TIDMITM
ITM Power PLC
23 August 2019
23 August 2019
ITM Power plc
("ITM Power" or the "Company")
ITM POWER SECURES EQUIPMENT SALE TO BOC PROJECT IN AUSTRALIA
ITM Power (AIM: ITM), the energy storage and clean fuel company,
is pleased to note the announcements today by BOC and the
Australian Government via the Australian Renewable Energy Agency
("ARENA") of its support for a project for BOC to produce hydrogen
from renewable energy at its Bulwer Island gas facility in
Brisbane. ITM Power is supplying the 220kW electrolyser. The full
text of today's announcement by ARENA is set out below.
Support for renewable hydrogen production in Brisbane
The future of hydrogen as an alternate energy source continues
to develop under the Liberal National Government.
The Liberal National Government, with the Australian Renewable
Energy Agency (ARENA), is supporting gas company BOC to produce
hydrogen from renewable energy at its Bulwer Island gas facility in
Brisbane.
The pilot project will involve the installation of a 220 kW
electrolyser and a 100 kW solar array to produce up to 2400
kilograms of renewable hydrogen via electrolysis per month. The
project will utilise the existing industrial gas equipment and
infrastructure onsite.
The project also includes a vehicle refuelling station in
Brisbane. In addition to supplying BOC's existing industrial
customers, 50kg per day of renewable hydrogen will be produced by
BOC for the refuelling station.
The Government through ARENA has provided $950,000 in grant
funding towards the $3.1 million project.
By some estimates, global annual demand for hydrogen as an
energy source is expected to grow from around 1 million tonnes at
the present day, to around 35 million tonnes by 2040.
The development of large-scale hydrogen production, storage and
export facilities could deliver economic benefits to Australian
businesses and communities and provide reliable, affordable and low
emissions energy to overseas trading partners.
In December 2018, the COAG Energy Council, led by the Australian
Government, commissioned officials and the Chief Scientist to
develop a comprehensive and ambitious national strategy for the
development of an Australian hydrogen industry, to be delivered by
the end of 2019.
The National Hydrogen Strategy will examine the use of hydrogen
in exports, transport, and the gas distribution network, for
industrial users and to support electricity systems.
Hydrogen technology will help lower the cost of reducing
emissions, so that we can meet Australia's global climate
commitments without sending industries and jobs offshore.
Today's announcement builds on the more than $100 million the
Government has already invested in hydrogen projects around
Australia.
ITM Power Pty MD, Dr Neil Thompson, said: "This is a great
project for us and a chance to work closely with BOC, a company we
know well globally, in Australia. We are also pleased to note the
significant support being provided by the Government in Australia
for hydrogen projects."
John Evans, Managing Director BOC South Pacific said: "The
renewable hydrogen we produce will provide added environmental
value to our industrial customers and facilitate the introduction
of HFCEVs in Queensland, while supporting our own production
processes at Bulwer Island.
We look forward to working with ARENA and our other partners to
create new learning opportunities and build skills for a future
hydrogen industry - which are key priorities outlined in the
Queensland Hydrogen Industry Strategy and the upcoming National
Hydrogen Strategy."
ITM Power CEO, Dr Graham Cooley, said: "Australia really
appreciates the benefits that hydrogen can bring to reducing carbon
emissions. The country's National Hydrogen Strategy, due to be
unveiled at the end of this year shows serious joined-up thinking
about the role hydrogen can play in tackling climate change."
For further information please visit www.itm-power.com or
contact:
ITM Power plc (0)114
Graham Cooley, CEO +44 244 5111
Investec Bank plc (Nominated Adviser and Broker)
Jeremy Ellis / Chris Sim +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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END
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