ITM Itm Power Plc

TIDMITM

RNS Number : 8292S

ITM Power PLC

14 March 2023

14 March 2023

ITM Power PLC

("ITM Power", "ITM" or the "Company")

Expanding test capacity

ITM Power has signed an agreement with Power On Connections Ltd, a leading expert in utilities connections, to increase ITM's power supply at Bessemer Park by 300% from 7.5 to 30 megavolt amperes (MVA) by the end of 2024. This additional power supply will enable ITM Power to significantly increase product testing aligned with our growth ambitions.

As a first step towards a larger testing capacity, ITM Power has increased the Company's power supply by 50% from 5 to 7.5MVA. This power upgrade is available with immediate effect and allows testing of two 2 MW modules simultaneously.

Dennis Schulz said: "As part of our 12-month plan, in January I stated our intention to increase testing capacity in order to satisfy our project delivery needs. Today's announcement is an important step to de-bottlenecking our manufacturing output and an important enabler for scaling production."

For further information please visit www.itm-power.com or contact:

 
 ITM Power PLC 
 James Collins, Investor Relations          +44 (0)114 551 1205 
  Justin Scarborough, Investor Relations     +44 (0)114 551 1080 
 
 Investec Bank plc (Nominated Adviser 
  and Broker)                               +44 (0)20 7597 5970 
 James Rudd / Chris Sim / Ben Griffiths 
 
 Tavistock (Financial PR and IR)            +44 (0)20 7920 3150 
 Simon Hudson / Tim Pearson / Charlie 
  Baister 
 

About ITM Power PLC:

ITM Power was founded in 2000 and ITM Power PLC was admitted to the AIM market of the London Stock Exchange in 2004. Headquartered in Sheffield, England, ITM Power designs and manufactures electrolysers based on proton exchange membrane (PEM) technology to produce green hydrogen, the only net zero energy gas, using renewable electricity and water.

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