REG - ITM Power PLC - Partnership with Hygen for industry growth

ITM PowerAnnouncement

26/04/2024 07:00

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RNS Number : 1090M  ITM Power PLC  26 April 2024

26 April 2024

 

ITM Power PLC

 

Partnership with Hygen for industry growth

 

ITM is pleased to announce a partnership with Hygen, being appointed as their
preferred supplier for Proton Exchange Membrane (PEM) electrolysers for
hydrogen projects within the UK and across Europe. Hygen's goal is to
implement up to 200 MW of electrolyser projects over the coming years across
the UK and wider Europe, utilising ITM technology and equipment.

The collaboration is intended to be formed of two phases:

·    Phase 1 is expected to comprise 50 MW of NEPTUNE Plug and Play
electrolysers across several projects, many of which will be based on UK
government HAR2 or similar funding programmes

·    Phase 2 is expected to comprise 150 MW of larger-scale modular
electrolysers

Each project will be subject to a Final Investment Decision (FID).

Both companies recognise the economic benefits arising from a strong UK supply
chain in the fast-growing hydrogen industry and will work together to maximise
the viability and bankability of Hygen projects, especially of larger-scale
electrolyser installations.

ITM has continued to grow our NEPTUNE annual build capability, both in terms
of units and MW capacity. We are confident that we will be able to fulfil
Hygen's demand requirements, whilst at the same time, working alongside and
delivering to a wide range of customers over the coming years.

Dennis Schulz, CEO of ITM, said: "Our collaboration with Hygen is an important
milestone for both companies and for the UK. We are looking forward to working
in partnership with Hygen and its group companies RYZE and Wrightbus over the
coming years, together playing a leading role in advancing the green hydrogen
economy."

 

Jamie Burns, Director of Hygen, said: "We are determined to lead from the
front when it comes to developing and delivering low-carbon hydrogen projects.
To build this critical infrastructure, we need ambitious partners such as ITM
which has impressed us with its focus on the manufacture of quality UK-built
products. Hygen's intent is to deliver low-carbon hydrogen projects in the
near term, giving the UK's net-zero industry a valuable boost."

 

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

 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.

 

About Hygen:

Hygen is a leading developer, producer, and asset owner of low-carbon hydrogen
production facilities in the UK and Europe, focusing on the decarbonisation of
mobility, construction, hard-to-electrify industries and power. Hygen is
focused on the development and building of low-carbon hydrogen production
facilities, currently targeting more than 500MW of low-carbon hydrogen across
the UK and Europe. Hygen is part of HydraB, the group holding company of a
number of 'Road to Zero' companies which includes Ryze Hydrogen and Wrightbus.

 

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