REG - ITM Power PLC - Grant Award in Germany for SINEWAVE Project

ITM PowerAnnouncement

10/01/2022 07:05

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RNS Number : 8496X  ITM Power PLC  10 January 2022

10 January 2022

 

ITM Power PLC

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

 

Grant Award in Germany for SINEWAVE Project

 

ITM Power is pleased to announce that its wholly owned subsidiary, ITM Power
GmbH, has been approved for a €1.95m award for the SINEWAVE project, as part
of the German Federal Ministry of Education and Research´s (BMBF) hydrogen
flagship project H2Giga that focusses on technology development for series
production and industrialisation of electrolysis systems. The project runs to
March 2025 and is the first time ITM Power has accessed German Federal
funding.

 

The SINEWAVE project brings together necessary scientific and technical skills
to close research gaps in the field of series production of electrolysis
systems. The research project is dedicated to the exploration of process
engineering, materials science and digital sub-disciplines in order to make a
significant contribution to the construction of efficient integrated
large-scale proton-conducting membrane (PEM) electrolysis systems that will be
able to produce large quantities of green hydrogen cost-effectively in the
future. The project therefore contributes to the realisation of
decarbonisation in German industry.

 

The consortium partners are:

·   Linde GmbH (project coordinator)

·   ITM Linde Electrolysis (ILE) GmbH,

·   ITM Power GmbH,

·   Helmholtz-Zentrum Dresden Rossendorf, Institute of Fluid Dynamics

·   Technical University of Dresden, Institute of Process Engineering and
Environmental Technology

·    Technical University of Munich, Institute of Plant and Process
Technology

 

ITM Power GmbH will focus on the following key aspects:

- Education and training of experts in the field of installation, maintenance
and operation of efficient large-scale electrolysers

- Researching safety training programs for customers and technical personnel
to ensure safe plant operations

- Developing live monitoring and reporting of operational electrolyser systems

- Development of improved reliability, availability & maintenance systems
for electrolysers

- Developing a robust supply chain for large scale deployments

 

Dr Graham Cooley, CEO of ITM Power, said: "Our German subsidiary and its
management team has embedded itself in that country's hydrogen discussions and
debates.  Our participation in the Federally funded SINEWAVE project provides
an endorsement of our place in Germany's hydrogen strategy.  I congratulate
the team at ITM Power GmbH."

 

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 / David Cracknell / Tim Pearson

 

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. 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. In
November 2021, ITM Power raised £250m to accelerate expansion.

 

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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