Last checked at 8 Apr 2021 10:31
8 April 2021
ITM Power plc
("ITM Power" or "the Company")
Publication of Inaugural ESG Report
ITM Power (AIM: ITM), the energy storage and clean fuel company, announces the release of its inaugural Environmental, Social and Governance ("ESG") Report and the launch of its new ESG strategy: "Sustainable Energy, Engineered Sustainably". The report is available on the Company's web site at: ITM_Power_ESG_Report_2020.pdf (itm-power.com)
The Report covers the period from January to December 2020. It sets out ITM Power's current progress in ESG areas including energy and greenhouse gas emissions, employee health and safety, diversity and inclusion, human rights, employee training and education and stakeholder engagement. It also sets out the Company's ambitious new targets, which include:
· Calculating and reporting on Scope 1, 2 and 3 greenhouse gas emissions
· Reaching net zero greenhouse gas emissions before 2050
· Rolling out the new ITM Academy to invest in employees, skills and training
· Developing ITM Nurture to invest in outreach, dissemination and local community projects
· Assessment of all critical suppliers and 50% of other direct material suppliers by May 2022
The strategy and report have been overseen by ITM Power's new ESG Committee, chaired by Non-Executive Director Katherine Roe. The process and targets are designed to ensure that the sustained growth of ITM Power protects people and the planet, and delivers long-term value and transparency for shareholders and stakeholders.
ITM Power has joined the UN's "Race To Zero", a global campaign to rally leadership and support from businesses, cities, regions and investors for a healthy, resilient, zero carbon recovery that prevents future threats, creates decent jobs, and unlocks inclusive, sustainable growth. The Company was also proud to have been awarded the London Stock Exchange's "Green Economy" mark in 2019.
The next ESG report will be published in 2022, and will cover the period from January 2021 to April 2022, in order to align with ITM Power's financial reporting year.
Dr Graham Cooley, CEO, ITM Power said: "By unlocking the power of green hydrogen, our products are helping the world reach net zero. But we need to bring that same ambition to everything we do as a business - whether that's developing our employees, investing in our local communities or minimising our own carbon footprint. Our Sustainable Energy, Engineered Sustainably strategy will help us to achieve that goal."
Katherine Roe, Non-Executive Director and Chair of ITM Power's ESG Committee added: "We want ITM Power to be a business that is sustainable for the long-term, that supports the world's energy transition, for our children and grandchildren. That means setting ambitious goals and sharing our progress towards them publicly and honestly. This report marks the first step on that journey."
For further information please visit www.itm-power.com or contact:
ITM Power plc | +44 (0)114 551 1205 |
James Collins, Head of IR | |
Investec Bank plc (Nominated Adviser and Broker) | +44 (0)20 7597 5970 |
Jeremy Ellis / Chris Sim / Ben Griffiths | |
Tavistock (Financial PR) | +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. ITM Power signed a deal to deploy a 10MW electrolyser at Shell's Rhineland refinery. 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 operates from the world's largest electrolyser factory in Sheffield with a capacity of 1GW (1,000MW) per annum. ITM Power received an order for the world's largest PEM electrolyser of 24MW from Linde in January 2021. Other 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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