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REG - ITM Power PLC - Resignation of Graham Cooley

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RNS Number : 1712I  ITM Power PLC  01 December 2022

1 December 2022

 

ITM Power plc

("ITM Power" or the "Company")

 

Resignation of Chief Executive Officer

 

ITM Power announces the resignation of Dr Graham Cooley as Chief Executive
Officer of the Company with immediate effect.

 

As previously announced, as part of the planned succession process, Dennis
Schulz will succeed Graham as CEO with effect from today. The Company wishes
to reaffirm its appreciation for Dr Cooley's leadership to date.  The Company
and Graham are in discussion regarding their ongoing relationship which,
whilst not yet formalised, is likely to take the form of a consultancy
arrangement.

 

Dr Graham Cooley said: "Leading ITM Power over the last 13 years has been the
greatest of privileges and I am immensely proud of the achievements of the
team during my tenure.  I warmly welcome Dennis to ITM Power and as a major
shareholder I look forward to continuing to support the Company in any way I
can."

 

Sir Roger Bone, Chairman of ITM Power said in response: " We remain highly
appreciative of all that Graham has done as CEO over the last 13 years. He has
immense experience and expertise in the hydrogen sector, and we look forward
to drawing on that expertise as we move forward to the next stage of our
development under Dennis' leadership."

 

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
 Daniel Adams / 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 2001 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 gas, using
renewable electricity and water.

 

Linde, the leading industrial gases and engineering company acquired a
minority stake in ITM in 2019 and currently holds 16.2% of the company. At the
same time, Linde and ITM Power formed a joint venture, ITM Linde Electrolysis
(ILE), bringing together ITM Power's expertise in PEM electrolysis and Linde's
world class engineering, procurement and construction (EPC) expertise to
deliver turnkey solutions to customers.

 

In March 2022, ITM Power's subsidiary, Motive Fuels, which builds, owns and
operates green hydrogen refuelling stations, formed a joint venture with Vitol
Holdings SARL, creating a partnership which will help facilitate the scaling
up of production, distribution and demand stimulation for Hydrogen to
Transportation.

 

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