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ITM Power PLC - ITM Linde Electrolysis GmbH & Appointment of MD

RNS Number : 6519A
ITM Power PLC
23 January 2020
 

23 January 2020

 

ITM Power plc

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

 

Incorporation of ITM Linde Electrolysis GmbH and Appointment of Managing Director

 

ITM Power (AIM: ITM), the energy storage and clean fuel company, is pleased to announce the incorporation of ITM Linde Electrolysis GmbH ("ITM Linde"), a joint venture company between ITM Power and Linde as announced in October.

 

ITM Linde will focus on providing global green gas solutions using ITM Power's modular PEM electrolysis technology and Linde's world class EPC expertise to deliver turnkey solutions to customers.

 

ITM Power is also pleased to announce that Andreas Rupieper, Head of Group R&D and Portfolio Management at Linde will be appointed as Managing Director of ITM Linde. Before Joining Linde as Vice President - Head of Business Unit Petrochemistry, Andreas worked as a senior consultant for Management Engineers, now part of PWC Strategy and before that for 13 years at Thyssenkrupp, most recently as Project Director, EPC.

 

Graham Cooley, CEO of ITM Power, commented: "I am delighted that Andreas has been confirmed as MD of the newly incorporated joint venture, demonstrating the collaboration with Linde has proceeded as expected and reached this next stage of development. I look forward to working closely with Andreas as we open new markets and customer opportunities."

 

Andreas Rupieper, Managing Director of ITM Linde, added: "Hydrogen is a key facilitator in the energy transition and has significant market potential. Joining forces with ITM Power, a leading OEM for electrolysis-based hydrogen production systems enables a joint market offering to serve our customers with the best-in-class solution for their specific requirements."

 

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

 

ITM Power plc

Graham Cooley, CEO

 

+44 (0)114 244 5111

Investec Bank plc (Nominated Adviser and Broker)

Chris Sim / Jeremy Ellis / Ben Griffiths

 

+44 (0)20 7597 5970

Tavistock (Financial PR and IR)

Simon Hudson / Edward Lee / Barney Hayward

+44 (0)20 7920 3150

 

About ITM Power plc:

ITM Power plc manufactures integrated hydrogen energy solutions for grid balancing, energy storage and the production of green 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 £58.8 million fundraise, including a subscription by Linde of £38 million, together with the formation of a joint-venture with Linde to focus on delivering green hydrogen to large scale industrial projects worldwide.  ITM Power signed a forecourt siting agreement with Shell for hydrogen refuelling stations in September 2015, (which was extended in May 2019 to include buses, trucks, trains and ships) and in January 2018 a deal to deploy a 10MW electrolyser at Shell's Rhineland refinery. ITM Power announced the lease of the world's largest electrolyser factory in Sheffield with a capacity of 1GW (1,000MW) per annum in July 2019. Customers and partners include Sumitomo, Ørsted, National Grid, Cadent, Northern Gas Networks, Gasunie, RWE, Engie, BOC Linde, Toyota, Honda, Hyundai and Anglo American among others.

 

About Linde

Linde is a leading industrial gases and engineering company with 2018 pro forma sales of USD 28 billion (EUR 24 billion).  The company employs approximately 80,000 people globally and serves customers in more than 100 countries worldwide.  Linde delivers innovative and sustainable solutions to its customers and creates long-term value for all stakeholders.  The company is making our world more productive by providing products, technologies and services that help customers improve their economic and environmental performance in a connected world.

For more information, please visit www.linde.com

 

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Price: 139.8

Market: AIM
Market Cap: £661.51 m
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