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ITM Power Announces OLEV Award and Pipeline Update

By February 6, 2019

February 6, 2019

ITM Power (AIM: ITM), the energy storage and clean fuel company, is pleased to note the announcement from OLEV released yesterday, stating “In another boost for the zero emission vehicle and automotive sector, winners of a £14 million competition to fund hydrogen fuel cell vehicle and hydrogen refuelling infrastructure projects have also been announced. The innovative technology these vehicles use has long range (300+ miles) and fast refuelling (3-5 minutes) capability, and will support the Industrial Strategy Future of Mobility Grand Challenge to place the UK at the forefront of the design and manufacturing of zero emission vehicles.”

OLEV has awarded a consortium including ITM Power £3.1m of funding to deliver a 0.5 MW refuelling station and 51 Fuel Cell Electric Vehicles (FCEVs). ITM Power will receive £1.8m for the refuelling station. The station will be delivered in the next 12 months.

In total, ITM Power has won sales and project awards of £7.1m over the last eight weeks, bringing the contract backlog to a total of £35.7m, of which £23.2m is under contract and a further £12.5m is in the final stages of negotiation.

ITM Power continues to develop a suite of refuelling stations which will generate revenue from hydrogen sales.

ITM Power CEO, Dr Graham Cooley, said: “We welcome the continued commitment by OLEV to the rollout of hydrogen infrastructure in the UK and are delighted to be able to announce a major new station in the south of England which both provides fuel for vehicles but also backup capacity for our whole network. Today’s announcement of our pipeline numbers reflects very positive progress over the last two months.”

For further information please visit www.itm-power.com or contact:
ITM Power plc Andy Allen, Finance Director +44 (0)114 244 5111
Investec Bank plc (Nominated Adviser and Broker) Corporate Finance: Jeremy Ellis / Alexander Ruffman Corporate Broking: Chris Sim / Helene Comitis +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.

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