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ITM Power PLC

ITM Power PLC sells storage system to German energy firm

Chief executive Graham Cooley said: "We are delighted to be working with ZEAG and DLR on this important sale for ITM Power."

ITM Power PLC sells energy storage system to German green generator
Pictured is the Thuga gas-to-power plant

ITM Power PLC (LON:ITM), the energy storage and clean fuel company, has sold a 1 megawatt (MW) electrolyser system with some additional equipment to German green power firm ZEAG Energie for an undisclosed sum.

ITM expects to deliver the power-to-gas energy storage system to the customer in the first quarter of next year along with a compressor and apparatus to fill tube trailers.

The system will be owned and operated by ZEAG, but housed in a specially constructed building at Deutsches Zentrum für Luft-und Raumfahrt (DLR), the German Aerospace Centre in Lampoldshausen.

Chief executive Graham Cooley said: "We are delighted to be working with ZEAG and DLR on this important sale for ITM Power.

“Germany continues to be an important early adoption market for hydrogen fuel and power-to-gas equipment and we look forward to updating the market in the near future on further sales."

ITM has £11.4mln of projects under contract and a further £7.28mln in the final stages of negotiation, which means it has a total deal pipeline of £18.68mln.

Quick facts: ITM Power PLC

Price: £0.47

Market: AIM
Market Cap: £151.64 m
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