REG - ITM Power PLC - Expanding test capacity

ITM PowerAnnouncement

14/03/2023 07:15

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RNS Number : 8292S  ITM Power PLC  14 March 2023

14 March 2023

 

ITM Power PLC

("ITM Power", "ITM" or the "Company")

 

Expanding test capacity

 

ITM Power has signed an agreement with Power On Connections Ltd, a leading
expert in utilities connections, to increase ITM's power supply at Bessemer
Park by 300% from 7.5 to 30 megavolt amperes (MVA) by the end of 2024. This
additional power supply will enable ITM Power to significantly increase
product testing aligned with our growth ambitions.

As a first step towards a larger testing capacity, ITM Power has increased the
Company's power supply by 50% from 5 to 7.5MVA. This power upgrade is
available with immediate effect and allows testing of two 2 MW modules
simultaneously.

Dennis Schulz said: "As part of our 12-month plan, in January I stated our
intention to increase testing capacity in order to satisfy our project
delivery needs. Today's announcement is an important step to de-bottlenecking
our manufacturing output and an important enabler for scaling production."

 

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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