Last checked at 20 Jan 2015 07:00
20 January 2015
ITM Power plc
("ITM Power" or "the Company")
Enhanced product range for Power-to-Gas market
Two new reference plant sales in Germany
ITM Power (AIM: ITM), the energy storage and clean fuel company, is pleased to announce that it will be launching at the 2015 Hannover Hydrogen and Fuel Cells Group Exhibit in April an enhanced product range based on a higher current density that produces 50% more hydrogen for the same stack volume. The Company will also be launching its new 350kW single stack with a three stack 1MW system on show and for sale. The Company now has £8.686m of projects under contract and a further £2.496m of new projects subject to final contract negotiation. This reflects the successful conclusion of a number of negotiations and the receipt of revenue for existing projects.
Recognising the market pull for ever larger electrolyser systems for Power-to-Gas energy storage, ITM Power has brought to fruition two key technical initiatives in order to better meet the requirements of widespread uptake. The first is an ability to generate up to 50% more hydrogen from the existing, self-pressurising HGas stack platform. This is achieved by utilising a higher current density, the key parameter in PEM stack cost reduction, helping to reduce electrolyser capacity cost significantly. The second is a larger stack module capable of absorbing up to 350kW of power. The larger cell area coupled with 25% more cells per stack represents a beneficial plant simplification while permitting multi-MW installations to occupy smaller sites. The drastically reduced footprint helps alleviate siting challenges, where space is highly valued, for both energy storage and hydrogen refuelling applications.
The major Power-to-Gas energy storage adoption markets today are Germany and the USA and the Company is also pleased to announce two new reference plant sales in Germany to two Technical Universities - both orders are based on the HPac platform for use in Power-to-Gas applications. Reference plant is particularly important for ITM Power in the German market and with those organisations which advise the Germany Energy Ministry. ITM Power will have four reference plant installations in Germany, including those announced here.
The Power-to-Gas market
The market need for Power-to-gas energy storage in Germany has recently been outlined in a number of high profile reports. The "Study of the requirement for electricity storage in Germany", by Agora Energiewende, identifies a requirement in Germany for electrolysis (for the Power-to-Gas, Power-to-Liquids and hydrogen mobility markets) of up to 16GW, 80GW and 130GW by the years 2023, 2033 and 2050 respectively. This is confirmed by the report, "Power-to-Gas in Transport" (a report to the Federal Ministry of Transport and Digital Infrastructure by DLR, Berlin) which estimates the markets in Germany for Power-to-Hydrogen and Power-to-SNG, in mobility applications alone, as each reaching up to 140 TWh per annum by 2050.
Phil Doran, MD, ITM Power GmbH, commented: "I am delighted that these new platforms will be launched in Germany and that we have won two further orders from important Technical Universities in Germany. This is an important step in developing our German business given the close tripartite collaboration that exists in Germany between academia, the Federal and State Governments and industry. These sales and the Hannover launch will further highlight ITM Power's technology as being more than capable of meeting the needs of the Energiewende, and of ITM Power's growing presence in Germany"
For further information please visit www.itm-power.com or contact:
ITM Power plc Graham Cooley, CEO
| 0114 244 5111 |
Zeus Capital Dan Bate/John Treacy John Goold/Alex Davies
| 020 7533 7727 |
Tavistock Communications Simon Hudson / James Collins
| 020 7920 3150 |
About ITM Power plc:
ITM Power plc was admitted to the AIM market of the London Stock Exchange in 2004 and raised its initial funding of £10m gross in its IPO. Further funding rounds of £28.5m in 2006, £5.4m in 2012, £2m in 2013 and £10m in 2014 have been completed. The Company has now made the transition from a research and development company to a product manufacturer and technology provider. The Company has both a strong base of intellectual property and engineering expertise for providing complete hydrogen solutions.
The Company now has £8.686m of projects under contract and a further £2.496m of new projects subject to final contract negotiation. This reflects the successful conclusion of a number of negotiations and the receipt of revenue for existing projects.
www.itm-power.com
About the Hannover Hydrogen and Fuel Cells Group Exhibit:
The world's leading showcase for industrial technology, where over 120 companies and institutions from 25 countries showcase a full spectrum of hydrogen/fuel cell-related products & services at Europe's largest and most important H2+FC exhibition. The show includes the latest developments in stationary, portable & mobile fuel cells, fuel cell applications, components, test systems, hydrogen production, transport, storage & infrastructure, reformers and beyond.
The Group Exhibit is part of HANNOVER MESSE the world's leading trade fair for industrial technology with 200.000 visitors and 5.000 exhibitors across 10 trade fairs at one venue covering all major industrial technologies on 200.000 m². The Messe creates synergies with numerous energy topics: wind, solar, hydro and geothermal power, energy storage, power plant efficiency and many more.
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