ITM Power PLC Shell Collaboration Agreement (1191Y)
07 May 2019 - 4:01PM
UK Regulatory
TIDMITM
RNS Number : 1191Y
ITM Power PLC
07 May 2019
7 May 2019
ITM Power plc
("ITM Power" or "the Company")
Shell Collaboration Agreement
ITM Power (AIM: ITM), the energy storage and clean fuel company,
is pleased to announce the extension of the UK refuelling
collaboration agreement with Shell, which was originally announced
on 10 September 2015. The new agreement will run until 2024, and
covers the refuelling of all types of hydrogen vehicles; from
passenger cars to commercial vehicles, including buses, trucks,
trains and ships.
Current and planned Shell and ITM Power UK refuelling
stations:
Currently ITM Power operates two hydrogen refuelling stations
(HRS) at Shell service stations at both Shell Cobham on the M25 and
Shell Beaconsfield on the M40. Four further HRS are funded. The HRS
at Shell Gatwick is under construction and will be opened later
this year; Shell Derby will also follow in 2019, with two further
London stations also planned. The UK hydrogen refuelling station
network has been jointly funded by the UK's Office for Low Emission
Vehicles and the Fuel Cells and Hydrogen Joint Undertaking.
Commenting on the agreement, Mike Copson, Shell Hydrogen said:
"Shell has been working with ITM Power over the last three years to
deliver hydrogen refuelling to our customers in the UK. The
successes we have achieved at Shell Cobham and Shell Beaconsfield
are a strong step toward making Hydrogen a convenient and viable
fuel choice, and we look forward to continuing to expand the UK's
developing network."
Dr Graham Cooley, CEO, ITM Power, commented: "We are delighted
to announce our continued collaboration with Shell. We have been
working together since 2015 and have developed a trusted
partnership that forms a solid basis to expand in the UK and
worldwide. I look forward to updating the market with further news
as it arises."
For further information please visit www.itm-power.com or
contact:
ITM Power plc
Andy Allen, Finance Director +44 (0)114 244 5111
Investec Bank plc (Nominated Adviser and
Broker)
Chris Sim / Jeremy Ellis +44 (0)20 7597 5970
Tavistock (Financial PR and IR)
Simon Hudson / Nick Elwes / Barney Hayward +44 (0)20 7920 3150
About ITM Power plc:
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. The company entered into a Strategic
Partnership Agreement with Sumitomo Corporation in July 2018 for
the development of multi-megawatt projects in Japan. Additional
customers and partners include National Grid, Cadent, Northern Gas
Networks, RWE, Engie, BOC Linde, Toyota, Honda, Hyundai, Anglo
American among others.
About Shell:
Shell is a global group of energy and petrochemical companies
with an average of 86,000 employees in more than 70 countries. We
use advanced technologies and take an innovative approach to help
build a sustainable energy future. In the UK, Shell has played a
vital role in powering the industry, transport systems and homes
for over 120 years. Over the past 20 years Shell has embarked on
several initiatives to encourage the adoption of hydrogen electric
energy as a transport fuel. In addition to two hydrogen sites in
the UK, Shell is also a founding member of the UK North West
Hydrogen Alliance.
About OLEV:
The Office for Low Emission Vehicles (OLEV) is a team working
across government to support the early market for ultra-low
emission vehicles (ULEV). We are providing over GBP900 million to
position the UK at the global forefront of ULEV development,
manufacture and use. This will contribute to economic growth and
will help reduce greenhouse gas emissions and air pollution on our
roads.
About FCHJU:
The Fuel Cells and Hydrogen Joint Undertaking 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; the fuel cell
and hydrogen industries, represented by Hydrogen Europe; and the
research community, represented by research grouping Hydrogen
Europe Research.
-ends-
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END
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