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ITM Power PLC - EC Hydrogen Strategy Launched

RNS Number : 4245S
ITM Power PLC
08 July 2020
 

8 July 2020

 

ITM Power plc

("ITM Power" or "the Company")

 

European Commission Announces Hydrogen Strategy, Energy Systems Integration Strategy and Clean Hydrogen Alliance

 

ITM Power (AIM: ITM), the energy storage and clean fuel company, notes the announcement today by the European Commission of its EU Hydrogen Strategy and its Energy Systems Integration Strategy.  Later today a Clean Hydrogen Alliance between industry, hydrogen companies and governments will also be launched. The Commission's use of the term 'clean hydrogen' refers to renewable hydrogen, which is defined as hydrogen production through water electrolysis.

 

The announcement states:

 

"The priority is to develop renewable hydrogen, produced using mainly wind and solar energy".

 

·   From 2020 to 2024, we will support the installation of at least 6 gigawatts of renewable hydrogen electrolysers in the EU, and the production of up to one million tonnes of renewable hydrogen.

·   From 2025 to 2030, hydrogen needs to become an intrinsic part of our integrated energy system, with at least 40 gigawatts of renewable hydrogen electrolysers and the production of up to ten million tonnes of renewable hydrogen in the EU.

·   From 2030 to 2050, renewable hydrogen technologies should reach maturity and be deployed at large scale across all hard-to-decarbonise sectors.

 

"To help deliver on this Strategy, the Commission is launching today the European Clean Hydrogen Alliance with industry leaders, civil society, national and regional ministers and the European Investment Bank. The Alliance will build up an investment pipeline for scaled-up production and will support demand for clean hydrogen in the EU."

 

The full documents are available at: https://ec.europa.eu/energy/sites/ener/files/hydrogen_strategy.pdf

https://ec.europa.eu/energy/sites/ener/files/energy_system_integration_strategy_.pdf

 

Commenting on the publication, ITM Power Chairman Sir Roger Bone, said: "This is an unmistakable signal that the EU is combining economic recovery stimulus with existing commitments to climate change targets.  I would very much hope that the EU's lead will be followed by governments around the world as they come to appreciate the power of renewables and hydrogen working together to lower carbon emissions permanently.

 

Graham Cooley, CEO of ITM Power, said: "This is one of the biggest moments for green hydrogen produced by electrolysis.  The EC's target of at least 40GW of green electrolysis by 2030, which complements the earlier commitments by the governments of Germany, the Netherlands and Portugal for a total of 10GW, means green hydrogen will take centre stage in the world's drive to decarbonise.  With our joint venture ITM Linde Electrolysis GmbH in Dresden and with the capacity at our new factory opening later this year in Sheffield, ITM Power is ready to respond to this huge market opportunity."

 

RenewableUK CEO Hugh McNeal added: "Green hydrogen has a key role to play alongside renewables in the transition to a net zero energy system. RenewableUK and our members see enormous potential for renewable hydrogen in the decarbonisation of industry, heating, heavy transport and shipping, as well as offering a large-scale energy storage solution. Renewable hydrogen is set to be a game-changer for decarbonising our economy and, with the right policies in place, the UK can be a world-leader in this market".

 

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

ITM Power plc

(0)114 244 5111

Andy Allen, Finance Director

 

Investec Bank plc (Nominated Adviser and Broker)

(0)20 7597 5970

Chris Sim / Jeremy Ellis / Ben Griffiths

 

Tavistock (Financial PR and IR)

(0)20 7920 3150

Simon Hudson / Nick Elwes / Barney Hayward

 

 

About ITM Power plc

ITM Power plc manufactures integrated hydrogen energy solutions for grid balancing, energy storage and the production of renewable 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 renewable 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, Phillips 66, National Grid, Cadent, Northern Gas Networks, Gasunie, RWE, Engie, BOC Linde, Toyota, Honda, Hyundai and Anglo American among others.

 

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Price: 246.5

Market: AIM
Market Cap: £1.18 billion
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