ITM Power PLC Expansion of Presence in Germany (6056K)
December 17 2018 - 2:00AM
UK Regulatory
TIDMITM
RNS Number : 6056K
ITM Power PLC
17 December 2018
17 December 2018
ITM Power plc
("ITM Power", "the Company" or "the Group")
Expansion of Presence in the German Market
ITM Power (AIM: ITM), the energy storage and clean fuel company,
is pleased to announce that its German subsidiary, ITM Power GmbH,
has signed a lease on new larger premises to accommodate both
business development staff and technical support personnel. ITM
Power GmbH has been based near Frankfurt am Main since its
incorporation in July 2011 and will now occupy new premises in
Hungen, north of Frankfurt.
The new premises in Hungen will be the base for the existing
three staff as well as a number of new hires to support the
Company's growing operations in Germany. It will also provide a
base, for the first time, for technical staff engaged in supporting
the Group's projects in the important German market. These projects
include the 10MW green hydrogen refinery project with Shell, a
Power-to-Gas PEM electrolyser system being operated by Innogy, an
electrolyser system supplied to ZEAG Energie, housed in a
purpose-built building at a DLR site, as well as three other plants
in Germany and Holland. Key to operations in Germany will be a
store of strategic spares and the creation of an after-sales
support function which will be further enlarged as new contracts
are completed. ITM Power GmbH currently is responsible for
Maintenance Contracts of EUR33,000 per annum which will increase,
over the next year, to approximately EUR450,000 per annum as the
new projects are commissioned and fall under the after-sales
support provisions.
The technical sales and project management teams in Sheffield
have also recruited German personnel to optimise customer support
to the German speaking market and to streamline the tendering
process and design team liaison with Germany.
Commenting on the expansion, Calum McConnell, Geschäftsführer
(Managing Director), ITM Power GmbH said: "The German speaking
market for hydrogen energy systems is already very strong with many
new industrial players entering and actively engaging with ITM
Power GmbH. Recognising this positive trend - and because we are
building the world's largest PEM electrolyser in Germany - we now
feel able to justify significant expansion. I am confident about
our offering and its fit to the German market."
Commenting on the expansion, Graham Cooley, ITM Power's CEO,
said: "Germany, as an early adopter of hydrogen systems, has for
many years been an important market for ITM Power. Our scale of
operations there, existing and planned, means we are now taking the
natural step of adding technical staff alongside our business
development team. With the upward trend in the market, the general
acceptance across the political, energy and industrial landscape
that hydrogen will play a significant role in reducing CO2
emissions, it is the obvious time to expand our footprint in a
market that will remain key to our plans for growth."
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 / Alexander Ruffman +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 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. 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 National Grid, Cadent, Northern Gas
Networks, RWE, Engie, BOC Linde, Toyota, Honda, Hyundai, Anglo
American among others. www.itm-power.com
-ends-
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