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REG - ITM Power PLC - Entry into the US market

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RNS Number : 1124Q  ITM Power PLC  16 October 2023

 

16 October 2023

 

ITM Power PLC

 

Entry into the US market

ITM Power announces that the company is commencing bidding into projects in
the US market.

We are now able to supply the same stack, the heart of any ITM electrolyser,
into both CE and ASME territories. This standardisation was an important
precursor for us, so that we can use one production process and supply chain,
simplifying operations and enabling economies of scale.

ITM will pursue an accelerated, asset-light entry into the US market, building
on our strong relationships with various North America based industry leaders,
some of which we announced recently as collaborations to cement our technology
leadership and future proof our supply chain as we scale.

The US is widely recognised as having the potential to become one of the
largest markets for electrolysers. Supported by the $370 billion Inflation
Reduction Act (IRA), the US National Clean Hydrogen Strategy and Roadmap,
released in June 2023, identified future demand scenarios, with strategic
opportunities for the domestic production of 10 million metric tonnes (MMT) of
clean hydrogen annually by 2030, 20 MMT annually by 2040, and 50 MMT annually
by 2050. It complements the $9.5 billion investment for clean hydrogen through
the Infrastructure Law. To put the US domestic production opportunity into
context, the International Energy Agency (IEA) estimates that the current
global use of grey hydrogen is 95 MMT per annum.

Dennis Schulz, CEO ITM, said: "The US has the potential to become one of the
largest markets for green hydrogen. The region's green hydrogen journey has
just started, which provides ITM with a tremendous opportunity to become a
leading electrolyser provider as the market develops over the coming years."

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

 

 ITM Power PLC
 Justin Scarborough, Head of Investor Relations    +44 (0)114 551 1080

 James Collins, Head of Corporate Affairs          +44 (0)114 551 1205

 Investec Bank plc (Nominated Adviser and Broker)  +44 (0)20 7597 5970
 James Rudd / Chris Sim / Ben Griffiths

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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