Last checked at 26 Aug 2016 07:00
26 August 2016
ITM Power plc
("ITM Power" or "the Company")
ITM Power signs Fuel Contract with Arcola Energy
ITM Power (AIM: ITM), the energy storage and clean fuel company, is pleased to announce that it has signed a fuel contract to supply hydrogen at £10/kg with Arcola Energy ("Arcola"). The fuel will be supplied from ITM Power's growing hydrogen refuelling infrastructure, part funded by OLEV, FCH JU and InnovateUK. This is a follow-on agreement to that signed with Symbio FCell and Arcola Energy to provide an integrated package of zero emission commercial vehicles, on-site fuel and after-sales support for UK commercial fleet operators. The fuel agreement provides a pass through framework for the commercial fleet operators and gives them a secure fuel price to implement their business models.
Dr Ben Todd, CEO and Founder, Arcola Energy commented: "We are delighted that we can now offer our commercial fleet operators a contract for hydrogen fuel. The price of £10 per kg for green hydrogen proves out many of our customers' business models and is the lowest priced hydrogen in the UK. Key to commercial deployment of hydrogen for fleet operators is a secure contracted price for the fuel and so we are delighted to have signed this agreement which can be passed through to our customers."
Dr Graham Cooley, CEO, ITM Power, added: "This agreement with Arcola, the exclusive importer of the Symbio FCell range-extended Renault Kangoo ZE van, is another step in building a portfolio of fuel customers. Following on from the contracts with Toyota and Commercial Group, we are very pleased to be working with Arcola and to be supporting their fleet customers at our hydrogen refuelling stations."
ITM Power plc Graham Cooley, CEO | +44 (0)114 244 5111 |
Zeus Capital Andrew Jones / Jonathan Sharp / Hugh Kingsmill Moore / Alex Davies | +44 (0)20 3829 5000 |
Tavistock Simon Hudson / James Collins | +44 (0)20 7920 3150 |
About Arcola Energy
Arcola Energy is an engineering services business with particular expertise in hydrogen and fuel cell technologies and their use in transport, portable and stationary applications. The company are system integrators, advising on the optimum choice and mix of technology for applications, designing and engineering complete systems and supporting the deployment of fuel cell products. Fuel cell electric vehicles offer zero emission road transport, but with greater range than battery vehicles so they can fit into normal operations without disruption. Arcola Energy offers a complete package for fleets to enable organisations to start on the journey to zero emission logistics. Arcola Energy is the UK agent for the only zero emission fuel cell van currently available. The Symbio FCell Kangoo H2 is a range extended version of the Renault Kangoo ZE and, with a full charge and tank of hydrogen, has a range of up to 250 miles.
About ITM Power
ITM Power manufactures integrated hydrogen energy solutions which are rapid response and high pressure that meet the requirements for grid balancing and energy storage services, and for the production of clean fuel for transport, renewable heat and chemicals. ITM Power plc was admitted to the AIM market of the London Stock Exchange in 2004. The Company received £4.9m as a strategic investment from JCB in March 2015. The Company signed a forecourt siting agreement with Shell in September 2015. The Group currently has £16.19m of projects under contract and a further £1.79m of contracts in the final stages of negotiation, totaling £17.98m, subject to exchange rate variation. ITM Power is a founder member of the Social Stock Exchange.
www.itm-power.com
About OLEV
The Fuel Cell Electric Vehicle (FCEV) Fleet Support Scheme will allow local authorities, health trusts, police forces, fire brigades and private companies to bid for funding to add hydrogen-powered vehicles to their fleets. The HRS Infrastructure Grants Scheme was launched on the 2nd February 2015 by the Office for Low Emission Vehicles (OLEV) to support roll out of hydrogen infrastructure networks in the UK with the specific aim of encouraging the introduction of Hydrogen Fuel Cell Electric Vehicles (FCEVs). The HRS Infrastructure Grants Scheme will provided grant funding for selected infrastructure projects seeding development of hydrogen for road transport in the UK.
About FCH JU
The Fuel Cells and Hydrogen Joint Undertaking (FCH JU) is a unique public private partnership supporting research, technological development and demonstration activities in fuel cell and hydrogen energy technologies in Europe. Its aim is to accelerate the market introduction of these technologies, realising their potential as an instrument in achieving a carbon-lean energy system. The three members of the FCH JU are the European Commission, fuel cell and hydrogen industries represented by the NEW Industry Grouping and the research community represented by Research Grouping N.ERGHY.
About Innovate UK
Innovate UK is the UK's innovation agency; working with people, companies and partner organisations to find and drive the science and technology innovations that will grow the UK economy. The organisation works to determine which science and technology developments will drive future economic growth; meet UK innovators with great ideas in the fields we're focused on funding the strongest opportunities; connect innovators with the right partners they need to succeed help our innovators launch, build and grow successful businesses. Since 2007 we have invested over £1.5 billion in innovation, matched by a further £1.5 billion in partner and business funding. We have helped more than 5,000 innovative companies in projects estimated to add £7.5 billion to the UK economy and create 35,000 extra new jobs.
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