Last checked at 31 Oct 2019 07:00
31 October 2019
ITM Power plc
("ITM Power" or the "Company")
Board Changes
ITM Power (AIM: ITM), the energy storage and clean fuel company, announces that Professor Roger Putnam CBE has decided to retire from his role as Non-executive Chairman of the Company and therefore will not stand for re-election at today's AGM and will cease to be a director of the Company at the conclusion of the AGM. ITM Power is pleased to announce that Sir Roger Bone, an existing Non-executive Director of the Company, will be appointed as the new Chairman.
Prof Roger Putnam said: "Following nine years as Chairman of ITM Power, I have decided that now is the right time to step down from the role. The Company has been transformed since I first became Chairman and, following the recently completed fundraising and joint venture with Linde, is in as strong a position as it has ever been. I wish Sir Roger, the Board and the ITM Power staff all the best over the coming years."
Sir Roger Bone said: "On behalf of the Board I would like to thank Roger Putnam for all that he has done for the Company over the years and for his highly valued leadership of the Company during his tenure as Chairman. I am delighted to be appointed as the new Chairman at this exciting time for the Company. We look forward to welcoming a representative of Linde onto the Board in the near future and also intend to appoint an additional independent Non-executive director in due course."
Dr Graham Cooley, Chief Executive Officer of ITM Power, said: "On behalf of everyone at ITM Power, I would like to thank Roger for an outstanding contribution to the Company and to the hydrogen Industry. His influence has contributed to a significant reappraisal of hydrogen as a fuel and as an energy storage medium. All of us at ITM Power thank him for his hard work and wish him a long and happy retirement."
For further information please visit www.itm-power.com or contact:
ITM Power plc | (0)114 244 5111 |
Graham Cooley, CEO | |
Investec Bank plc (Nominated Adviser and Broker) | (0)20 7597 5970 |
Jeremy Ellis / Chris Sim | |
Tavistock (Financial PR and IR) | (0)20 7920 3150 |
Simon Hudson / Nick Elwes / Barney Hayward |
About ITM Power plc
ITM Power plc manufactures integrated hydrogen energy solutions for grid balancing, energy storage and the production of green 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 £58.8 million fundraise, including a subscription by Linde of £38 million, together with the formation of a joint-venture with Linde to focus on delivering green hydrogen to large scale industrial projects worldwide. ITM Power signed a forecourt siting agreement with Shell for hydrogen refuelling stations in September 2015, (which was extended in May 2019 to include buses, trucks, trains and ships) and in January 2018 a deal to deploy a 10MW electrolyser at Shell's Rhineland refinery. ITM Power announced the lease of the world's largest electrolyser factory in Sheffield with a capacity of 1GW (1,000MW) per annum in July 2019. Customers and partners include Sumitomo, Ørsted, National Grid, Cadent, Northern Gas Networks, Gasunie, RWE, Engie, BOC Linde, Toyota, Honda, Hyundai and Anglo American among others.
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