Shell Collaboration Agreement
7 May 2019
ITM Power plc
("ITM Power" or "the Company")
Shell Collaboration Agreement
ITM Power (AIM: ITM), the energy storage and clean fuel company, is pleased to announce the extension of the UK refuelling collaboration agreement with Shell, which was originally announced on 10 September 2015. The new agreement will run until 2024, and covers the refuelling of all types of hydrogen vehicles; from passenger cars to commercial vehicles, including buses, trucks, trains and ships.
Current and planned Shell and ITM Power UK refuelling stations:
Currently ITM Power operates two hydrogen refuelling stations (HRS) at Shell service stations at both Shell Cobham on the M25 and Shell Beaconsfield on the M40. Four further HRS are funded. The HRS at Shell Gatwick is under construction and will be opened later this year; Shell Derby will also follow in 2019, with two further London stations also planned. The UK hydrogen refuelling station network has been jointly funded by the UK's Office for Low Emission Vehicles and the Fuel Cells and Hydrogen Joint Undertaking.
Commenting on the agreement, Mike Copson, Shell Hydrogen said: "Shell has been working with ITM Power over the last three years to deliver hydrogen refuelling to our customers in the UK. The successes we have achieved at Shell Cobham and Shell Beaconsfield are a strong step toward making Hydrogen a convenient and viable fuel choice, and we look forward to continuing to expand the UK's developing network."
Dr Graham Cooley, CEO, ITM Power, commented: "We are delighted to announce our continued collaboration with Shell. We have been working together since 2015 and have developed a trusted partnership that forms a solid basis to expand in the UK and worldwide. I look forward to updating the market with further news as it arises."
For further information please visit www.itm-power.com or contact:
ITM Power plc
Andy Allen, Finance Director
+44 (0)114 244 5111
Investec Bank plc (Nominated Adviser and Broker)
Chris Sim / Jeremy Ellis
+44 (0)20 7597 5970
Tavistock (Financial PR and IR)
Simon Hudson / Nick Elwes / Barney Hayward
+44 (0)20 7920 3150
About ITM Power plc:
ITM Power manufactures integrated hydrogen energy solutions for grid balancing, energy storage and the production of green hydrogen for transport, renewable heat and chemicals. ITM Power was admitted to the AIM market of the London Stock Exchange in 2004. In September 2017 the Company announced the completion of a GBP29.4m working capital fundraise. The Company signed a forecourt siting agreement with Shell for hydrogen refuelling stations in September 2015 and subsequently a deal to deploy a 10MW electrolyser at Shell's Rhineland refinery. The company entered into a Strategic Partnership Agreement with Sumitomo Corporation in July 2018 for the development of multi-megawatt projects in Japan. Additional customers and partners include National Grid, Cadent, Northern Gas Networks, RWE, Engie, BOC Linde, Toyota, Honda, Hyundai, Anglo American among others.
Shell is a global group of energy and petrochemical companies with an average of 86,000 employees in more than 70 countries. We use advanced technologies and take an innovative approach to help build a sustainable energy future. In the UK, Shell has played a vital role in powering the industry, transport systems and homes for over 120 years. Over the past 20 years Shell has embarked on several initiatives to encourage the adoption of hydrogen electric energy as a transport fuel. In addition to two hydrogen sites in the UK, Shell is also a founding member of the UK North West Hydrogen Alliance.
The Office for Low Emission Vehicles (OLEV) is a team working across government to support the early market for ultra-low emission vehicles (ULEV). We are providing over £900 million to position the UK at the global forefront of ULEV development, manufacture and use. This will contribute to economic growth and will help reduce greenhouse gas emissions and air pollution on our roads.
The Fuel Cells and Hydrogen Joint Undertaking is a unique public-private partnership supporting research, technological development and demonstration activities in fuel cell and hydrogen energy technologies in Europe. Its aim is to accelerate the market introduction of these technologies, realising their potential as an instrument in achieving a carbon-lean energy system. The three members of the FCH JU are the European commission; the fuel cell and hydrogen industries, represented by Hydrogen Europe; and the research community, represented by research grouping Hydrogen Europe Research.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
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