ITM Power PLC (LON:ITM)

ITM Power PLC (LON:ITM)


Share Price
37.25 p
Change
-1.65 (-4.24 %)
Market Cap
£120.69 m
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ITM Power PLC

ITM Power specialise in the manufacture of integrated hydrogen energy systems. Founded in June 2001, the company floated on the Alternative Investment Market (AIM) in 2004 and was the first United Kingdom-based fuel cell company to go public. ITM Power operates out of two premises in Sheffield, UK with further offices in Germany, France the USA and Canada.

EPIC: ITM
Market: AIM:ITM
52-week High/Low: 41.900p / 18.600p
Sector: Electronic & Electrical Equipment
Market Cap: £120.69 m
Website: www.itm-power.com
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Big Picture – A Deep Dive Examination of ITM Power PLC


ITM Power PLC Snapshot

Technology is at the heart of our business. Our electrolyser solutions are unique in a number of ways:

. Rapid response
. High pressure
. Modular and scalable
. CE marked and fully compliant

REFHYNE

The REFHYNE project is at the forefront of the effort to supply Clean Refinery Hydrogen for Europe.

The REFHYNE project is at the forefront of the effort to supply Clean Refinery Hydrogen for Europe. The project is funded by the European Commission’s Fuel Cells and Hydrogen Joint Undertaking (FCH JU) and will install and operate the world’s largest hydrogen electrolyser the Shell Rhineland Refinery in Wesseling, Germany.

The PEM electrolyser, built by ITM Power, will be the largest of its kind to be deployed on a large industrial scale. The REFHYNE project will investigate feasibility for introduction in other industry plants, as well as potentially being a step towards the future of refining  and determine the possible technical, economic & environmental benefits of the technology.

This project has received funding from the Fuel Cells and Hydrogen 2 Joint Undertaking under grant agreement  No 779579. This Joint Undertaking receives support from the European Union’s Horizon 2020 research and innovation programme, Hydrogen Europe and Hydrogen Europe Research.


 

HYDEPLOY

HyDeploy is an energy trial to establish the potential for blending up to 20% hydrogen into the normal gas supply.

HyDeploy the £6.8 million project, funded by Ofgem and led by Cadent and Northern Gas Networks, is an energy trial to establish the potential for blending up to 20% hydrogen into the normal gas supply to reduce carbon dioxide emissions.  HyDeploy will run a year-long live trial of blended gas on part of the University of Keele gas network to determine the level of hydrogen which could be used by gas consumers safely and with no changes to their behaviour or existing domestic appliances.  ITM Power is supplying the electrolyser system.

 

HYDROGEN MOBILITY EUROPE (H2ME)

H2ME will deploy 200 Fuel Cell Electric Vehicles, 125 fuel cell range-extended electric commercial vans and 29 new Hydrogen Refuelling Stations in 10 European countries by 2019.

H2ME is the largest European project of this nature and is based around an alliance of the four most ambitious hydrogen mobility initiatives in Europe: H2 MOBILITY Deutschland, Mobilité Hydrogène France, Scandinavian Hydrogen Highway Partnership and UK H2 Mobility. These initiatives originally brought together the key stakeholders in the hydrogen sector (vehicle manufacturers, hydrogen refuelling station providers and Government representatives), to study and develop strategies to make hydrogen-fuelled transport a reality in the respective regions.

These initiatives will now be working together to make hydrogen-fuelled transport a reality in Europe. Under H2ME they will deploy 200 FCEVs, 125 fuel cell range-extended electric (FC RE-EVs) commercial vans and 29 new HRSs in 10 countries (Austria, Belgium, Denmark, France, Germany, Iceland, Netherlands, Norway, Sweden and the UK) by 2019. This plan ties in with existing national level initiatives for the roll-out of a large scale hydrogen refuelling infrastructure, aimed at enabling Europe wide emission-free driving.

ITM Power will be opening two hydrogen stations under H2ME, one with Shell at Beaconsfield Services and the other at Johnson Matthey Fuel Cells, Swindon.

 

RWE POWER-TO-GAS

Absorbing excess renewable energy to generate hydrogen gas to de-carbonise gas networks, this is ITM Power’s second generation PEM electrolyser system is at the heart of RWE’s Power-to-Gas installation in Ibbenbüren, North Rhine-Westphalia.

ITM Power’s  second generation PEM electrolyser system is at the heart of RWE’s Power-to-Gas installation in Ibbenbüren, North Rhine-Westphalia.  Benefitting from waste heat recovery, state of the art power conversion electronics and significant simplification, the rapid response electrolyser achieves a total system efficiency of 86%.  The state-of-the-art plant is part of a new system that, for the first time ever, links together the supply of local electricity, natural gas and district heating.

