Last checked at 1 Dec 2022 07:00
1 December 2022
ITM Power plc
("ITM Power" or the "Company")
Resignation of Chief Executive Officer
ITM Power announces the resignation of Dr Graham Cooley as Chief Executive Officer of the Company with immediate effect.
As previously announced, as part of the planned succession process, Dennis Schulz will succeed Graham as CEO with effect from today. The Company wishes to reaffirm its appreciation for Dr Cooley's leadership to date. The Company and Graham are in discussion regarding their ongoing relationship which, whilst not yet formalised, is likely to take the form of a consultancy arrangement.
Dr Graham Cooley said: "Leading ITM Power over the last 13 years has been the greatest of privileges and I am immensely proud of the achievements of the team during my tenure. I warmly welcome Dennis to ITM Power and as a major shareholder I look forward to continuing to support the Company in any way I can."
Sir Roger Bone, Chairman of ITM Power said in response: " We remain highly appreciative of all that Graham has done as CEO over the last 13 years. He has immense experience and expertise in the hydrogen sector, and we look forward to drawing on that expertise as we move forward to the next stage of our development under Dennis' leadership."
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 |
Daniel Adams / Chris Sim / Ben Griffiths | |
Tavistock (Financial PR and IR) | +44 (0)20 7920 3150 |
Simon Hudson / Tim Pearson / Charlie Baister |
About ITM Power plc:
ITM Power was founded in 2001 and ITM Power plc was admitted to the AIM market of the London Stock Exchange in 2004. Headquartered in Sheffield, England, ITM Power designs and manufactures electrolysers based on proton exchange membrane (PEM) technology to produce green hydrogen, the only net zero gas, using renewable electricity and water.
Linde, the leading industrial gases and engineering company acquired a minority stake in ITM in 2019 and currently holds 16.2% of the company. At the same time, Linde and ITM Power formed a joint venture, ITM Linde Electrolysis (ILE), bringing together ITM Power's expertise in PEM electrolysis and Linde's world class engineering, procurement and construction (EPC) expertise to deliver turnkey solutions to customers.
In March 2022, ITM Power's subsidiary, Motive Fuels, which builds, owns and operates green hydrogen refuelling stations, formed a joint venture with Vitol Holdings SARL, creating a partnership which will help facilitate the scaling up of production, distribution and demand stimulation for Hydrogen to Transportation.
-ends-