TIDMITM
RNS Number : 3272X
ITM Power PLC
04 May 2021
4 May 2021
ITM Power plc
("ITM Power", "the Group" or the "Company")
ITM Motive Becomes a Separate Limited Company
Group refuelling assets, resources and personnel transferred
ITM Power (AIM: ITM), the energy storage and clean fuel company,
announces the establishment of ITM Motive Limited ("ITM Motive"),
registered in England with company number 13290733, as a separate,
wholly owned subsidiary of ITM Power PLC. All English refuelling
assets owned by ITM Power (Trading) Limited have been transferred
to ITM Motive, and resources and personnel have been transferred to
ITM Motive, which was set up as a division in 2020 with the
appointment of Dr Duncan Yellen as Managing Director.
"Forming ITM Motive into a separate legal entity gives us the
agility to form flexible business plans for our new builds as we
look to scale up to cater for fleets of commercial and municipal
vehicles", said Duncan Yellen, Managing Director of ITM Motive. "We
look forward to creating new partnerships and developing new
investment models as we take our portfolio of hydrogen refuelling
stations to the next level to meet demand from the exciting range
of new hydrogen vehicles that are set to enter the UK market over
the next year."
ITM Motive owns and operates a portfolio of 12 Hydrogen
Refuelling Station (HRS) assets, eight of which are currently
commissioned with a further four in build or funded, making it the
largest operator of HRS in the UK. The portfolio has a total
hydrogen generation capacity of 3.1 tonnes per day and a dispensing
capacity of 7.8 tonnes per day which at full capacity and today's
hydrogen fuel prices would produce annual revenues of GBP9.27m.
The new board is Chaired by Sir Roger Bone with Dr Duncan Yellen
(Managing Director), Dr Graham Cooley, Dr Rachel Smith, Dr Simon
Bourne and Andy Allen as Executive Directors.
ITM Motive has 13 staff in total, with four new team members
joining in the next two months. The company is based in Sheffield
at Shepcote Enterprise Park. ITM Trading has entered into a
transitional services agreement to provide ITM Motive with
corporate support services as ITM Motive focuses on business
development opportunities and partnerships, as well as optimising
operations and financial performance and managing after-sales
support. ITM Motive expects to rapidly grow its network of
refuelling stations in the UK and is already talking to potential
partners which could provide investment, complementary engineering
skills and access to markets.
For the last 10 years, the Group has been at the heart of the
process to develop and set safety and technical standards in the UK
as well as more widely in the EU. ITM Motive will take over the
Group's responsibility for involvement in important European
projects and UK and international committees relating to
compliance, safety standards and technical developments in hydrogen
refuelling stations.
These projects include: PRHYDE, a Fuel Cell and Hydrogen 2 Joint
Undertaking ("FCH2 JU") project looking at developments needed for
refuelling medium and heavy duty hydrogen vehicles including rail
and maritime; MetroHyVe, an EMPIR project, focused on metrology for
HRS to support flow metering, hydrogen quality control (including
sampling at HRS and inline sensors) and hydrogen fuel cell impurity
testing, and; MultHyFuel another FCH2 JU project progressing safety
and permitting for hydrogen in multifuel retailing.
ITM Power is the UK lead expert to International Standards
Organisation (ISO) Technical Committee (TC) 197 developing
standards and technical guidance for hydrogen technologies,
including electrolysers and hydrogen refuelling stations, and the
UK lead expert to the Comité Européen de Normalisation (CEN) TC 268
WG5, preparing standards harmonised to the European Directive
2014/94/EU on alternative fuels infrastructure. The Group also
chairs the British Standards Institute (BSI) committee PVE/3/8 that
contributes to these international committees and is secretary of
the British Compressed Gases Association (BCGA) technical
sub-committee (TSC) 9 developing UK national standards relating to
alternative fuels.
In addition, ITM Power chairs the FCH JU Regulation Codes and
Standards (RCS) Strategy Coordination Group (SCG), is an active
member of the SAE FCEV Interface Task Force and the CEN/CENELEC
Sector Forum Energy Management (SFEM) Working Group Hydrogen and
CEN/CENELEC JTC6 on Hydrogen in Energy Systems.
