ITM Power PLC Planned Board Change (4051Z)

TIDMITM

RNS Number : 4051Z

ITM Power PLC

14 September 2022

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

ITM Power PLC

("ITM Power" or the "Company")

Planned Board Change

ITM Power (AIM: ITM) announces that Dr Graham Cooley has decided to step aside from his position as CEO of the Company after 13 years in post, during which time he has led the Company through very significant growth and development. The Company has commenced a process to select a new CEO. Dr Cooley will remain in position until a successor is appointed, and thereafter assume a senior strategic role in the Company, reporting to the Chairman and the new CEO. The Company wishes to place on record its enormous gratitude and respect for Dr Cooley's leadership over the years. The Board is delighted that the Company will continue to benefit from his immense experience and expertise in the hydrogen sector.

Dr Graham Cooley said: "It has been a privilege to lead ITM Power through its transition from an R&D business to a world leading electrolyser manufacturing company. As we seek to become a global manufacturing powerhouse, now is a good time for me to step aside and hand over to someone with more experience in this area.

"The whole team at ITM Power has been a pleasure to work with and I look forward to working with a new CEO and continuing my involvement with the Group."

Sir Roger Bone, Chairman of ITM Power said in response : "Graham's contribution to this Company's growth, over many years, is immeasurable. We are pleased that he has agreed to remain with the Company in a strategic role so that we may continue to benefit from his knowledge, wisdom, experience and relationships.

"On behalf of the Board, all of ITM Power's staff and shareholders, I thank him for his efforts and vision in helping to create the business we are today."

For further information please visit www.itm-power.com or contact:

 
ITM Power PLC 
 Helen Baker, Company Secretary 
 James Collins & Justin Scarborough, 
 Investor Relations                         +44 (0)114 244 5111 
Investec Bank plc (Nominated Adviser 
 and Broker) 
 Jeremy Ellis / Chris Sim / Ben Griffiths   +44 (0)20 7597 5970 
Tavistock (Financial PR and IR) 
 Simon Hudson / Tim Pearson / Charles 
 Baister                                    +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 renewable hydrogen for transport, renewable heat and chemicals. ITM Power PLC was admitted to the AIM market of the London Stock Exchange in 2004.

ITM Power operates from the world's largest electrolyser factory in Sheffield with a capacity of 1 GW (1,000 MW) per annum and has an ambition to grow capacity in line with demand to 5 GW per annum, supported by a GBP250m equity raise in Q4 2021. Partners include Linde, Shell, Snam, and Vitol among others.

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