ITM Power PLC Fuel Contract with Arval
October 14 2016 - 2:00AM
RNS Non-Regulatory
TIDMITM
ITM Power PLC
14 October 2016
14 October 2016
ITM Power plc
("ITM Power" or "the Company")
ITM Power signs Fuel Contract with Arval
ITM Power (AIM: ITM), the energy storage and clean fuel company,
is pleased to announce that it has signed a fuel contract, selling
hydrogen at GBP10/kg, with Arval (BNP Paribas Group) a global
leader in car and van leasing. The contract covers fuel dispensed
across ITM Power's hydrogen refuelling network. The refuelling
network has been financially supported by Innovate UK, OLEV and FCH
JU. This follows the successful award of funding to Arval announced
by OLEV on 13 October under the FCEV Fleet Support Scheme.
Elliott Woodhead, SME & Partnerships Director at Arval,
commented: "As an innovative provider of car and van leasing
solutions for business it is vital that Arval is fully informed on
developments that might affect our customers both now and in the
future. Hydrogen has the potential to have a significant impact on
our market and we need to be fully prepared for this. In signing
this supply agreement with ITM Power we are pleased to be working
with the leading innovator in the development of Hydrogen
refuelling networks".
Dr Graham Cooley, CEO, ITM Power, commented: "We are extremely
pleased to be working with Arval in providing clean fuel for the
roll-out of fuel cell electric vehicles to the wider business
community. We look forward to supporting their fleets at our
hydrogen refuelling stations."
For further information, please visit www.itm-power.com or
contact:
ITM Power plc
Graham Cooley, CEO +44 (0)114 244 5111
Zeus Capital
Andrew Jones / Dan Bate / Hugh Kingsmill
Moore +44 (0)20 3829 5000
Tavistock
Simon Hudson / James Collins +44 (0)20 7920 3150
About Arval
Arval UK, part of the Arval Group, is a leader in the provision
of vehicle funding and fleet management solutions. Owned by BNP
Paribas, with substantial buying power, we have 40 years of
industry experience and fund more than 150,000 cars and vans.
Focused on service quality, Arval UK is a people-led company, with
specialist teams dedicated to businesses from start-ups to FTSE 100
companies. Arval continues to invest significantly in technology to
improve fleet efficiency and has a comprehensive range of products
and services covering funding solutions including contract hire,
vehicle maintenance, fuel management, accident management,
breakdown recovery, short and medium term hire, insured lease
vehicles, full outsourcing and consultancy services.
arval.co.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 GBP16.96m of projects under contract and a further
GBP2.19m of contracts in the final stages of negotiation, totaling
GBP19.15m, subject to exchange rate variation. ITM Power is a
founder member of the Social Stock Exchange.
www.itm-power.com
About Innovate UK
Innovate UK is the UK's innovation agency; working with people,
companies and partner organisations to find and drive the science
and technology innovations that will grow the UK economy. The
organisation works to determine which science and technology
developments will drive future economic growth; meet UK innovators
with great ideas in the fields we're focused on funding the
strongest opportunities; connect innovators with the right partners
they need to succeed help our innovators launch, build and grow
successful businesses. Since 2007 we have invested over GBP1.5
billion in innovation, matched by a further GBP1.5 billion in
partner and business funding. We have helped more than 5,000
innovative companies in projects estimated to add GBP7.5 billion to
the UK economy and create 35,000 extra new jobs.
About OLEV
The HRS Infrastructure Grants Scheme was launched on the 2nd
February 2015 by the Office for Low Emission Vehicles (OLEV) to
support roll out of hydrogen infrastructure networks in the UK with
the specific aim of encouraging the introduction of Hydrogen Fuel
Cell Electric Vehicles (FCEVs). The HRS Infrastructure Grants
Scheme will provided grant funding for selected infrastructure
projects seeding development of hydrogen for road transport in the
UK.
About FCH JU
The Fuel Cells and Hydrogen Joint Undertaking (FCH JU) is a
unique public private partnership supporting research,
technological development and demonstration activities in fuel cell
and hydrogen energy technologies in Europe. Its aim is to
accelerate the market introduction of these technologies, realising
their potential as an instrument in achieving a carbon-lean energy
system.
The three members of the FCH JU are the European Commission,
fuel cell and hydrogen industries represented by the NEW Industry
Grouping and the research community represented by Research
Grouping N.ERGHY.
-ends-
This information is provided by RNS
The company news service from the London Stock Exchange
END
NRAMMMMGLFMGVZM
(END) Dow Jones Newswires
October 14, 2016 02:00 ET (06:00 GMT)