ABSORBING EXCESS RENEWABLE ENERGY TO GENERATE HYDROGEN GAS TO DE-CARBONISE GAS NETWORKS.
On the 11th December 2014 the Company announced that it had won a competitive tender for the supply of a rapid response Power-to-Gas PEM electrolyser system issued by RWE Deutschland AG.  On the 18th February 2015 the Company announced that assembly, ‘factory acceptance testing’ and delivery were all achieved within 10 weeks of receiving the order.  The opening ceremony took place after many weeks of testing and attracted numerous high level visitors.  The plant was praised by Dr Joachim Schneider, CTO of RWE Deutschland as being the most efficient of its kind.

 

M1 WIND HYDROGEN FUEL STATION

Generating hydrogen on-site, with wind and water to support the roll out of Fuel Cell Electric Vehicles.

The Hydrogen Mini Grid is sited on The Advanced Manufacturing Park just two miles from the M1 motorway network in South Yorkshire and within reach of the large population centres of Sheffield, Rotherham, Barnsley and Doncaster, giving the facility a very large catchment area and providing the perfect position for a commercial refuelling station.

The site consists of a 225kW wind turbine coupled directly to an electrolyser, 200kg of hydrogen storage, a hydrogen dispensing unit and a 30kW fuel cell system capable of providing backup power generation for nearby buildings. The facility is a showcase for ITM Power’s world-class hydrogen generation equipment and is used to provide retail hydrogen fuel services. The M1 motorway was highlighted as a key route for the early deployment of hydrogen refuelling in the UK in the published UK H2Mobility Phase 1 Report.

The facility develops ITM Power’s modular commercial platform for hydrogen generation systems, Power-to-Gas and refuelling solutions. The system is designed so that energy from the wind turbine is used to provide power for some of the buildings on the Advanced Manufacturing Park, with excess energy being used by the electrolyser to generate hydrogen gas. The gas is then compressed and stored ready for dispensing into hydrogen fuel cell vehicles.

Funded by Innovate UK

 

THÜGA POWER-TO-GAS PLANT

The plant converts electrical energy into chemical energy and thus facilitates the storage of electrical energy and is deployed in Frankfurt am Main.

Thirteen companies of the Thüga group have combined their know-how and capital in a project platform to jointly invest in the development of Power-to-Gas storage technology. The focus is on testing the practicality of Power-to-Gas technology.

The project is supported by the Hessian Ministry for the Environment, Energy, Agriculture and Consumer Protection. Following the first phase of the project, the participants are considering a second project, which would use hydrogen and carbon dioxide to produce synthetic natural gas to be subsequently stored.

The plant converts electrical energy into chemical energy and thus facilitates the storage of electrical energy. The gas mixing plant ensures that the mixture of hydrogen in the gas distribution network does not exceed 2% by volume.That means, when too much power is on the electrical grid, at the request of the transmission system operator (TSO), the load of the electrolyser will be increased. In this case, the plant absorbs the excess power and converts it into hydrogen. This also contributes to the stability of the electricity grid.

At the end of 2013, the plant injected hydrogen for the first time into the Frankfurt gas distribution network becoming the first plant to inject electrolytic generated hydrogen into the German gas distribution network. Final acceptance of the plant was achieved at the end of March 2014, which reflected the timely achievement of all milestones set.

 

HYFIVE: REFUELLING PARTNER FOR LONDON

HyFive raises awareness, understanding, viability and uptake of zero-emission hydrogen-powered vehicles. The collective mid-term goal is to grow a pan-European refuelling network and ensure more vehicles are seen on the road.

HyFive is a pioneering £31 million project involving leading motor manufacturers, hydrogen fuel suppliers, the Mayor of London’s Office and energy consultancies to make hydrogen vehicles a viable and environmentally friendly choice for motorists across Europe.

ITM Power was selected by the London Hydrogen Partnership to be the Hydrogen Refuelling Station partner for London. This resulted in an award of contract to supply three ITM Power electrolyser-based refuelling stations.

These three stations will be part of three European regions deploying six 700bar hydrogen refuelling stations and incorporate 12 existing stations in the project. The fuelling station networks will offer hydrogen as a genuine fuelling choice for end users. Working with other partners in the project, Air Products, Linde, OMV and the Copenhagen Hydrogen Network, will stimulate the network density required for full commercial roll-out of hydrogen refuelling and FCEVs across Europe.

