ITM Power PLC New Australian Subsidiary and MD, Contract Update (3988A)
December 28 2017 - 2:00AM
UK Regulatory
TIDMITM
RNS Number : 3988A
ITM Power PLC
28 December 2017
28 December 2017
ITM Power plc
("ITM Power" or the "Company")
Establishment of New Subsidiary of ITM Power in Australia and
Appointment of Neil Thompson as MD
Contract Update
ITM Power (AIM: ITM), the energy storage and clean fuel company,
is pleased to announce the formation of ITM Power Pty Ltd, a wholly
owned subsidiary incorporated in Australia to develop the market
for ITM Power's rapid response electrolyser technology. Dr. Neil
Thompson has been appointed Managing Director ("MD") of the newly
formed company. ITM Power is also pleased to announce membership of
Hydrogen Mobility Australia
(www.hydrogenmobilityaustralia.com.au).
About the Hydrogen Market in Australia
Australia is now the world's second-largest LNG exporter and is
building momentum to develop a similar export market for hydrogen.
The Australian Renewable Energy Agency (ARENA), an Australian
government agency established to accelerate Australia's shift to
secure, affordable and reliable renewable energy, announced in May
2017 that exporting renewable energy (in the form of hydrogen,
ammonia or embodied in processed raw materials), will form one of
its four core investment priorities.
Gas Vision 2050, a report published by gas industry stakeholders
in Australia, this year, highlighted the enormous potential of the
gas network for energy storage, noting "Australia's gas
infrastructure can store the same amount of energy as 6 billion
(13.5kWh) Powerwall batteries." Converting the unused energy
generated by renewables into hydrogen by power to gas technology
thereby avoids the cost of new batteries.
On 8 September 2017 the South Australian Government announced A
Hydrogen Roadmap for South Australia, where Jay Weatherill, the
Premier of South Australia said "This nation-leading strategy sets
out clear pathways to capitalise on South Australia's competitive
advantages and accelerate the State's transition to a clean, safe
and sustainable producer, consumer and exporter of hydrogen." The
South Australian 2017-2018 State Budget has already taken the first
steps towards accelerating the take-up of hydrogen as an
alternative transport fuel with the creation of a A$150m Renewable
Energy Fund that can provide loans and grants to eligible projects
including hydrogen storage, with a further A$8.2m allocated to the
first stage of the Hydrogen Roadmap that will fund a trial of six
hydrogen fuel cell buses for use by Adelaide Metro, as well as the
supporting hydrogen production and refuelling infrastructure."
About Dr. Neil Thompson
Dr. Neil Thompson is an experienced Executive Director who prior
to joining ITM Power was Managing Director / Principal Risk
Mitigation Consultant at Pine River Business Planning as a Member
of the Institute of Management Consultants servicing the consulting
engineering and clean technology sectors. Neil started his career
as an electrical engineering cadet in the Australian power industry
in the 1980s before moving to radiation processing systems for the
aerospace and automotive industries across the Americas, Europe and
the APAC region. Neil was National Manager- Renewable Energy
Systems at Yuasa Corporation; European Union Business Manager-
Automotive at EGR Group and Asia Pacific Business Manager-
Radiation Systems at Iwasaki Electric Corporation. In 2003 he
established a private strata energy company, Silver Energy Pty Ltd
that was then sold to the listed construction company, Devine
Limited. Neil holds a PhD in systems engineering from QUT, a
Master's Degree in Business Administration from USQ and an
Associate Diploma in Electrical Power Engineering from the
Queensland Institute of Technology (now QUT).
Contract update
The Company currently has GBP31.2m of projects under contract
and a further GBP10.5m of contracts in the final stages of
negotiation constituting a total of GBP41.7m (across all
geographies), subject to exchange rate variations.
ITM Power CEO, Dr Graham Cooley, said: "We are delighted to
announce the formation of ITM Power Pty Ltd and the appointment of
Dr Neil Thompson as the MD of the newly formed company. Australia
is an exciting new market for green hydrogen production and we are
delighted to make this important first step to allow ITM Power to
capitalise on the significant growth opportunities and accelerating
momentum in the hydrogen sector in Australia."
ITM Power Pty Ltd MD, Dr Neil Thompson, said: "I have been
collaborating with ITM Power to develop a market entry strategy for
Australia for a number of months, having first interacted with the
Company ten years ago. I am therefore delighted to be appointed as
MD of the newly-formed Australian subsidiary and I look forward to
developing the business in this exciting new market."
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 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. Additional customers include National
Grid, RWE, Engie, BOC Linde, Toyota, Honda, Hyundai, Anglo American
among others. The Company currently has GBP31.2m of projects under
contract and a further GBP10.5m of contracts in the final stages of
negotiation constituting a total of GBP41.7m, subject to exchange
rate variations.
www.itm-power.com
-ends-
This information is provided by RNS
The company news service from the London Stock Exchange
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