TIDMITM
RNS Number : 3248J
ITM Power PLC
29 March 2018
29 March 2018
ITM Power plc
("ITM Power" or the "Company")
Study to evaluate the large scale production and use of
renewable hydrogen in British Columbia and its export to Japan and
California
ITM Power (AIM: ITM), the energy storage and clean fuel company,
is pleased to announce the award of a grant from the British
Columbia Government Ministries of Energy, Mines and Petroleum
Resources and Jobs, Trade and Technology to undertake a
Power-to-Gas (P2G) feasibility study.
In the initial phase of the project, ITM Power will undertake a
techno-economic feasibility study for the large scale centralized
production of renewable hydrogen in the province of British
Columbia (B.C.). Although the initial contract value of the
feasibility study is relatively small, the project has the
potential to be one of the largest of its kind globally, with total
hydrogen electrolysis capacity of up to 300MW under considertion,
to be used to supply both domestic and international export demand.
Although currently, this project does not sit within ITM Power's
opportunity pipeline, assuming a positive economic result of the
feasibility study, a pilot plant will be considered for
construction. Once fully financed, the contract value of the pilot
plant will be added to ITM Power's opportunity pipeline. The
project team includes ITM Power, Chiyoda Corporation, Mitsui &
Co., Ltd. and G&S Budd Consulting Ltd. The project is due to
commence in Q2 2018 and has a duration of 12 months.
There is a growing demand for hydrogen in parts of the world
that are leading the transition away from conventional energy
sources to renewable, clean energy for both motive and stationary
power applications. British Columbia's grid is one of the cleanest
in the world in terms of carbon emissions, with 92% of the power
generated by hydro, and has competitive electricity rates. This
positions B.C. as a strong candidate for production of renewable
hydrogen generated via electrolysis.
Steve Jones, Managing Director of ITM Power Inc., commented:
"ITM Power's technology is available today at the multi-MW level
for utility customers. We are excited to be working with British
Columbia and our other world leading partners to investigate the
huge potential of large scale renewable hydrogen production, in a
project that further endorses ITM Power's product strength and
operational capability."
Dr. Graham Cooley, CEO of ITM Power plc commented: "This
exciting project is another example, not only of the recognition
and attention that the potential of hydrogen energy storage is
attracting internationally, but also of ITM Power's global market
leading technology and expertise necessary to support projects at
this scale. This project also highlights the potential scale of ITM
Power's addressable markets, the significant potential that sits
behind our stated opportunity pipeline, and the cautious yet
rigorous methodology we apply in calculating this figure. We look
forward to working with our international partners to deliver a
successful outcome for the project."
Michelle Mungall, British Columbia's Minister of Energy, Mines
and Petroleum Resources, said: "This technology has the potential
to make British Columbia a major player in the worldwide hydrogen
economy. This project is a clear indicator that, as we move toward
a strong, sustainable energy future, B.C.'s renewable and
innovative clean energy resources make us an attractive destination
for global investment."
For further information please visit www.itm-power.com or
contact:
ITM Power plc
Andy Allen, CFO +44 (0)114 244 5111
Investec Bank plc (Nominated Adviser and
Broker)
Corporate Finance: Jeremy Ellis / Jonathan
Wynn
Corporate Broking: Chris Sim / Rob Baker +44 (0)20 7597 5970
Tavistock (Financial PR and IR)
Simon Hudson / James Collins +44 (0)20 7920 3150
About ITM Power
ITM Power manufactures integrated hydrogen energy solutions for
grid balancing, energy storage and the production of green hydrogen
for transport, renewable heat and chemicals. ITM Power was admitted
to the AIM market of the London Stock Exchange in 2004. In
September 2017 the Company announced the completion of a GBP29.4m
working capital fundraise. The Company signed a forecourt siting
agreement with Shell for hydrogen refuelling stations in September
2015 and subsequently a deal to deploy a 10MW electrolyser at
Shell's Rhineland refinery. Additional customers include National
Grid, RWE, Engie, BOC Linde, Toyota, Honda, Hyundai, Anglo American
among others. The Company currently has GBP33.3m of projects under
contract and a further GBP5.5m of contracts in the final stages of
negotiation constituting a total of GBP38.9m, subject to exchange
rate variations.
About Chiyoda Corporation
Chiyoda Corporation is an engineering firm headquartered in
Japan that has developed and owns a technology of Liquid Organic
Hydrogen Carrier (LOHC) which enables the storage and
transportation of hydrogen under ambient temperature and pressure
while utilizing existing oil infrastructure.
About Mitsui & Co., Ltd.:
Mitsui is one of the most diversified and comprehensive trading,
investment and service enterprises in the world, with 138 offices
in 66 countries as of Mar, 2018. Utilizing our global operating
locations, network and information resources, Mitsui is
multilaterally pursuing business that ranges from product sales,
worldwide logistics and financing, through to the development of
major international infrastructure and other projects in the
following fields: Iron & Steel Products, Mineral & Metal
Resources, Infrastructure Projects, Integrated Transportation
Systems, Chemicals, Energy, Food, Food & Retail Management,
Healthcare & Service, Consumer Business, IT & Communication
Business, Corporate Development Business. Mitsui is actively taking
on challenges for global business innovation around the world.
In addition, as part of efforts to achieve a low-carbon society,
Mitsui is actively involved in environmental and renewable energy
businesses including the creation of hydrogen supply chain
system.
About British Columbia's Ministry of Energy, Mines and Petroleum
Resources:
The Ministry of Energy, Mines and Petroleum Resources is
responsible for British Columbia's electricity, alternative energy,
oil, natural gas and related infrastructure, and the province's
mining and mineral exploration sectors. These sectors are made up
of diverse interests that explore for and produce oil, natural gas,
coal and other valuable minerals and that develop electricity
generation, transmission and distribution infrastructure, clean or
renewable energy sources, including biomass, biogas, hydrogen,
geothermal, hydro, solar, ocean, wind and low-carbon transportation
fuels, and advance energy efficiency. Through teamwork and positive
working relationships with its clients and stakeholders, the
ministry facilitates thriving, safe, environmentally responsible
and competitive natural gas, oil, energy and mining sectors in
order to create jobs and economic growth in communities across the
province.
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The company news service from the London Stock Exchange
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