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Share Price Information for Itm Power (ITM)

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Share Price: 67.90
Bid: 67.50
Ask: 68.00
Change: 5.30 (8.47%)
Spread: 0.50 (0.741%)
Open: 62.50
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Low: 61.95
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ITM Power consortium lands GBP9.4 million UK government investment

Mon, 22nd Nov 2021 10:45

(Alliance News) - ITM Power PLC on Monday noted that the Green Hydrogen for Scotland Consortium secured UK government funding for the first phase of the Whitelee Windfarm green hydrogen project, based near Glasgow.

The Sheffield-based hydrogen power equipment maker is part of the consortium, which includes partners ScottishPower, an electricity utility and Iberdrola SA subsidiary, and BOC, a provider of industrial, welding and specialist gases.

The consortium was successful in its application for funding from the Energy Innovation Portfolio competition run by the UK's Department of Business Energy Innovation & Skills.

A total of GBP9.4 million in funding will be given for the first phase of development for ScottishPower's 20 megawatt Whitelee Windfarm hydrogen production and storage facility. The funding is for a 10MW electrolyser and associated four tonnes of storage.

ITM Chief Executive Graham Cooley said: "We are very pleased to be a partner in Green Hydrogen for Scotland and this first project, Green Hydrogen for Glasgow, will see the deployment of the largest electrolyser to date in the UK."

The project aims to provide carbon-free transport for communities across the city and wider central belt region, with Glasgow aiming to become the first net-zero city in the UK by 2030.

The facility aims to supply hydrogen to the commercial market by the end of 2023.

ScottishPower Hydrogen Director Barry Carruthers said: "Now COP26 has ended, we need to continue to move forward, taking action to invest in the clean, green energy the UK needs to reach net zero. As principal partner for the conference we welcome this investment in a blend of renewable electricity generation and green hydrogen production promises to highlight the multiple ways in which society can decarbonise by using these technologies here and now."

ITM shares were down 1.4% to 458.61 pence each in London on Monday morning.

By Greg Roxburgh; gregroxburgh@alliancenews.com

Copyright 2021 Alliance News Limited. All Rights Reserved.

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