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21 May 2018 07:00
21 May 2018
ITM Power plc
("ITM Power" or the "Company")
Appointment of Andy Allen to the Board as Finance Director
ITM Power (AIM: ITM), the energy storage and clean fuel company, is pleased to announce the appointment of Andrew Charles Allen, 36, currently CFO, to the Board of the Company as Finance Director with immediate effect.
Andy Allen qualified as a chartered accountant in Sheffield in 2007, and has an extensive background in auditing manufacturing SMEs in South Yorkshire. Andy joined ITM Power in 2011 as Financial Controller before becoming CFO in 2015.
Prof. Roger Putnam, Chairman of ITM Power, commented, "We are delighted that Andy is joining ITM Power's Board. He has been an integral part of the management team in his position as CFO and his contribution in the period since he joined has been invaluable. We are today recognising his contribution with this appointment."
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) Jeremy Ellis / Chris Sim / Alexander Ruffman | +44 (0)20 7597 5970 |
Tavistock (Financial PR and IR) Simon Hudson / James Collins | +44 (0)20 7920 3150 |
Andy Allen holds no shares in ITM Power but holds options over 50,000 shares at an exercise price of 55p. He is a director of Mistral (Kenwood Road) Management Company Ltd. There is nothing further to disclose in relation to his appointment under Schedule 2(g) of the AIM Rules for Companies.
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. Additional customers include National Grid, RWE, Engie, BOC Linde, Toyota, Honda, Hyundai, Anglo American among others. The Company's order pipeline stands at £33.6m of projects under contract and £6.4m of contracts in the final stages of negotiation, totaling £40.0m (subject to exchange rate variation).
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