REG - ITM Power PLC - Leuna Contract Update

ITM PowerAnnouncement

16/03/2022 07:00

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RNS Number : 8983E  ITM Power PLC  16 March 2022

This announcement contains inside information

 

16 March 2022

 

ITM Power plc

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

 

Leuna Contract Update

 

ITM Power (AIM: ITM), the energy storage and clean fuel company, announces an
update for investors as to progress on the 24 MW Leuna contract.  As
announced with the Half Year Results in January 2022, the Company's
expectation was that Factory Acceptance Testing (FAT) on all 12 modules would
be concluded by late April, with some timing risk associated with the
financial year end on 30 April 2022.

 

The Company has experienced a constraint in the local supply chain involving
tooling for the scale up of stack manufacture and as a consequence, now
expects the majority, but not all 12, of the modules to complete FAT in
April.  The balance of modules not complete as at the 30 April 2022 year end
are expected to complete FAT early in the new financial year.

 

A longer term solution for this supply chain constraint has already been
defined and implemented, the benefit of which will be felt in the new
financial year.

 

A further update will be made in due course.

 

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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