Last checked at 19 Sep 2017 07:00
19 September 2017
ITM Power plc
("ITM Power" or the "Company")
Sale of 1.1MW Power-to-Gas Plant to EnergyStock
ITM Power (AIM: ITM), the energy storage and clean fuel company, is pleased to announce that EnergyStock, a subsidiary of Gasunie, the Dutch gas transmission network operator, has purchased an ITM Power 1.1MW rapid-response PEM electrolyser. The sale was won in a competitive tender process and includes an after-sales support contract. The electrolyser will be located at EnergyStock's Zuidwending salt cavern storage facility in northern Netherlands, and the generated hydrogen will be either used on-site within EnergyStock's systems, or dispensed into tube trailers for supply to future hydrogen refuelling stations. Power will be delivered to the equipment via TenneT's high voltage electricity network.
ITM Power CEO, Dr. Graham Cooley, said: "We are delighted to be working with EnergyStock in the rapidly developing Power-to-Gas energy storage market. Power-to-Gas is the lowest cost long duration energy storage technique known. Power-to-Gas Energy Storage is joined up energy systems thinking - it exploits the virtues of an existing asset (the gas grid) to decarbonise both electricity and gas networks. Using excess renewable power to provide renewable heat combines two problems into one elegant solution."
For further information please visit www.itm-power.com or contact:
ITM Power plc Graham Cooley, CEO | +44 (0)114 244 5111 |
Investec Bank plc (Nominated Adviser and Broker) Jeremy Ellis / Chris Sim / Jonathan Wynn | +44 (0)20 7597 5970 |
Tavistock (Financial PR and IR) Simon Hudson / James Collins | +44 (0)20 7920 3150 |
About ITM Power plc
ITM Power manufactures integrated hydrogen energy solutions which are rapid response and high pressure that meet the requirements for grid balancing and energy storage services, and for the production of clean fuel for transport, renewable heat and chemicals. ITM Power plc was admitted to the AIM market of the London Stock Exchange in 2004. The Company received £4.9m as a strategic investment from JCB in March 2015. The Company signed a forecourt siting agreement with Shell in September 2015. The Company currently has £20m of projects under contract and £16.7m of contracts in the final stages of negotiation, totalling £36.7m (subject to exchange rate variation).
About EnergyStock
EnergyStock as affiliate of N.V. Nederlandse Gasunie (a European gas infrastructure company that provides the transport of natural gas and green gas in the Netherlands and the Northern part of Germany) provides energy storage services.
-ends-