ITM Itm Power Plc

TIDMITM

RNS Number : 1101A

ITM Power PLC

18 December 2014

18 December 2014

ITM Power plc

("ITM Power" or "the Company")

Gas Network Optimisation Contract with AMEC and National Grid

ITM Power (AIM: ITM), the energy storage and clean fuel company, is pleased to announce that it has secured a second commercial contract from AMEC Foster Wheeler plc ("AMEC") and National Grid plc ("National Grid") to create the business case for widespread deployment of Power-to-Gas energy storage technology to reduce the energy losses in the gas network.

This second follow-on project will build on the Phase 1 Technical Feasibility and identify specific sites on the gas network where Power-to-Gas can be most advantageously deployed. This will reduce energy losses and increase system efficiency for the UK gas network. AMEC, a tier 1 supplier to National Grid will lead the project and continue to provide a third party assessment of the benefits.

Dr Graham Cooley, CEO of ITM Power commented: "ITM Power is delighted to be working with National Grid and AMEC on the next phase of this implementation. We are all very encouraged by the project findings so far and the objective now is to identify the sites best suited to installing Power-to-Gas equipment. We are solving a problem common with all gas networks and there is very significant market potential in the UK and worldwide."

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

 
ITM Power plc 
 Graham Cooley, CEO                             0114 244 5111 
Zeus Capital 
 Dan Bate/John Depasquale (Nominated Adviser) 
 John Goold (Institutional Sales)               020 7533 7727 
Tavistock Communications 
 Simon Hudson / James Collins                   020 7920 3150 
 

About ITM Power plc:

ITM Power plc was admitted to the AIM market of the London Stock Exchange in 2004 and raised its initial funding of GBP10m gross in its IPO. Further funding rounds of GBP28.5m in 2006, GBP5.4m in 2012, GBP2m in 2013 and GBP10m in 2014 have been completed. The Company has now made the transition from a research and development company to a product manufacturer and technology provider. The Company has both a strong base of intellectual property and engineering expertise for providing complete hydrogen solutions. The Company now has GBP8.51m of projects under contract and a strongly developing pipeline of projects and sales.

www.itm-power.com

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