ITM Power PLC Gigastack Testing Platform UK Government Contract (1091M)
May 19 2022 - 5:10AM
UK Regulatory
TIDMITM
RNS Number : 1091M
ITM Power PLC
19 May 2022
19 May 2022
ITM Power plc
("ITM Power", "the Group" or the "Company")
Award of UK Government Contract to Develop 5 MW Gigastack
Testing Platform
ITM Power (AIM: ITM), the energy storage and clean fuel company,
announces that the Company has been awarded a contract by The
Department for Business, Energy and Industrial Strategy (BEIS),
under its Net Zero Innovation Portfolio Low Carbon Hydrogen Supply
2 Competition, to accelerate the commercial deployment of ITM
Power's 5 MW Gigastack platform and its manufacture. The award for
the Gigatest project is for GBP9.3m and follows initial designs
developed through previous BEIS funding competitions.
The 5 MW Gigastack platform sits at the heart of the Group's
technology roadmap. Development commenced in 2019 with the
completion of a feasibility study funded by the BEIS Low Carbon
Hydrogen Supply Competition. This was followed by a second phase,
also funded by the BEIS Low Carbon Hydrogen Supply Competition and
covered two streams: a Front-End Engineering Design (FEED) study
for a 100 MW deployment at Philips66 and Orsted in the Humber
region and the development and validation of the Gigastack
platform. The second phase concluded in 2021.
As announced in the half year results in January, the testing
programme for the 5 MW Gigastack platform includes both component
level and full-scale evaluation. Gigastack is 2.5 times larger than
ITM Power's previous state-of-the-art stack platform and it will
undergo rigorous testing in representative conditions to validate
the performance through real-world conditions, ensuring the
technology is ready for large-scale commercialisation. This
4th-generation stack has multiple competitive advantages including
lower capital costs and a smaller system footprint. These
advantages will enhance the stack's ability to operate under
flexible conditions when coupled to renewable energy sources,
producing green hydrogen at low cost.
Gigatest will also enable the deployment and validation of key
manufacturing equipment at the existing Gigafactory and the second,
more automated facility on which construction commences later this
year. This validation will contribute to the subsequent initiation
of semi-automated mass-production of electrolyser stacks.
Graham Cooley, CEO, said: "The UK Government has put green
hydrogen at the centre of its plans to achieve its legislated Net
Zero targets. This was underlined by the recent doubling of green
hydrogen to 5 GW in the Energy Strategy published last month.
Awards under competitions like this will ensure that the UK remains
a world leader in energy transition technology and manufacture,
creating jobs, new supply chains and valuable high-tech
exports."
Greg Hands, Energy Minister at BEIS, added: " The UK is truly
leading the world in hydrogen innovation thanks to the exciting
efforts of companies like ITM Power.
"The government support which they have received today will help
to boost the development of hydrogen as the clean, affordable,
homegrown superfuel of the future."
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.
Department for Business, Energy & Industrial Strategy
This funding has been made available from the Government's GBP1
billion Net Zero Innovation Portfolio, which aims to support
innovation in the supply of hydrogen. This competition looks to
provide funding for projects that can help develop a wide range of
innovative low-carbon hydrogen supply solutions.
-ends-
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