ITM Power PLC Re Government Air Quality Plan, Pipeline Increase (1815M)
July 26 2017 - 9:25AM
UK Regulatory
TIDMITM
RNS Number : 1815M
ITM Power PLC
26 July 2017
26 July 2017
ITM Power plc
("ITM Power", the "Group" or "the Company")
Response to UK Government's Air Quality Plan
Significant Pipeline Increase
ITM Power (AIM: ITM), the energy storage and clean fuel company,
is pleased to note the planned publication by the UK Government of
a revised Air Quality Plan, under which, according to media
reports, it is proposed to ban the sale of petrol and diesel
passenger cars (including hybrids) by 2040.
The new UK Government Air Quality Plan that bans all new
non-zero emission passenger cars by 2040 represents an historic
first step towards cleaner and greener transport in the UK.
ITM Power calls on the UK Government to provide equivalent
financial support for fuel cell electric vehicles (FCEV)
infrastructure as it has already provided for plug-in battery
electric vehicle (BEV) infrastructure. Equivalent funding would
satisfy the UK Government's stated position of being technology
agnostic. The Company also calls on the Government to implement its
announced plan to provide 65 hydrogen refuelling stations across
the UK, to be operational by 2020. Current proposed levels of
funding for hydrogen infrastructure would not achieve OLEV's stated
target.
Significant pipeline increase, GBP6.57m in the last two
weeks
Separately, ITM Power announces a significant increase in its
order pipeline. The Company currently has GBP23.45m of projects
under contract and GBP11.89m of contracts in the final stages of
negotiation, totalling GBP35.34m (subject to exchange rate
variation). This constitutes an increase of GBP6.57m of contracts
in the final stages of negotiation since the last announcement on
11 July 2017.
For further information, please visit www.itm-power.com or
contact:
ITM Power plc
Graham Cooley, CEO +44 (0)114 244 5111
Investec Bank plc (Nominated Adviser and
Broker)
Jeremy Ellis / Chris Sim / Jonathan Wynn +44 (0)20 7597 5970
Tavistock
Simon Hudson / James Collins +44 (0)20 7920 3150
Why fund FCEV infrastructure
FCEVs have a number of advantages over the plug in battery
electric vehicle (BEV), although both are electric vehicles with
the key difference being the way that the energy is transferred to
the vehicle. BEVs store the energy in a battery; increased range
requires more batteries, which makes vehicles heavier and less
efficient. Increasing the range of a FCEV is achieved by making the
hydrogen tank bigger which has only a small effect on the weight.
The result is that hydrogen vehicles have a much longer range and
can also be easily configured for heavy duty vehicles such as buses
and haulage vehicles.
Refuelling time is also a key advantage of hydrogen electric
drivetrains. Most FCEVs can be refuelled in three minutes under the
SAE J2601 refuelling protocol. This allows for fuel forecourt
dispensing as refuelling takes a similar time to petrol and diesel.
Even with fast chargers, residing on forecourts for 30 minutes is
impractical and so charging (for passenger cars) is likely to be at
home, with limited range.
Perhaps the most significant potential future benefit of
hydrogen fuelled vehicles is the effect on our existing
infrastructure. Hydrogen produced by electrolysis (splitting water)
can be used to store renewable power and to balance the electricity
network (by using electrolysers that can be turned on and off
rapidly), providing sub-second grid balancing services. The energy
is, therefore, exported from the grid in a managed way by the grid
operators (at the right time) rather than by the car owner. This is
possible because hydrogen can be easily stored. In addition, the
electrolysers are connected on the UK's higher voltage network
which has overcapacity rather than plugging in BEVs on the low
voltage network (at home) which is extremely expensive to reinforce
because it is under the ground.
The efficiency and cost of electrolysis has also changed
markedly over the past few years as volumes have increased.
Electrolytic hydrogen made onsite now has cost parity with petrol
and diesel in many parts of the world including the UK.
Despite the advantages listed above, the Company recognises that
BEVs have a major role to play in cities to improve air quality and
where range considerations and recharging times are less important.
FCEVs however are the only currently available technology which can
cost effectively address larger vehicles such as delivery vans and
buses in city centres and long haul commercial vehicles throughout
the UK.
About ITM Power plc
ITM Power manufactures integrated hydrogen energy solutions
which are rapid response and high pressure that meet the
requirements for grid balancing and energy storage services, and
for the production of clean fuel for transport, renewable heat and
chemicals. ITM Power plc was admitted to the AIM market of the
London Stock Exchange in 2004. The Company received GBP4.9m as a
strategic investment from JCB in March 2015. The Company signed a
forecourt siting agreement with Shell in September 2015. The Group
currently has GBP23.45m of projects under contract and a further
GBP11.89m of contracts in the final stages of negotiation, totaling
GBP35.34m (subject to exchange rate variation).
www.itm-power.com
-ends-
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The company news service from the London Stock Exchange
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