ITM Itm Power Plc

TIDMITM

RNS Number : 8496X

ITM Power PLC

10 January 2022

10 January 2022

ITM Power PLC

("ITM", "ITM Power", the "Group" or the "Company")

Grant Award in Germany for SINEWAVE Project

ITM Power is pleased to announce that its wholly owned subsidiary, ITM Power GmbH, has been approved for a EUR1.95m award for the SINEWAVE project, as part of the German Federal Ministry of Education and Research's (BMBF) hydrogen flagship project H2Giga that focusses on technology development for series production and industrialisation of electrolysis systems. The project runs to March 2025 and is the first time ITM Power has accessed German Federal funding.

The SINEWAVE project brings together necessary scientific and technical skills to close research gaps in the field of series production of electrolysis systems. The research project is dedicated to the exploration of process engineering, materials science and digital sub-disciplines in order to make a significant contribution to the construction of efficient integrated large-scale proton-conducting membrane (PEM) electrolysis systems that will be able to produce large quantities of green hydrogen cost-effectively in the future. The project therefore contributes to the realisation of decarbonisation in German industry.

The consortium partners are:

   --   Linde GmbH (project coordinator) 
   --   ITM Linde Electrolysis (ILE) GmbH, 
   --   ITM Power GmbH, 
   --   Helmholtz-Zentrum Dresden Rossendorf, Institute of Fluid Dynamics 
   --   Technical University of Dresden, Institute of Process Engineering and Environmental Technology 
   --    Technical University of Munich, Institute of Plant and Process Technology 

ITM Power GmbH will focus on the following key aspects:

- Education and training of experts in the field of installation, maintenance and operation of efficient large-scale electrolysers

- Researching safety training programs for customers and technical personnel to ensure safe plant operations

- Developing live monitoring and reporting of operational electrolyser systems

- Development of improved reliability, availability & maintenance systems for electrolysers

- Developing a robust supply chain for large scale deployments

Dr Graham Cooley, CEO of ITM Power, said: "Our German subsidiary and its management team has embedded itself in that country's hydrogen discussions and debates. Our participation in the Federally funded SINEWAVE project provides an endorsement of our place in Germany's hydrogen strategy. I congratulate the team at ITM Power GmbH."

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

 
 ITM Power plc 
 James Collins, Investor Relations          +44 (0)114 551 1205 
  Justin Scarborough, Investor Relations     +44 (0)114 551 1080 
 
 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 / David Cracknell 
  / Tim Pearson 
 

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. In October 2019, the Company announced the completion of a GBP58.8m fundraising, including an investment by Linde of GBP38m, together with the formation of a joint venture to deliver renewable hydrogen to large-scale industrial projects worldwide. In November 2020, ITM Power completed a GBP172m fundraising, including a GBP30m investment by Snam, one of the world's leading energy infrastructure operators. In January 2021, the Company received an order for the world's then largest PEM electrolyser of 24MW from Linde. In October 2021, the Company, with Linde, announced the deployment of a 100MW electrolyser at Shell's Rhineland refinery, following the start-up of an initial 10MW facility at the site. In November 2021, ITM Power raised GBP250m to accelerate expansion.

ITM Power operates from the world's largest electrolyser factory in Sheffield with a capacity of 1GW (1,000MW) per annum, with the announced intention to build a second UK Gigafactory in Sheffield with a capacity of 1.5GW expected to be fully operational by the end of 2023. The Group's first international facility, expected to have a capacity of 2.5GW per annum, is intended to be operational by the end of 2024, bringing total Group capacity to 5GW per annum. 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.

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