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ITM Power inks Japan tie-up with Sumitomo Corp

Published: 07:29 10 Jul 2018 BST

Tokyo, Japan - cityscape against Mount Fuji
It is an exclusive partnership in Japan

ITM Power plc (LON:ITM) revealed after Monday’s close that it has agreed a new strategic partnership agreement with Sumitomo Corporation.

It sees the potential development of multi-megawatt projects in Japan, based exclusively on ITM Power's electrolyser products.

The AIM-quoted company is expected to supply multi-megawatt electrolyser systems to Sumitomo for integration into wider projects.

READ: ITM Power sees strong growth in new orders

Sumitomo is also expected to introduce ITM Power's products in Japan, along with a potential customer financing and will refer to ITM Power other electrolyser projects.

“Our goal is to contribute to creating a carbon free society.

“In order to accomplish this, we will be involved in producing CO2 free hydrogen by electrolyzing water with renewable energy, which can be utilized as fuel for the next generation of energy and mobility.”

Suzuki added: “Together, we will be exploring possibilities of concrete joint business in Japan and other areas."

Dr Graham Cooley, ITM Power chief executive, said: "Japan is a strategically important territory for hydrogen.”

“This partnership is based upon Sumitomo's knowledge of Japan - the customer base and the compliance landscape.

“We're pleased that Sumitomo recognises that ITM Power has a world leading solution for the low carbon production of hydrogen and hope that Sumitomo's operations in many other territories outside Japan may be of relevance to the deployment of ITM Power's technology.

“I believe both partners' mid to long term vision is highly synergistic.”

ITM highlighted that it is otherwise focused on the UK and Europe – with 53% of its pipeline in the former and 44% is in the latter – meanwhile, some 60% of an uncontracted pipeline is based in Europe.

It has delivered products into the UK, Europe and the United States; and currently has a £40.3mln deal pipeline.

ITM highlighted its growing track record of multi-megawatts delivery. Its pipeline presently represents more than 14 megawatts of electrolysis, and follows some 8MW of projects delivered in the most recent financial year (plus 2MW in the preceding year).

 

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