ITM Power PLC EC Hydrogen Strategy Launched
08 July 2020 - 9:26PM
RNS Non-Regulatory
TIDMITM
ITM Power PLC
08 July 2020
8 July 2020
ITM Power plc
("ITM Power" or "the Company")
European Commission Announces Hydrogen Strategy, Energy Systems
Integration Strategy and Clean Hydrogen Alliance
ITM Power (AIM: ITM), the energy storage and clean fuel company,
notes the announcement today by the European Commission of its EU
Hydrogen Strategy and its Energy Systems Integration Strategy.
Later today a Clean Hydrogen Alliance between industry, hydrogen
companies and governments will also be launched. The Commission's
use of the term 'clean hydrogen' refers to renewable hydrogen,
which is defined as hydrogen production through water
electrolysis.
The announcement states:
"The priority is to develop renewable hydrogen, produced using
mainly wind and solar energy".
-- From 2020 to 2024, we will support the installation of at
least 6 gigawatts of renewable hydrogen electrolysers in the EU,
and the production of up to one million tonnes of renewable
hydrogen.
-- From 2025 to 2030, hydrogen needs to become an intrinsic part
of our integrated energy system, with at least 40 gigawatts of
renewable hydrogen electrolysers and the production of up to ten
million tonnes of renewable hydrogen in the EU.
-- From 2030 to 2050, renewable hydrogen technologies should
reach maturity and be deployed at large scale across all
hard-to-decarbonise sectors.
"To help deliver on this Strategy, the Commission is launching
today the European Clean Hydrogen Alliance with industry leaders,
civil society, national and regional ministers and the European
Investment Bank. The Alliance will build up an investment pipeline
for scaled-up production and will support demand for clean hydrogen
in the EU."
The full documents are available at:
https://ec.europa.eu/energy/sites/ener/files/hydrogen_strategy.pdf
https://ec.europa.eu/energy/sites/ener/files/energy_system_integration_strategy_.pdf
Commenting on the publication, ITM Power Chairman Sir Roger
Bone, said: " This is an unmistakable signal that the EU is
combining economic recovery stimulus with existing commitments to
climate change targets. I would very much hope that the EU ' s lead
will be followed by governments around the world as they come to
appreciate the power of renewables and hydrogen working together to
lower carbon emissions permanently."
Graham Cooley, CEO of ITM Power, said: " This is one of the
biggest moments for green hydrogen produced by electrolysis. The EC
' s target of at least 40GW of green electrolysis by 2030, which
complements the earlier commitments by the governments of Germany,
the Netherlands and Portugal for a total of 10GW, means green
hydrogen will take centre stage in the world ' s drive to
decarbonise. With our joint venture ITM Linde Electrolysis GmbH in
Dresden and with the capacity at our new factory opening later this
year in Sheffield, ITM Power is ready to respond to this huge
market opportunity."
RenewableUK CEO Hugh McNeal added: " Green hydrogen has a key
role to play alongside renewables in the transition to a net zero
energy system. RenewableUK and our members see enormous potential
for renewable hydrogen in the decarbonisation of industry, heating,
heavy transport and shipping, as well as offering a large-scale
energy storage solution. Renewable hydrogen is set to be a
game-changer for decarbonising our economy and, with the right
policies in place, the UK can be a world-leader in this
market".
For more information, please visit www.itm-power.com or
contact:
ITM Power plc (0)114 244 5111
Andy Allen, Finance Director
Investec Bank plc (Nominated Adviser
and Broker) (0)20 7597 5970
Chris Sim / Jeremy Ellis / Ben
Griffiths
Tavistock (Financial PR and IR) (0)20 7920 3150
Simon Hudson / Nick Elwes / Barney
Hayward
About ITM Power plc
ITM Power plc manufactures integrated hydrogen energy solutions
for grid balancing, energy storage and the production of renewable
hydrogen for transport, renewable heat and chemicals. ITM Power plc
was admitted to the AIM market of the London Stock Exchange in
2004. In October 2019, the Company announced the completion of a
GBP58.8 million fundraise, including a subscription by Linde of
GBP38 million, together with the formation of a joint-venture with
Linde to focus on delivering renewable hydrogen to large scale
industrial projects worldwide. ITM Power signed a forecourt siting
agreement with Shell for hydrogen refuelling stations in September
2015, (which was extended in May 2019 to include buses, trucks,
trains and ships) and in January 2018 a deal to deploy a 10MW
electrolyser at Shell ' s Rhineland refinery. ITM Power announced
the lease of the world ' s largest electrolyser factory in
Sheffield with a capacity of 1GW (1,000MW) per annum in July 2019.
Customers and partners include Sumitomo, Ørsted, Phillips 66,
National Grid, Cadent, Northern Gas Networks, Gasunie, RWE, Engie,
BOC Linde, Toyota, Honda, Hyundai and Anglo American among
others.
-ends-
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
NRAKKFBBDBKDQOK
(END) Dow Jones Newswires
July 08, 2020 07:26 ET (11:26 GMT)
Itm Power (LSE:ITM)
Historical Stock Chart
From Apr 2024 to May 2024
Itm Power (LSE:ITM)
Historical Stock Chart
From May 2023 to May 2024