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ITM Power notes Australian government endorsement of renewable project

"This is a great project for us and a chance to work closely with BOC, a company we know well globally, in Australia," ITM Power said.

ITM Power PLC -

The Australian government has provided a US$950,000 grant for a renewable energy project that ITM Power PLC (LON:ITM) is working on with BOC.

The US$3.1mln project will see BOC produce hydrogen from renewable energy at its Bulwer Island gas facility in Brisbane.

It will involve the installation of a 220 kW electrolyser and a 100 kW solar array to produce up to 2400 kilograms of renewable hydrogen via electrolysis per month. ITM is providing the 220 kW electrolyser.

The project also includes a vehicle refuelling station in Brisbane. BOC will produce 50kg per day of renewable hydrogen for the refuelling station.

"This is a great project for us and a chance to work closely with BOC, a company we know well globally, in Australia. We are also pleased to note the significant support being provided by the Government in Australia for hydrogen projects,” said ITM Power Pty managing director Dr Neil Thompson.

Global annual demand for hydrogen as an energy source is expected to grow from around 1 million tonnes currently to around 35 million tonnes by 2040.

Last year the Australian government commissioned officials to develop a strategy for the development of an Australian hydrogen industry, to be delivered by the end of 2019. 

The National Hydrogen Strategy will examine the use of hydrogen in exports, transport, and the gas distribution network, for industrial users and to support electricity systems.

ITM said hydrogen technology will help lower the cost of reducing emissions in order to meet Australia's global climate commitments without sending industries and jobs offshore.

Quick facts: ITM Power PLC

Price: 259.5 GBX

AIM:ITM
Market: AIM
Market Cap: £1.25 billion
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