RCS - ITM Power PLC - WA Government Funding

ITM PowerAnnouncement

12/10/2022 09:15

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RNS Number : 6293C  ITM Power PLC  12 October 2022

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
(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
(http://www.itm-power.com) or contact:

 

 ITM Power PLC                                                +44 (0)114 244 5111

 James Collins & Justin Scarborough, Investor Relations

 Investec Bank plc (Nominated Adviser and Broker)             +44 (0)20 7597 5970

 Jeremy Ellis / Chris Sim / Ben Griffiths

 Tavistock (Financial PR and IR)                              +44 (0)20 7920 3150

 Simon Hudson / Tim Pearson / Charles Baister

 

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
(https://www.wa.gov.au/government/publications/western-australian-renewable-hydrogen-strategy-and-roadmap)

 

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