Itm Power Regulatory News (ITM)

13 January 2021

ITM Power plc

("ITM Power" or "the Company")

Sale to Linde of World's Largest PEM Electrolyser

ITM Power (AIM: ITM), the energy storage and clean fuel company, is pleased to announce the sale to Linde of a 24MW electrolyser to be installed at the Leuna Chemical Complex in Germany. The full text of the Linde announcement is set out below.

Linde to Build, Own and Operate World's Largest PEM Electrolyzer for Green Hydrogen

Guildford, UK, January 13, 2021 - Linde (NYSE: LIN; FWB: LIN) today announced it will build, own and operate the world's largest PEM (Proton Exchange Membrane) electrolyzer plant at the Leuna Chemical Complex in Germany.

This new 24 megawatt electrolyzer will produce green hydrogen to supply Linde's industrial customers through the company's existing pipeline network. In addition, Linde will distribute liquefied green hydrogen to refueling stations and other industrial customers in the region. The total green hydrogen being produced can fuel approximately six hundred fuel cell buses driving 40 million kilometers and saving up to 40,000 tons of carbon dioxide tailpipe emissions per year.

The electrolyzer will be built by ITM Linde Electrolysis GmbH, a joint venture between Linde and ITM Power, using high-efficiency PEM technology. The plant is due to start production in the second half of 2022.

"Clean hydrogen is a cornerstone of the German and EU strategies to address the challenge of climate change. It is part of the solution to help reduce carbon dioxide emissions across many industries, including chemicals and refining," said Jens Waldeck, President Region Europe West, Linde. "This project shows that electrolyzer capacity continues to scale up and it is a stepping stone towards even larger plants."

Linde is a global leader in the production, processing, storage and distribution of hydrogen. It has the largest liquid hydrogen capacity and distribution system in the world. The company also operates the world's first high-purity hydrogen storage cavern, coupled with an unrivaled pipeline network of approximately 1,000 kilometers to reliably supply its customers. Linde is at the forefront in the transition to clean hydrogen and has installed close to 200 hydrogen fueling stations and 80 hydrogen electrolysis plants worldwide. The company offers the latest electrolysis technology through its joint venture ITM Linde Electrolysis GmbH.

Graham Cooley, CEO of ITM Power, said: "This is the first sale via our joint venture with Linde and is currently the world's largest announced PEM electrolyser. This is a significant addition to our sales pipeline and illustrates how the capacity and efficiency of our new factory allows us to tender for much larger scale projects. It demonstrates the growing commitment by industry to use green hydrogen produced by electrolysis to decarbonise production processes. We look forward to working closely with Linde to deliver this exciting project."

Andreas Rupieper, MD ILE GmbH said: "ITM Linde Electrolysis GmbH is delighted to have received this order for the world's largest PEM electrolyser from Linde plc. The close working relationship between the ITM Power engineering team and Linde Engineering in Dresden is driving forward our industrial scale offering to help customers reduce their CO2 emissions. Because we have well-engineered and integrated turn key solutions available today for customers, we feel confident that this important 24MW project is just the beginning of our journey together."

For further information please visit www.itm-power.com or contact:

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. 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 signed a forecourt siting agreement with Shell for hydrogen refuelling stations in September 2015 (which was extended in May 2019 to include buses, trucks, trains and ships), and in January 2018 a deal to deploy a 10MW electrolyser at Shell's Rhineland refinery. ITM Power announced the lease of the world's largest electrolyser factory in Sheffield with a capacity of 1GW (1,000MW) per annum in July 2019. Customers and partners include Sumitomo, Ørsted, Phillips 66, Siemens Gamesa, National Grid, Cadent, Northern Gas Networks, Gasunie, RWE, Engie, BOC Linde, National Express, Toyota, Honda, Hyundai, Optimal and Anglo American among others.

About Linde

Linde is a leading global industrial gases and engineering company with 2019 sales of $28 billion (€25 billion). We live our mission of making our world more productive every day by providing high-quality solutions, technologies and services which are making our customers more successful and helping to sustain and protect our planet. 

The company serves a variety of end markets including chemicals & refining, food & beverage, electronics, healthcare, manufacturing and primary metals. Linde's industrial gases are used in countless applications, from life-saving oxygen for hospitals to high-purity & specialty gases for electronics manufacturing, hydrogen for clean fuels and much more. Linde also delivers state-of-the-art gas processing solutions to support customer expansion, efficiency improvements and emissions reductions.

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