REG - ITM Power PLC - Resignation of Tom Rae as Non-executive Director

ITM PowerAnnouncement

16/11/2021 13:10

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RNS Number : 5604S  ITM Power PLC  16 November 2021

16 November 2021

 

ITM Power plc

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

 

Resignation of Tom Rae as Non-executive Director

 

ITM Power (AIM: ITM), the energy storage and clean fuel company, announces
that Tom Rae, the representative of J.C.B. Research, a significant shareholder
in ITM Power, has tendered his resignation as a non-executive director of the
Company from today. This follows completion of the placing (the "Placing") by
way of an accelerated bookbuild by Investec Bank plc and Merrill Lynch
International, as announced on 14 October 2021. As a result of the Placing,
J.C.B. Research's shareholding has fallen below the threshold giving them the
right to appoint a non-executive director to the Company's Board.

 

Sir Roger Bone, Chairman of ITM Power, said: "On behalf of the Board, I would
like to thank Tom for his invaluable contribution during his year with us as a
non-executive director. His expertise and experience in procurement and supply
chain have been of great benefit to the Group. We are therefore pleased to
confirm that Tom will continue to provide consultancy support to the Group in
this important area as we continue to increase manufacturing capacity."

 

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.

 

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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