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ITM Power receives Canadian grant to test feasibility of large scale hydrogen fuel production

The AIM-listed clean energy company said in the initial phase of the project it would undertake a techno-economic feasibility study for the centralised production of renewable hydrogen

Canadian Dollars
The project is due to commence in the second quarter of 2018 and will have a duration of 12 months

ITM Power plc (ITM) (LON:ITM) said it has received a grant from the British Columbia Government Ministries of Energy, Mines and Petroleum Resources and Jobs, Trade and Technology to undertake a feasibility study into renewable hydrogen production.

The AIM-listed clean energy company said in the initial phase of the project it would undertake a techno-economic feasibility study for the large-scale centralised production of renewable hydrogen in the province of British Columbia (BC).

READ: ITM Power and Shell open first 'under the canopy' hydrogen refuelling station at Beaconsfield Services

The project is due to commence in the second quarter of 2018 and will have a duration of 12 months.

The group added that while the initial contract value of the study is ‘relatively small’, the project had potential to be one of the largest of its kind globally, with a total hydrogen electrolysis capacity of up to 300MW under consideration for both domestic use and international export.

ITM said that while the project does not sit within its opportunity pipeline, if the feasibility study yields a positive economic result, a pilot plant would be considered for construction.

As 92% of power generated in BC is from hydro, the company said the province is a strong candidate for production of renewable hydrogen generated via electrolysis.

Steve Jones, managing director of ITM, commented: "ITM Power's technology is available today at the multi-MW level for utility customers. We are excited to be working with British Columbia and our other world leading partners to investigate the huge potential of large scale renewable hydrogen production, in a project that further endorses ITM Power's product strength and operational capability."

British Columbia’s Minister of Energy Mines and Petroleum Resources, Michelle Mungall, added: "This technology has the potential to make British Columbia a major player in the worldwide hydrogen economy. This project is a clear indicator that, as we move toward a strong, sustainable energy future, B.C.'s renewable and innovative clean energy resources make us an attractive destination for global investment."

Quick facts: ITM Power PLC

Price: 121.735 GBX

AIM:ITM
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Market Cap: £573.76 m
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