Last checked at 9 Apr 2014 07:00
9 April 2014
ITM Power plc
("ITM Power" or "the Company")
£0.6m Funding to Design and Build a Pilot Unit for Fertiliser Production from Renewable Energy
Project to demonstrate de-carbonisation of fertiliser production, which is responsible for a material proportion of global greenhouse gas emissions
ITM Power (AIM: ITM), the energy storage and clean fuel company, is pleased to announce it is leading a consortium that, subject to final contract, has been awarded £1.37m in co-funding from the UK's innovation agency, the Technology Strategy Board, under its Agri-Tech programme. The project is to design and build a system for the production of renewable fertiliser. The integrated electrolyser based pilot scale system will be trialled at the UK farm owned by Waitrose. ITM Power will receive approximately £0.6m of the project funding.
Dr Graham Cooley, CEO of ITM Power commented: "ITM Power is delighted to be working with Waitrose to produce renewable fertiliser at its UK farm. The widespread deployment of our technology has the potential to dramatically reduce the material greenhouse gas emissions associated with fertiliser production globally. This is a new and exciting market for us."
For further information please visit www.itm-power.com or contact:
ITM Power plc Graham Cooley, CEO
| 0114 244 5111 |
Zeus Capital Tim Metcalfe (Nominated Adviser) John Goold (Institutional Sales)
| 020 7533 7727 |
Tavistock Communications Simon Hudson / James Collins | 020 7920 3150 |
About Waitrose:
Waitrose, Britain's favourite supermarket*, has 310 shops in the UK and Channel Islands and has consistently achieved sales growth significantly ahead of the market**. Its strong performance has been driven by the success of the essential Waitrose range, Brand Price Match, the success of the myWaitrose card and free delivery for online shopping, as well as a long-term commitment to sourcing the UK's finest local and regional foods.
* Favourite Food & Grocery Retailer at Verdict's annual Consumer Satisfaction Awards; Favourite Supermarket at Good Housekeeping Awards. ** Kantar Worldpanel
As a responsible retailer, Waitrose always strives to minimise its impact on the environment. Support of sustainable agriculture is one way in which the retailer does this - and the involvement of the retailer's own farm, Leckford, in this pilot could support this aim by helping develop a process that could greatly reduce the environmental footprint where fertiliser is used.
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 and £2m in 2013 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.
www.itm-power.com
About the Technology Strategy Board
The Technology Strategy Board is the UK's innovation agency. Its goal is to accelerate economic growth by stimulating and supporting business-led innovation. Sponsored by the Department for Business, Innovation and Skills (BIS), the Technology Strategy Board brings together business, research and the public sector, supporting and accelerating the development of innovative products and services to meet market needs, tackle major societal challenges and help build the future economy. For more information please visit www.innovateuk.org.
About Ammonia and Urea
Ammonia (NH3) made from natural gas is responsible for approximately 5% of global natural gas consumption (around 2% of world energy). Agriculture contributes 12-14% of greenhouse gas ("GHG") emissions, including those associated with fertiliser production and uses 4% of global fossil-fuel energy (560 GW/17.7 EJ) of which 50% is required for nitrogen fixation in fertiliser production.
Urea is a nitrogen-rich fertiliser and is made from ammonia (NH3) and carbon dioxide (CO2). With the growing global population increasing demand for foodstuffs, and as less acreage is dedicated to crop cultivation, yields must increase. 50% of current global food production relies on the use of NH3 based fertilizers and is key to increasing yields. The challenge addressed by this project is the need to drastically reduce the emissions associated with the production of NH3 based fertilisers.
Commercial production of NH3 is a large scale industrial process converting natural gas (or other fossil fuels) into gaseous hydrogen, which is catalytically reacted with nitrogen to form anhydrous liquid NH3. Hydrogen can be produced more simply and more sustainably by the electrolysis of water using renewable electricity - thus decoupling NH3 production from fossil fuels, substantially decarbonising the process, and providing a means of utilising waste CO2 in urea production in line with EU climate action objectives.
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