ITM Power PLC Launch of Large Scale HRS, Pipeline Increase (2178N)
07 August 2017 - 4:00PM
UK Regulatory
TIDMITM
RNS Number : 2178N
ITM Power PLC
07 August 2017
7 August 2017
ITM Power plc
("ITM Power" or the "Company")
20 Tonne/day Hydrogen Refuelling Station designs to be launched
in Las Vegas
Contract Pipeline Exceeds GBP40m (US$53m)
ITM Power (AIM: ITM), the energy storage and clean fuel company,
is pleased to announce that it will be launching a series of large
scale refuelling station designs at Hydrogen + Fuel Cells North
America, part of the SolarPower International Conference in Las
Vegas.
The large scale refuelling station designs are based around
electrolyser configurations of up to 50MW in size with the
capability to produce up to 20 tonnes of hydrogen per day. This is
in response to industry demand for larger scale industrial
installations for refuelling heavy logistics vehicles, such as road
haulage vehicles, ships and trains.
Separately, ITM Power announces a significant increase in its
order pipeline of GBP4.87m, which has been added over the last two
weeks. The Company currently has GBP23.54m of projects under
contract and GBP16.67m of contracts in the final stages of
negotiation, totalling GBP40.21m (subject to exchange rate
variation).
ITM Power CEO, Dr. Graham Cooley, said: "These new refuelling
station designs are being launched in response to a dramatic
increase in the number of enquiries for refuelling heavy logistics
vehicles at large scale as the viability of hydrogen power
continues to gather scale and momentum across a growing number of
industrial applications. ITM Power is delighted to be in a prime
position to support these important transportation sectors as they
plan their transition to a greener vehicle fleet to reduce
emissions. Air quality and fossil fuel emissions is now a high
priority for governments worldwide."
For further information, please visit www.itm-power.com or
contact:
ITM Power plc
Graham Cooley, CEO +44 (0)114 244 5111
Investec Bank plc (Nominated Adviser and
Broker)
Jeremy Ellis / Chris Sim / Jonathan Wynn +44 (0)20 7597 5970
Tavistock (Financial PR and IR)
Simon Hudson / James Collins +44 (0)20 7920 3150
NOTES TO EDITORS
Emissions in transport
In the drive to reduce harmful emissions, governments worldwide
are now focusing on the heavy logistics industry, shipping and rail
transport.
Diesel vehicles produce high amounts of smog-forming nitrogen
oxide and particulate matter (soot) and diesel emissions in the
logistics industry cause more than US$20 billion in health impacts
each year, according to the American Lung Association. Transport
emissions are expected to double by 2050 according to OECD. In
California, the freight system is the single largest contributor of
diesel particulate matter and smog forming nitrogen-oxide emissions
in the state. The LA basin has the nation's highest ozone
pollution. At the ports of Los Angeles and Long Beach, under their
recently launched Clean Air Action Plan, up to $14 billion will be
spent under a new clean-air plan to eliminate diesel vehicles and
loading equipment by 2035 with zero and near-zero-emission
technology.
In shipping, large ocean-going ships tend to use bunker fuel
that can contain up to 3,500 times more sulphur than the diesel
used to fuel passenger cars. Shipping now accounts for 13% of
annual sulphur oxide emissions worldwide according to the
International Maritime Organization. New global rules for shipping
to cut sulphur pollution are due to come into force in 2020 but the
sulphur content of shipping fuel under the new regulations will
still be some 500 times higher than road diesel. Shipping is also
responsible for 15% of global NOx emissions, and 3% of CO(2)
emissions, which are expected to increase considerably in the next
30 years. Most of these emissions occur out to sea but ships in
seaports can be major polluters on land.
In rail transport, enclosed railway stations hosting diesel
trains pose a risk to passengers and workers, according to an
independent study by the University of Cambridge et al, published
in September 2015. For example, London Paddington, over a period of
five days, was found to be in breach of European limits regarding
nitrogen dioxide (NO(2) ) for outdoor air quality. Particulate
matter (PM2.5), sulphur dioxide (SO(2) ) and NO(2) concentrations
were also found to be much higher than on the busy Marylebone road
next door. Up to 70% of Paddington's trains are powered by diesel
engines with many of them old and thus exempt from the regulations
for modern diesel locomotives.
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 Group
currently has GBP23.54m of projects under contract and a further
GBP16.67m of contracts in the final stages of negotiation, totaling
GBP40.21m (subject to exchange rate variation).
www.itm-power.com
-ends-
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The company news service from the London Stock Exchange
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