Last checked at 12 Oct 2022 09:07
12 October 2022
ITM Power PLC
("ITM Power" or the "Company")
Funding to advance hydrogen electrolyser manufacturing in Western Australia
ITM Power (AIM: ITM) announces that the Western Australia (WA) Government is investing around A$225,000 with ITM Power Pty Ltd to understand the feasibility of manufacturing renewable hydrogen electrolysers within the State. Electrolyser manufacturing is a key initiative in implementing the Western Australian Renewable Hydrogen Strategy.
The investment follows a WA Government process that invited a shortlist of electrolyser manufacturers to submit an outline for a business case for electrolyser assembly and manufacture. ITM Power has been selected to develop a business case.
The business case aims to understand the hydrogen industry's potential for building a strong electrolyser and renewable hydrogen component manufacturing industry within WA. As the expansion of hydrogen production continues, demand for critical equipment such as electrolysers will increase, presenting a new opportunity for the local advanced manufacturing industry.
The business case is expected to increase the depth of industry information available, leverage funding from the private sector, promote competition and signal to the market that WA is serious about renewable hydrogen. Electrolyser manufacturing is a key initiative in implementing the Western Australian Renewable Hydrogen Strategy.
The media statement from the WA Government is available here:
https://www.mediastatements.wa.gov.au/Pages/McGowan/2022/10/Funding-to-advance-hydrogen-electrolyser-manufacturing-in-WA.aspx
Hydrogen Industry Minister Alannah MacTiernan commented: "Developing WA's advanced manufacturing capability to produce critical components for renewable hydrogen production just makes good sense - as it will increase the resilience of our future hydrogen supply chains.
"Funding this feasibility study is the first step toward manufacturing components for renewable hydrogen within the State. We want to be part of the full technology story in hydrogen.
"We look forward to working closely with the partnership of ITM Power and Linde Engineering in Australia to help WA lead the nation in renewable hydrogen component manufacturing."
Dr Neil Thompson, Managing Director of ITM Power Pty Ltd, commented: "Western Australia's forward-thinking Government seeks to lead the way in Australia in the manufacture of the equipment needed to produce renewable hydrogen. This sensible approach can deliver jobs and supply chain opportunities in the State and we are pleased to be working with the Government on this first step."
For further information please visit www.itm-power.com or contact:
ITM Power PLC James Collins & Justin Scarborough, Investor Relations
| +44 (0)114 244 5111 |
Investec Bank plc (Nominated Adviser and Broker) Jeremy Ellis / Chris Sim / Ben Griffiths
| +44 (0)20 7597 5970 |
Tavistock (Financial PR and IR) Simon Hudson / Tim Pearson / Charles Baister | +44 (0)20 7920 3150 |
About ITM Power plc:
ITM Power 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.
ITM Power operates from the world's largest electrolyser factory in Sheffield with a capacity of 1 GW (1,000 MW) per annum and has an ambition to grow capacity in line with demand to 5 GW per annum, supported by a £250m equity raise in Q4 2021. Partners include Linde, Shell, Snam, and Vitol among others.
Western Australia Hydrogen Strategy:
To read more about the Western Australian Renewable Hydrogen Strategy, please visit: https://www.wa.gov.au/government/publications/western-australian-renewable-hydrogen-strategy-and-roadmap
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