Shell, Toyota, Honda, and
Hyundai.
It also means that hydrogen cars will be able to travel further
around Britain than ever before, with new refuelling stations in
Southwark, Isleworth, Birmingham and Derby paving the way for
future expansion.
The GBP8.8 million grant will be matched by a further GBP13.1m
investment including support from the companies and other sources.
The project will involve the procurement of new vehicles,
construction of new stations and upgrades to existing stations.
Dr Graham Cooley, CEO, ITM Power plc said: "This project will
deliver the largest expansion of the hydrogen refuelling
infrastructure ever undertaken in the UK and is a very significant
step forward for the UK hydrogen industry. The project will fund
ITM Power to build four new hydrogen refuelling stations and
upgrade five further stations. Our partnership with Shell, Toyota,
Honda, and Hyundai constitutes a highly coordinated roll out of
hydrogen vehicles and refuelling infrastructure."
Paul Van der Burgh, President & Managing Director, Toyota GB
said: "This is a result of close collaboration across sectors and a
significant vote of confidence from the Government in the benefits
of Fuel Cell technology. The programme is welcome support in our
efforts to popularize FCEVs and help realize a hydrogen-based
society"
Oliver Bishop, General Manager of Hydrogen at Shell, said:
"Hydrogen has the potential to become a significant part of the
transport mix in a low-carbon future. Central to this success is
collaboration between the Government, energy companies, OEMs and
technology experts to create the infrastructure to make access to
new fuel options viable. At Shell, we are delighted to be part of
the latest infrastructure funding effort, and to help drive forward
the UK's hydrogen refuelling network."
The increased range offered by hydrogen cars for longer journeys
makes them a good option for those regularly driving long
distances, with refuelling times comparable to diesel or petrol
vehicles, and emitting only water from the tailpipes.
Fuel cell electric vehicles (FCEVs) are powered by electricity
generated on-board the vehicle from hydrogen fuel passing through a
fuel cell stack. This means they do not need recharging and
instead, the driver refills the tank at a hydrogen refuelling
station, in the same way they might do with a petrol and diesel
car.
In addition the stations do not need any deliveries, instead
they are able to produce the hydrogen on site from excess and
renewable energy therefore also making the production process
emission free.
For further information please visit www.itm-power.com or
contact:
ITM Power plc
Andy Allen, CFO +44 (0)114 244 5111
Investec Bank plc (Nominated Adviser and
Broker)
Corporate Finance: Jeremy Ellis / Jonathan
Wynn
Corporate Broking: Chris Sim / Rob Baker +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 GBP33.3m of projects under contract and a
further GBP5.5m of contracts in the final stages of negotiation
constituting a total backlog of GBP38.9m (subject to exchange rate
variation).
About the 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; the fuel cell and hydrogen industries, represented by
the NEW industry grouping; and the research community, represented
by research grouping N.ERGHY. http://www.fch.europa.eu/
-ends-
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The company news service from the London Stock Exchange
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