Duncan Yellen, Managing Director of ITM Motive, said: "ITM Power
is embedded in the development and setting of technical and safety
standards in the UK and the EU. ITM Motive will now take over the
Group's responsibilities in this area, positioning us at the heart
of the hydrogen transport industry as it develops."
Graham Cooley, CEO, ITM Power Plc and a Director of ITM Motive
added: "We are delighted to see ITM Motive leave the nest as a
separate limited company. I am sure that the company with Duncan's
leadership team will be able to drive the business forward and that
its enhanced visibility will help to win new customers and
establish new partnerships."
Sir Roger Bone, Chairman of ITM Power PLC and of ITM Motive
commented: "This is the right move for ITM Motive and one that we
believe will deliver significant value for ITM Power shareholders
in due course."
For further information please visit www.itm-power.com or
contact:
ITM Power plc +44 (0)114 551 1205
James Collins, Investor Relations
Investec Bank plc (Nominated Adviser
and Broker) +44 (0)20 7597 5970
Jeremy Ellis / Chris Sim / Ben
Griffiths
Tavistock (Financial PR and IR) +44 (0)20 7920 3150
Simon Hudson / Edward Lee / Tim
Pearson
About ITM Power plc:
ITM Power plc manufactures integrated hydrogen energy solutions
for grid balancing, energy storage and the production of renewable
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 fundraising, including an investment by Linde of
GBP38 million, together with the formation of a joint venture with
Linde to focus on delivering renewable hydrogen to large-scale
industrial projects worldwide. ITM Power signed a deal to deploy a
10MW electrolyser at Shell's Rhineland refinery. In November 2020,
ITM Power completed a GBP172m fundraising, including a GBP30m
investment by Snam, one of the world's leading energy
infrastructure operators. ITM Power operates from the world's
largest electrolyser factory in Sheffield with a capacity of 1GW
(1,000MW) per annum. ITM Power received an order for the world's
largest PEM electrolyser of 24MW from Linde in January 2021. Other
customers and partners include Sumitomo, Ørsted, Phillips 66,
Scottish Power, Siemens Gamesa, Cadent, Northern Gas Networks,
Gasunie, RWE, Engie, GNVert, National Express, Toyota, Hyundai and
Anglo American among others.
About PRHYDE:
PRHYDE is an EU project, funded by the FCH2 JU under the Horizon
2020 programme, looking at the current and future developments
needed for refuelling medium and heavy duty hydrogen vehicles,
predominantly road vehicles, but also other applications such as
rail and maritime. The PRHYDE partners are: ITM Power, ENGIE,
Shell, Air Liquide, Toyota Motor Europe, NEL, Nikola, CEA, LBST,
MAN and ZBT.
About MetroHyVe2:
"Metrology for Hydrogen Vehicles 2" (MetroHyVe 2), funded by the
EMPIR programme co-financed by the Participating States and from
the European Union's Horizon 2020 research and innovation
programme, continues the work of the first MetroHyVe project, with
the following objectives: improving accuracy of flow metering of
dispensed hydrogen, providing reference materials for compliance of
dispensed hydrogen with hydrogen quality and quality control
standards, progressing sampling of hydrogen from HRS, validation of
online sensors and providing a methodology for evaluation of the
impact of impurities on FC stacks. The MetroHyVe2 partners are:
NPL, Sintef, RISE, VTT, CEA, METAS, ZBT, ITM Power, Air Liquide,
Linde, NEL, ENGIE, Empa, EMCEL, BEV/PTP, Justervesenet and
Toyota.
About MultHyFuel:
Funded by the FCH2 JU, the goal of MultHyFuel is to contribute
to the effective deployment of hydrogen as an alternative fuel by
developing a common strategy for implementing hydrogen refuelling
stations in multi-fuel contexts, contributing to the harmonization
of existing laws and standards based on practical, theoretical and
experimental data as well as on the active and continuous
engagement of key stakeholders. The MultHyFuel partners are:
Hydrogen Europe, Air Liquide, ENGIE, HSE, INERIS, ITM Power, Kiwa,
Shell, ZSW and Snam.
-ends-
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
UPDUPUMGAUPGGQW
(END) Dow Jones Newswires
May 04, 2021 02:00 ET (06:00 GMT)
Itm Power (LSE:ITM)
Historical Stock Chart
From Apr 2024 to May 2024
Itm Power (LSE:ITM)
Historical Stock Chart
From May 2023 to May 2024