ITM Power PLC US Collaboration Agreement with Iwatani
November 19 2019 - 2:01AM
RNS Non-Regulatory
TIDMITM
ITM Power PLC
19 November 2019
November 19, 2019
ITM Power plc
("ITM Power", "the Company" or "the Group")
ITM Power and Iwatani Corporation of America Establish US
Collaboration Agreement
ITM Power (AIM: ITM), the energy storage and clean fuel company,
and Iwatani Corporation of America ("ICA"), a wholly owned
subsidiary of Iwatani Corporation (8088: Tokyo Stock Exchange) are
pleased to announce that the two companies have signed a
collaboration agreement for the deployment of multi MW electrolyser
based hydrogen energy systems in North America.
ITM Power and ICA have a shared vision to reduce pollutants and
improve air quality by offering renewable hydrogen to the
transportation, energy storage and renewable energy sectors in
North America. The collaboration agreement enables the companies to
share opportunities and, where a commercial case exists, work
together on an exclusive basis to deploy ITM Power's world leading
PEM electrolysers and Iwatani's leading gas handling and deployment
solutions.
Particular areas of interest lie in the California hydrogen
refuelling station market and large-scale liquid and gaseous
renewable hydrogen production for domestic and export markets.
Joe Cappello, CEO Iwatani Americas, commented: "We are very
pleased to have signed this agreement and to be collaborating with
ITM Power to meet the needs of customers who have committed to
transitioning to low-carbon-intensity derived hydrogen as an energy
source. ITM Power's world leading electrolysers and Iwatani's
vision for growth in the North American green hydrogen market align
very well and we look forward to deploying projects together."
Dr Graham Cooley, CEO, ITM Power, added: "Iwatani Corporation is
a recognized leader in the hydrogen industry, and we are delighted
to be collaborating with the company in North America. Transport
refuelling is just the tip of the iceberg for demand for hydrogen
from renewable sources and this partnership will be well positioned
to participate in this exciting and rapidly growing industry."
For further information please visit www.itm-power.com or
contact:
ITM Power plc
Andy Allen, Finance Director +44 (0)114 244 5111
Iwatani Corporation of America jscappello@iwatani.com
Joe Cappello
Investec Bank plc (Nominated Adviser and
Broker)
Chris Sim / Jeremy Ellis +44 (0)20 7597 5970
Tavistock (Financial PR and IR)
Simon Hudson / Barney Hayward /Edward
Lee +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 October 2019, the Company announced the completion of a
GBP58.8 million fundraise, including a subscription by Linde of
GBP38 million, together with the formation of a joint-venture with
Linde to focus on delivering green hydrogen to large scale
industrial projects worldwide. 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, National Grid, Cadent, Northern
Gas Networks, Gasunie, RWE, Engie, BOC Linde, Toyota, Honda,
Hyundai and Anglo American among others.
About Iwatani Corporation's Commitment to Hydrogen
Since 1941, Iwatani has regarded hydrogen as the ultimate clean
energy source and has consistently engaged in initiatives to
encourage its widespread use. Under the corporate slogan "A world
where all enjoy true comfort -- this is Iwatani's desire," Iwatani
strives to solve environmental concerns with the aim of achieving a
carbon-free society through the use of hydrogen. In addition,
Iwatani is a Steering Member of the Hydrogen Council, a global
initiative of leading energy, transport and industry companies with
a united vision and long-term ambitions for hydrogen to foster the
energy transition. To stimulate new hydrogen demand, Iwatani is
developing hydrogen-refuelling stations with the aim of the
widespread distribution of fuel cell electric vehicles.
Relevant initiatives are being promoted in cooperation with
Japan H2 Mobility, which was established jointly by infrastructure
operators, automakers, financial investors and other stakeholders
as the driving force for developing hydrogen-refuelling stations.
Iwatani also participates in initiatives involving carbon-free
hydrogen, including a demonstration project for the production,
transportation and storage of large quantities of liquid hydrogen
in Australia and the Fukushima Plan for a New Energy Society, one
of the world's largest hydrogen production projects, using
renewable energy with zero CO2 emissions. Iwatani is an Executive
Board Member of the California Fuel Cell Partnership and Member of
the California Hydrogen Business Council.
Iwatani Corporation of America has corporate offices in Houston,
Texas, and Santa Clara, California.
For further information please visit www.iwatani.com
-ends-
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