The first station opened 10th May 2016 and is located at the National Physical Laboratory, Teddington and is now publically available to users. The station was opened to the public by Andrew Jones MP, Transport Minister at Department for Transport, and was supported by the automotive OEMs Hyundai, Toyota, Honda and Renault partner Symbio FCell, who also presented and participated in a Q&A session.

The second station is located at The Centre for Engineering and Manufacturing Excellence (CEME) site in Rainham. The CEME campus is ideally located on the A13 one of the main East London arterial roads between London City Airport and the M25, providing publically accessible refuelling infrastructure to East London. The CEME site has one of the largest arrays of photovoltaic’s in the south of England, consisting of 717 panels designed to supply 115 kW’s, which will provide power to the station.  This station was opened to the public on 11th October 2016.

The third station is located on a Shell forecourt at an Extra Motorway Service Station just off the M25 at Cobham.  This station will be the first station located on a Shell forecourt having received consented planning permission for a further three stations in Beaconsfield, Gatwick and Cambridge.  The Cobham station will open to the public early 2017.

TIDAL ENERGY STORAGE

An integrated hydrogen system for use at the EMEC tidal test site on Orkney, Scotland.

TM Power won a competitive tender to supply an integrated hydrogen system for use at the European Marine Energy Centre (EMEC) tidal test site on Eday, Orkney, Scotland.  The system’s principal component is a 0.5MW polymer electrolyte membrane (PEM) electrolyser with integrated compression and up to 500 kg of storage.

The 0.5MW electrolyser will be used to absorb excess power generated by the tidal turbines testing at EMEC. The hydrogen gas generated will be compressed and stored, with some of the gas being used in (an optional) hydrogen fuel cell to provide backup power to critical EMEC systems. The remainder of the hydrogen gas will be used off-site by a further project being developed separately which plans to absorb output of a local community wind turbine operated by Eday Renewable Energy Ltd.

ITM Power are supplying, integrating, commissioning and maintaining all parts of this system. The electrolyser will be packaged in a standard 20’ and 10’ ISO container and is summarised below:

  • Hydrogen generation capacity up to 220kg/24hours
  • Self-pressurisation up to 20 bar
  • Rapid response
  • Hydrogen purity satisfying ISO 14687
  • CE compliant

ITM Power operates out of two premises in Sheffield, UK with further offices in Germany, France the USA and Canada.

TM Power now has a growing team of over 70 employees committed to providing hydrogen solutions to alleviate the world’s dependence on fossil fuel.

“Our recent technical and commercial achievements are a clear demonstration of the skills and knowledge of the ITM Power team.”

Prof Roger Putnam CBE
Non-Executive Chairman

Executive Board

Dr Gaham Cooley
Chief Executive Officer

Dr Simon Bourne
Chief Technology Officer

Dr Rachel Smith
Executive Director

Non-Executive Board

Andy Allen
Finance Director

Prof Roger Putnam CBE
Non-Executive Chairman

Sir Roger Bone
Non-Executive Director

Regional Representatives

Lord Roger Freeman
Non-Executive Director

Robert Pendlebury
Non Executive Director

Kristoffer Olsen
Business Development Manager - 
Nordics & Investor Relations

Calum Mcconnel
MD, ITM Power GMBH Germany

Neil Thompson
Managing Director ITM PTY LTD, Australia

Stephen Jones
MD, ITM Power Inc. California

Lucas Bertrand
French Representative

Business Development

Prof Marcus Newborough
Development Director

Charles Purkess
Business Development Manager

Rebecca Markillie
Marketing Manager & PA to CEO


To read more, click here.

 

cITM POWER HEAD OFFICE
22 Atlas Way
Sheffield
S4 7QQ
+44 (0)114 244 5111
ITM Power is a public limited company registered in England and Wales. Company Number 0509407
INVESTOR RELATIONS
Simon Hudson / James Collins
Tavistock Communications
131 Finsbury Pavement
London
EC2A 1NT
+44 (0)20 7920 3150

 

Details, contact information and Alternative Investment Market information for ITM Power.

Public Relations (Investor Relations)
Tavistock
www.tavistock.co.uk

020 7920 3150

Registrar
Capita Asset Services
www.capitaassetservices.com

0871 664 0300 (Calls cost 10p per minute, plus network extras, lines are open 8.30am to 5.30pm Mon to Fri)
Overseas customers: +44 208 639 3399
Northern House
Woodsome Park
Fenay Bridge
Huddersfield
HD8 0LA

Solicitors
Burges Salmon
www.burges-salmon.com

0117 939 2000

Auditors
Grant Thornton UK LLP
www.grantthornton.co.uk

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