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16 Mar 2022 07:00
This announcement contains inside information
16 March 2022
ITM Power plc
("ITM Power", "the Group" or the "Company")
Leuna Contract Update
ITM Power (AIM: ITM), the energy storage and clean fuel company, announces an update for investors as to progress on the 24 MW Leuna contract. As announced with the Half Year Results in January 2022, the Company's expectation was that Factory Acceptance Testing (FAT) on all 12 modules would be concluded by late April, with some timing risk associated with the financial year end on 30 April 2022.
The Company has experienced a constraint in the local supply chain involving tooling for the scale up of stack manufacture and as a consequence, now expects the majority, but not all 12, of the modules to complete FAT in April. The balance of modules not complete as at the 30 April 2022 year end are expected to complete FAT early in the new financial year.
A longer term solution for this supply chain constraint has already been defined and implemented, the benefit of which will be felt in the new financial year.
A further update will be made in due course.
For further information please visit www.itm-power.com or contact:
ITM Power plc | |
James Collins, Investor Relations Justin Scarborough, Investor Relations | +44 (0)114 551 1205 +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 £58.8m fundraising, including an investment by Linde of £38m, 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 £172m fundraising, including a £30m 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 £250m 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.
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