ITM Power PLC Contract and Operations Update (5436C)
18 April 2017 - 4:00PM
UK Regulatory
TIDMITM
RNS Number : 5436C
ITM Power PLC
18 April 2017
18 April 2017
ITM Power plc
("ITM Power" or "the Company")
Contract and Operations Update
GBP5.66m Increase in Signed Contracts in 11 weeks
ITM Power (AIM: ITM), the energy storage and clean fuel company,
is pleased to announce an update on trading and operations covering
the period since the GBP5.7m Working Capital Fundraise and Interim
Results announcement on 26 January 2017. The Company currently has
GBP22.64m of projects under contract and a further GBP1.72m of
contracts in the final stages of negotiation constituting a total
pipeline of GBP24.36m.
In the interim results statement the company announced GBP16.98m
of projects under contract and a total pipeline of GBP18.35m.
Projects under contract have increased by GBP5.66m in the last 11
weeks. The Company notes a developing pipeline of quotes in
response to customer tenders for its MW scale rapid response
electrolyser products in energy storage, refuelling and chemical
synthesis applications. The bulk of enquiries continue to be for
0.3MW to 6MW, often including ancillary hydrogen energy systems and
after sales support contracts. In addition, the Company is
increasingly receiving enquiries from multinational entities for
significantly larger platforms and for a broader range of
applications.
Hydrogen Refuelling Stations (HRS)
-- ITM Power now owns 5 operational public HRS with another 7 HRS under contract
-- HRS performance is continually monitored by ITM Power's new product control room
-- Performance data sharing is part of the HyFive, H2ME &
H2ME2 projects funded by the FCH JU
-- In March the UK Gov. announced a GBP23m funding competition
for FCEVs and HRS infrastructure
Power-to-Gas and MW Scale electrolysis
-- 5.25MW of large electrolysis equipment contracted in 2016
-- 3.5MW contracted in Q1 2017
-- Pre-qualified for Enhanced Frequency Response requiring <1 second response time
-- Three years of grid balancing and gas grid injection experience in Germany
-- HyDeploy P2G project with National Grid and Northern Gas Networks is under contract
Corporate
ITM Power will participate in a number of key events for the
coming months. The Company will be:
-- Exhibiting a 2MW electrolyser system at the Hannover Messe from 24 - 28 April
-- Showcasing the company's 100MW designs at the Hannover Messe
-- Exhibiting at All-Energy, the UK's largest renewable energy
event, Glasgow, 10 & 11 May
-- Staff numbers have been kept under control and currently the Company has 70 staff
-- Development work is tightly focused on electrolyser scale,
performance and cost reduction
Dr Graham Cooley, CEO, ITM Power commented: "The increase in
contracted projects over the last few months is testimony to the
performance and cost reduction of ITM Power's technology and to our
vastly experienced sales team."
ITM Power plc +44 (0)114 244
Graham Cooley, CEO 5111
Zeus Capital
Andrew Jones / Hugh Kingsmill +44 (0)20 3829
Moore 5000
Tavistock Communications +44 (0)20 7920
Simon Hudson / James Collins 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 and is a founder member of the Social
Stock Exchange. The company received GBP4.85m as a strategic
investment from JCB in March 2015; signed a forecourt siting
agreement with Shell in September 2015 and a fuel agreement with
Toyota in October 2015. The Company currently has GBP22.64m of
projects under contract and a further GBP1.72m of contracts in the
final stages of negotiation constituting a total pipeline of
GBP24.36m. www.itm-power.com
About 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, fuel cell and hydrogen industries represented by
Hydrogen Europe and the research community represented by Research
Grouping N.ERGHY.
This information is provided by RNS
The company news service from the London Stock Exchange
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