ITM Power PLC Appointment of Non-executive Director (3490H)
03 December 2020 - 6:00PM
UK Regulatory
TIDMITM
RNS Number : 3490H
ITM Power PLC
03 December 2020
3 December 2020
ITM Power plc
("ITM Power" or "the Company")
Appointment of Tom Rae as Non-executive Director
ITM Power (AIM: ITM), the energy storage and clean fuel company,
is pleased to announce the appointment of Tom Rae, currently
Principal of Tom Rae Consulting, as a Non-executive director of the
Company with immediate effect. Until September 2019, Tom was Group
Director of Purchasing & Supply Chain and a member of the Group
Executive Committee at JCB. He replaces Bob Pendlebury who retired
from the Board in July 2020, as the representative of J.C.B.
Research Limited, a significant shareholder in ITM Power.
Tom began his career in 1983 as a Process Engineer with Uniroyal
Ltd, advancing to Manufacturing Manager in 1989. In 1992, Tom moved
to Germany to join Continental AG, one of the world's largest
automotive and industrial systems manufacturers, as European
Quality Systems Manager and was a member of the Manufacturing
Innovation Team, active in JV projects in Russia, South America and
India. He moved back to the UK in 1997 to lead Conti's UK
manufacturing operations.
In 2002, Tom returned to Germany as Senior Vice President of
Procurement Continental AG, reporting to the CEO, where he remained
until 2007 when he joined Japan's NSG Group as Chief Procurement
Officer and where he was a member of the Executive Committee. NSG
Group is a leading global manufacturer of glass technologies,
operating in the fields of automotive, technical (touch screen
displays, hybrid vehicle batteries and optoelectronics) and
architectural (buildings glass and solar panels).
Tom left NSG in 2014 to join JCB as Group Director of Purchasing
& Supply Chain and was a member of the Group Executive
Committee before setting up his own consultancy practice in late
2019. He holds a degree in chemistry from Heriot-Watt University,
Edinburgh and an MBA from Napier University, Edinburgh.
Sir Roger Bone, Chairman of ITM Power said: "On behalf of the
Board, I welcome Tom as a non-executive director. I am sure that
his experience and expertise in procurement will prove to be of
great benefit to the Company as we significantly increase
manufacturing capacity. Tom's worldwide experience will also bring
valuable insights to the Board to help us navigate international
markets for our products."
For further information, please visit www.itm-power.com or
contact:
ITM Power plc +44 (0)114 263 7646
Nicola Ham Edmonds (Head of Legal and Company
Secretary)
James Collins (IR)
Investec Bank plc (Nominated Adviser and
Broker) +44 (0)20 7597 5970
Jeremy Ellis / Chris Sim / Ben Griffiths
/ Will Fenby
Tavistock (Financial PR and IR) +44 (0)20 7920 3150
Simon Hudson / Edward Lee / Tim Pearson
Further regulatory disclosures
Other than as disclosed below, there are no further disclosures
to be made in accordance with AIM Rule 17 and paragraph (g) of
Schedule Two of the AIM Rules for Companies:
Name: Thomas Reid Rae; Age: 59;
Tom Rae is, or has during the last five years been, a director
or partner of the following companies and partnerships:
Current
Tom Rae Consulting Limited - November 2019 to date
Tom Rae does not currently hold any shares in the Company.
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
GBP 58.8 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. In November 2020, ITM Power
completed a GBP172m fund raise, including GBP30m from Snam, one of
the world's leading energy infrastructure operators. 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.
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