TIDMITM

RNS Number : 4128F

ITM Power PLC

10 July 2023

10 July 2023

ITM Power PLC

ITM Power Expands in Germany

The all-new ITM Power Germany GmbH will officially open its doors in Linden, north of Frankfurt, in October this year. For ITM, this expansion further strengthens our position as a leading manufacturer of large-scale electrolysers for active projects in Germany and wider Europe today, as well as for future projects which are now in bidding stage.

In its initial fit-out, ITM Power Germany's new facilities will have office space for more than 50 employees, and a warehouse with special equipment for storing our state-of-the-art stacks in lightweight skids ready for quick deployment as aftersales spares. This allows us to minimise response time to customers, in turn maximising value from the use of our products. It will also house facilities for repair and maintenance, as well as for training of customers and partners.

As ITM is increasingly deploying stacks into the field in active customer projects, a rapidly growing amount of real-world performance data will enable us to drive advancements in the areas of core technology and product improvements, development of new business models around remote monitoring/operations and predictive maintenance, as well as commercial certainty around tightened system performance guarantees. These activities will be led by our new global Data and Industrial IoT team which will be based in Linden.

ITM Power Germany will also be home of ITM's global business development function, of various engineering disciplines, aftersales technicians, field engineers, procurement and other functions.

Dennis Schulz, CEO, said: "This expansion in Germany will not only support responsive aftersales in the heart of the EU as our core market today, but will also be home for various business functions that are enablers for ITM's accelerated growth. As we are scaling our operations, this is a major step in gearing up for an increasing degree of local content creation in the EU."

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

 
 ITM Power PLC 
 Justin Scarborough, Head of Investor 
  Relations 
  James Collins, Head of Corporate         +44 (0)114 551 1080 
  Affairs                                   +44 (0)114 551 1205 
 
 Investec Bank plc (Nominated 
  Adviser and Broker)                      +44 (0)20 7597 5970 
 James Rudd / Chris Sim / Ben Griffiths

About ITM Power PLC:

ITM Power was founded in 2000 and ITM Power PLC was admitted to the AIM market of the London

Stock Exchange in 2004. Headquartered in Sheffield, England, ITM Power designs and manufactures

electrolysers based on proton exchange membrane (PEM) technology to produce green hydrogen, the only net zero energy gas, using renewable electricity and water.

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