REG - ITM Power PLC - Additional facilities at Bessemer Park

ITM PowerAnnouncement

03/04/2023 07:15

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RNS Number : 0476V  ITM Power PLC  03 April 2023

03 April 2023

 

ITM Power PLC

("ITM" or the "Company")

 

Expansion at Bessemer Park

 

Following our announcement on 14 March 2023 regarding the planned increase in
our power supply at Bessemer Park by 300% to 30 megavolt amperes (MVA) by the
end of 2024, we have now taken the decision to substantially expand our
facilities at Bessemer Park, Sheffield, and signed a contract for the lease of
additional factory and office space.

 

A key component of our 12-month priorities plan as set out in January is the
debottlenecking of our fabrication, testing and product validation. The
expansion will allow us to create a dedicated R&D and product validation
centre which will include science laboratories and testing facilities for
future technology developments, and which will enable us to use the existing
fabrication space at Bessemer Park more effectively for higher volume output.
The additional power supply will feed into the new facility which will enhance
and expand our factory testing capabilities.

 

ITM personnel operate from a number of different locations in Sheffield today,
and it is our intention to consolidate all of our workforce and operations at
Bessemer Park, at both our existing unit and the additional unit announced
today. This will allow us to work together more effectively.

 

The initial lease period is for 15 years, covering more than 83,000 sq ft.
Fitting out of the laboratories and validation areas will commence towards the
end of 2023 and ITM will occupy the facility early in 2024.

 

Dennis Schulz said: "We are well on track on delivering against our 12-month
plan laid out in January. One of our priorities was the need for ITM to
strengthen product validation and to debottleneck factory space and product
testing. Today's announcement is not only a critically important step on our
journey to scale up manufacturing, but it will also enable the focussed
development of future technologies."

 

For further information please visit www.itm-power.com
(http://www.itm-power.com/)  or contact:

 

 ITM Power PLC
 James Collins, Investor Relations                 +44 (0)114 551 1205

 Justin Scarborough, Investor Relations            +44 (0)114 551 1080

 Investec Bank plc (Nominated Adviser and Broker)  +44 (0)20 7597 5970
 James Rudd / 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 2000 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 energy gas,
using renewable electricity and water.

 

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