REG - ITM Power PLC - Funding for Whitelee Phase 1 10MW Electrolyser

ITM PowerAnnouncement

22/11/2021 07:05

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RNS Number : 0440T  ITM Power PLC  22 November 2021

22 November 2021

 

ITM Power plc

("ITM Power" or the "Company")

 

UK Government Investment Secured for Whitelee Windfarm Green Hydrogen Phase 1

 

The Green Hydrogen for Scotland Consortium is pleased to announce that it has
been successful in its application for funding from the Energy Innovation
Portfolio competition run by the UK Government Department of Business Energy
Innovation and Skills (BEIS).  The Energy Innovation Portfolio funding of
£9.4m will support investment for the first Phase of development for
ScottishPower's 20MW Whitelee Windfarm hydrogen production and storage
facility.  The Green Hydrogen for Scotland Consortium partners are
ScottishPower, BOC and ITM Power.

 

The Energy Innovation Portfolio funding is for a 10MW electrolyser and
associated four tonnes of storage, and is the first phase in the development
of the 20MW facility, for which a planning application was submitted on 12
April 2021, to be sited at Whitelee Wind Farm near Glasgow, the UK's largest
onshore wind farm.  The project forms part of the recently announced
contracts backlog (in negotiation) for ITM Power.

 

The project is designed to provide carbon-free transport and clean air for
communities across the city and wider central belt region, with Glasgow aiming
to become the first net-zero city in the UK by 2030. The facility aims to
supply hydrogen to the commercial market by the end of 2023.

 

The funding support marks an important step for the creation of
commercial-scale green hydrogen production which will ensure transportation
and industrial sectors can access zero-emission hydrogen in the transition
away from fossil fuels.  By using renewable electricity and water as inputs
to the hydrogen production process, this clean, green form of hydrogen will be
critical in reducing carbon dioxide and greenhouse gas emissions across the
economy.

 

The Energy Innovation Portfolio competition looked for innovative, replicable
large-scale energy storage solutions which could provide a market competitive
alternative to conventional commercial large-scale energy storage
technologies.  Innovative large-scale energy storage will play an important
role in decarbonising industry, power, heat and transport.

 

Commenting on the award, Graham Cooley, CEO, said: "We are very pleased to be
a partner in Green Hydrogen for Scotland and this first project, Green
Hydrogen for Glasgow, will see the deployment of the largest electrolyser to
date in the UK."

 

Barry Carruthers, ScottishPower Hydrogen Director, said: "Now COP26 has ended,
we need to continue to move forward, taking action to invest in the clean,
green energy the UK needs to reach Net Zero. As Principal Partner for the
conference we welcome this investment in a blend of renewable electricity
generation and green hydrogen production promises to highlight the multiple
ways in which society can decarbonise by using these technologies here and
now."

 

Jim Mercer, Business President, BOC UK & Ireland said: "The Green Hydrogen
for Glasgow project is both innovative and exciting. It will help to shape the
future of energy storage and demonstrate the value of hydrogen to Scotland's
growing low-carbon economy. This project will accelerate development across
multiple disciplines - from production and storage, to transportation and end
use."

 

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
 Jeremy Ellis / Chris Sim / Ben Griffiths

 Tavistock (Financial PR and IR)                   +44 (0)20 7920 3150
 Simon Hudson / Tim Pearson / David Cracknell

 

About ITM Power plc:

ITM 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. In October 2019, the Company announced the
completion of a £58.8m fundraising, including an investment by Linde of
£38m, together with the formation of a joint venture to deliver renewable
hydrogen to large-scale industrial projects worldwide. In November 2020, ITM
Power completed a £172m fundraising, including a £30m investment by Snam,
one of the world's leading energy infrastructure operators. In January 2021,
the Company received an order for the world's then largest PEM electrolyser of
24MW from Linde. In October 2021, the Company, with Linde, announced the
deployment of a 100MW electrolyser at Shell's Rhineland refinery, following
the start-up of an initial 10MW facility at the site.

 

ITM Power operates from the world's largest electrolyser factory in Sheffield
with a capacity of 1GW (1,000MW) per annum, with the announced intention to
build a second UK Gigafactory in Sheffield with a capacity of 1.5GW expected
to be fully operational by the end of 2023. The Group's first international
facility, expected to have a capacity of 2.5GW per annum, is intended to be
operational by the end of 2024, bringing total Group capacity to 5GW per
annum. Customers and partners include Sumitomo, Ørsted, Phillips 66, Scottish
Power, Siemens Gamesa, Cadent, Northern Gas Networks, Gasunie, RWE, Engie,
GNVert, National Express, Toyota, Hyundai and Anglo American among others.

 

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