Last checked at 7 Dec 2020 12:00
7 December 2020
ITM Power plc
("ITM Power" or "the Company")
Linde and Snam Agreement to Develop Clean Hydrogen Projects in Europe
ITM Power (AIM: ITM), the energy storage and clean fuel company, is pleased to note the announcement today of an agreement between two of the Company's key strategic partners and shareholders to collaborate on clean hydrogen projects in Europe. The full joint announcement is set out below:
Snam and Linde sign agreement
to jointly develop clean hydrogen projects
San Donato Milanese (MI), 7 December 2020 - Snam, one of the world's leading energy infrastructure companies, announced today that it has signed a memorandum of understanding (MoU) with Linde (NYSE: LIN; FWB: LIN), a leading global industrial gases and engineering company, to jointly develop clean hydrogen projects and related infrastructure in Europe.
Linde and Snam will work together to promote key technologies along the hydrogen value chain and develop opportunities for joint investments in commercial projects in the areas of production, distribution, compression and storage.
"Hydrogen is expected to play a significant role in achieving the European Green Deal targets," said Steve Angel, Chief Executive Officer, Linde. "We are very pleased to collaborate with Snam, a recognized leader at the forefront of the energy transition, in the development of the clean hydrogen economy in Europe."
"With this agreement, we combine the know-how and innovative capabilities of both Linde and Snam in order to contribute to scaling-up hydrogen and reaching climate goals, aligned with the European Hydrogen Strategy," said Marco Alverà, Chief Executive Officer, Snam. "The collaboration with one of the world's leading companies in the sector strengthens our role as operator along the hydrogen value chain and lays the foundation for new joint projects."
Linde is a global leader in the production, processing, storage and distribution of hydrogen. It has the largest liquid hydrogen capacity and distribution system in the world.
Snam is actively promoting the adoption of hydrogen and has been amongst the first companies in the world to experiment with a blend of up to 10% of hydrogen into its gas transmission network in Italy. Approximately 50% of the investments included in Snam's 2020-2024 plan is dedicated to a "hydrogen-ready" infrastructure. The company has signed several partnerships both in Italy and internationally to contribute to the development of hydrogen's value chain, also by fostering its uses in both industry and transports.
Both Snam and Linde are shareholders of ITM Power, a British company operating in the green hydrogen landscape.
The implementation of the projects will be regulated through separate agreements negotiated between the parties in compliance with the regulatory framework.
Graham Cooley, ITM Power CEO said: "We are pleased to see this agreement between two of our key strategic partners to develop hydrogen projects and infrastructure across Europe. With the additional capacity at our new Gigafactory in Sheffield, ITM Power is well positioned to supply our world-leading PEM electrolysis technology to suitable projects arising from Linde and Snam's collaboration."
For further information, please visit www.itm-power.com or contact:
ITM Power plc | +44 (0)114 263 7646 |
James Collins (IR) | |
Investec Bank plc (Nominated Adviser and Broker) | +44 (0)20 7597 5970 |
Jeremy Ellis / Chris Sim / Ben Griffiths / Will Fenby | |
Tavistock (Financial PR and IR) | +44 (0)20 7920 3150 |
Simon Hudson / Edward Lee / Tim Pearson |
About ITM Power plc
ITM Power plc 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 £58.8 million fundraising, including an investment by Linde of £38 million, together with the formation of a joint venture with Linde to focus on delivering 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. 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, Phillips 66, National Grid, Cadent, Northern Gas Networks, Gasunie, RWE, Engie, BOC Linde, Toyota, Honda, Hyundai and Anglo American among others.
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