ITM Itm Power Plc

TIDMITM

RNS Number : 5662H

ITM Power PLC

25 November 2022

25 November 2022

ITM Power plc

("ITM Power" or the "Company")

Appointment of Chief Executive Officer

ITM Power, the energy storage and clean fuel company, is pleased to announce the appointment of Dennis Schulz as Chief Executive Officer of the Company with effect from 1 December 2022.

Dennis moves to ITM Power from Linde Engineering, a division of Linde plc ("Linde"), in Dresden, Germany, where he has been Managing Director since 2020. He brings with him over 14 years of experience working with Linde Engineering across a wide variety of functions including project execution, Head of Strategy and CFO. He has been closely involved in ITM Power's strategic relationship with Linde and in his current capacity has already established strong relationships with the ITM team in Sheffield. He has, in particular, significant experience in the market for green hydrogen and decarbonisation. Dennis holds a Master of Science degree and an Executive MBA. The Company looks forward to welcoming him next month.

Sir Roger Bone, Chairman of ITM Power, said: "I am delighted to appoint Dennis as our next CEO. We undertook a thorough search process with several high calibre candidates and we have no doubt that Dennis has the right experience, skills and enthusiasm to take ITM Power to the next phase in its development. He knows the Company and technology well and is ideally qualified to help ITM reach its full potential. He will be warmly welcomed in Sheffield."

Dennis Schulz said: "I believe in ITM's core technology and in the important role green hydrogen will play in the energy transition. I welcome the opportunity to help ITM steer a successful path from the development of first-of-a-kind technology to becoming a highly efficient and reliable technology and manufacturing company. The potential is enormous and I look forward to leading the company at this crucial stage in its development."

For further information please visit www.itm-power.com or contact:

 
 ITM Power plc 
 James Collins, Investor Relations          +44 (0)114 551 1205 
  Justin Scarborough, Investor Relations     +44 (0)114 551 1080 
 
 Investec Bank plc (Nominated Adviser 
  and Broker)                               +44 (0)20 7597 5970 
 Daniel Adams / Chris Sim / Ben 
  Griffiths 
 
 Tavistock (Financial PR and IR)            +44 (0)20 7920 3150 
 Simon Hudson / Tim Pearson / Charlie 
  Baister 
 

About ITM Power plc:

ITM Power manufactures integrated hydrogen energy solutions for grid balancing, energy storage and the production of renewable hydrogen for transport, renewable heat and chemicals. ITM Power PLC was admitted to the AIM market of the London Stock Exchange in 2004.

ITM Power operates from the world's largest operational electrolyser factory in Sheffield with a capacity planned to reach 1.5 GW (1,500 MW) per annum and has an ambition to grow capacity in line with demand to 5 GW per annum, supported by a GBP250m equity raise in Q4 2021. Partners include Linde, Shell, Snam, and Vitol among others.

The following information regarding the appointment of Dennis Schulz (aged 40) is required to be disclosed under Schedule 2(g) of the AIM Rules for Companies:

Dennis is currently a director of Linde AG from which he will resign on 30 November 2022 prior to taking up his appointment at ITM Power plc on 1 December 2022.

Dennis and persons closely associated with Dennis hold 21,215 ordinary shares in ITM Power.

There are no further disclosures to be made under Schedule 2(g) of the AIM Rules for Companies.

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