ITM Power PLC British Columbia Hydrogen Feasibility Study
July 02 2019 - 02:00AM
RNS Non-Regulatory
TIDMITM
ITM Power PLC
02 July 2019
2 July 2019
ITM Power plc
("ITM Power" or "the Company")
Completion of the British Columbia Renewable Hydrogen
Feasibility Study
ITM Power, Mitsui, Chiyoda and BC Hydro in 300MW Power-to-Gas
study
ITM Power (AIM: ITM), the energy storage and clean fuel company,
is pleased to announce the completion of a techno-economic
feasibility study for the large-scale centralised production of
renewable hydrogen in the Province of British Columbia ("BC"). The
project, "Feasibility Study and Assessment of Centralized Renewable
Hydrogen Production in BC followed by a Pilot Plant Development",
was led by ITM Power with support from G&S Budd Consulting Ltd.
and partners Mitsui & Co., Chiyoda Corporation and BC Hydro. It
was funded by the BC Government.
The study commenced in April 2018 with the aim of examining the
potential for large-scale production of renewable hydrogen in BC,
which could be used domestically and for export to California and
Japan. BC brings a number of competitive advantages to the
establishment of a first-of-its-kind large renewable hydrogen
industry including the availability of renewable electricity, the
abundance of freshwater and the proximity of numerous production
sites to deep water harbours for the export of hydrogen to markets
in the United States and Asia. The study was based on using ITM
Power's state of the art PEM electrolyser technology and Chiyoda
Corporation's newly developed liquid organic hydrogen carrier,
SPERA Hydrogen.
The study analysed over 10 potential BC Hydro grid and private
wire connected locations for the practical installation and
operational business cases for up to 300MW of electrolysis paired
with the liquid organic hydrogen carrier technology. Demand for
hydrogen was analysed for the domestic market, to help BC meet the
goals of a new zero emission vehicle policy, and international
markets including large scale export to California and Japan.
The study highlighted a number of attractive opportunities which
provide the basis for BC to leverage its vast renewable electricity
generation capacity to become a world leader in the production and
export of renewable electrolytic hydrogen whilst providing
socio-economic benefits including business development and job
growth for local communities including the First Nations
people.
The results of the study will be used by ITM Power, Mitsui &
Co. and Chiyoda Corporation to consider the installation of a
facility in BC which has the potential to be the world's largest
hydrogen production facility.
Steve Jones, MD of ITM Power Inc. commented: "ITM Power is
pleased with the results of this feasibility study which highlights
the BC region as one of the world's best locations for the
generation and export of large-scale renewable hydrogen. The demand
for renewable hydrogen is growing around the world and we look
forward to continuing discussions on real world deployments."
Hon. Michelle Mungall, British Columbia Minister for Energy,
Mines and Petroleum Resources, added: "Government is taking bold
action to meet the climate targets set out in our world-leading
CleanBC plan. Producing and exporting made-in-BC hydrogen power is
an exciting opportunity to reduce greenhouse gas emissions, boost
our economy and create good clean energy jobs."
Hon. Bruce Ralston, British Columbia Minister for Jobs, Trade
and Technology, added: "Clean energy solutions like the possibility
of BC generated hydrogen, will help protect the global environment
while advancing our clean export priorities, which are crucial to
driving strong economic activity."
Mitsui & Co. commented: "Mitsui is increasingly interested
in the hydrogen industry particularly the opportunity to use
hydrogen as an alternative fuel suitable for export and import"
Chiyoda Corporation commented: "Transporting hydrogen using our
SPERA technology is simple and has the potential to scale to the
enormous volumes required for the global energy transition."
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 plc manufactures integrated hydrogen energy solutions
for grid balancing, energy storage and the production of green
hydrogen for transport, renewable heat and chemicals. ITM Power plc
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, which was extended in May 2019 to include buses,
trucks, trains and ships, 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 Ørsted, National Grid,
Cadent, Northern Gas Networks, Gasunie, RWE, Engie, BOC Linde,
Toyota, Honda, Hyundai, Anglo American among others.
-ends-
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