Fuel Contract with Hyundai Motor UK

RNS Number : 3132O

ITM Power PLC

04 November 2016

 

4 November 2016

ITM Power plc

("ITM Power" or "the Company")

ITM Power Signs Fuel Contract with Hyundai

ITM Power (AIM: ITM), the energy storage and clean fuel company, is pleased to announce that it has signed a fuel contract, selling hydrogen at £10/kg, with Hyundai Motor UK, for refueling its iX35 Fuel Cell Vehicle fleet. The contract covers fuel dispensed across ITM Power's hydrogen refuelling network.  The refuelling network has been financially supported by Innovate UK, OLEV and FCH JU.  

This is the fifth fuel supply contract ITM Power has signed and Hyundai joins Toyota, Commercial Group, Arcola Energy and Arval as fuel customers.

ITM Power currently has £16.85m of projects under contract and a further £4.15m of contracts in the final stages of negotiation, making a total of £21.0m, subject to exchange rate variation.  

Dr Graham Cooley, CEO of ITM Power, commented: "We are extremely pleased to be working with Hyundai Motor UK in providing clean fuel for the operation of their fuel cell electric vehicles and promoting clean emission motoring without compromise to their customers. We look forward to further supporting their refuelling requirements as our hydrogen refuelling station network expands throughout the UK."  

For further information, please visit www.itm-power.com or contact:

ITM Power plc Graham Cooley, CEO	[phone]
Zeus Capital Andrew Jones / Dan Bate / Hugh Kingsmill Moore	[phone]
Tavistock Simon Hudson / James Collins	[phone]

About ITM Power plc:

ITM Power manufactures integrated hydrogen energy solutions which are rapid response and high pressure that meet the requirements for grid balancing and energy storage services, and for the production of clean fuel for transport, renewable heat and chemicals. ITM Power plc was admitted to the AIM market of the London Stock Exchange in 2004. The Company received £4.9m as a strategic investment from JCB in March 2015. The Company signed a forecourt siting agreement with Shell in September 2015. The Group currently has £16.85m of projects under contract and a further £4.15m of contracts in the final stages of negotiation, totaling £21.0m, subject to exchange rate variation.  ITM Power is a founder member of the Social Stock Exchange.

www.itm-power.com

 

About Innovate UK

Innovate UK is the UK's innovation agency; working with people, companies and partner organisations to find and drive the science and technology innovations that will grow the UK economy. The organisation works to determine which science and technology developments will drive future economic growth; meet UK innovators with great ideas in the fields we're focused on funding the strongest opportunities; connect innovators with the right partners they need to succeed help our innovators launch, build and grow successful businesses. Since 2007 we have invested over £1.5 billion in innovation, matched by a further £1.5 billion in partner and business funding. We have helped more than 5,000 innovative companies in projects estimated to add £7.5 billion to the UK economy and create 35,000 extra new jobs.

 

About OLEV

The HRS Infrastructure Grants Scheme was launched on the 2nd February 2015 by the Office for Low Emission Vehicles (OLEV) to support roll out of hydrogen infrastructure networks in the UK with the specific aim of encouraging the introduction of Hydrogen Fuel Cell Electric Vehicles (FCEVs). The HRS Infrastructure Grants Scheme will provided grant funding for selected infrastructure projects seeding development of hydrogen for road transport in the UK.

 

About FCH JU

The Fuel Cells and Hydrogen Joint Undertaking (FCH JU) 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, fuel cell and hydrogen industries represented by the NEW Industry Grouping and the research community represented by Research Grouping N.ERGHY.

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