TIDMITM

RNS Number : 4300O

ITM Power PLC

08 October 2021

8 October 2021

ITM Power plc

("ITM", "ITM Power", the "Group" or the "Company")

Funding Secured for Refhyne II

Consortium announces grant award from CINEA for 100 MW project

ITM Power (AIM: ITM), the energy storage and clean fuel company, is pleased to announce that the Refhyne II consortium has been awarded a grant of EUR32.4m by CINEA (the European Climate, Infrastructure and Environment Executive Agency) for the development of a 100 MW electrolyser to be sited at Shell's Energy and Chemicals Park, Rheinland. The Refhyne II consortium comprises Shell Deutschland GmbH, ITM Power and ITM Power GmbH, Linde Engineering, ITM Linde Electrolysis GmbH, Fundacion Tecnalia Research & Innovation, Element Energy and Concawe, and is coordinated by Sintef AS.

Refhyne II is the follow-on project to the 10 MW Refhyne I, Europe's largest PEM hydrogen electrolyser, which began operations in July this year, with support from the European Commission's Fuel Cells and Hydrogen Joint Undertaking Refhyne I uses renewable electricity to produce up to 1,300 tonnes of green hydrogen a year. This will initially be used to produce fuels with lower carbon intensity. The green hydrogen will also be used to help decarbonise other industries. The Rheinland site, near Cologne, is where Shell intends to produce sustainable aviation fuel (SAF) using renewable power and biomass in the future.

The 100 MW Refhyne II project will see an engineering design phase which will be followed by a final investment decision (FID) expected in late 2022 with delivery then scheduled for 2024.

This project has received funding from the European Union's Horizon 2020 research and innovation programme under grant agreement number 101036970.

Dr Graham Cooley, CEO of ITM Power, said: "Having successfully delivered the 10 MW Refhyne I project, the consortium partners will take the experience and learning they have gained to scale up tenfold for Refhyne II. This is a world leading project that demonstrates the increasing commitment by governments and industry to decarbonise, at scale, using zero carbon footprint green hydrogen. We are delighted to be a part of it."

Paul Bogers, Shell VP Hydrogen, said: "Refhyne II is an important project for Shell as part of our drive towards developing and scaling our green hydrogen capabilities. It will contribute to our efforts to build markets for hydrogen and successively reduce costs, in line with our strategy to help our partners and customers decarbonise and move towards net-zero emissions."

Michael Schaeffer, Vice President Hydrogen & Synthesis Gas Plants, Linde Engineering said: "We look forward to contributing to this lighthouse project in the field of green hydrogen and to partnering with Shell, building on our good relationship from other projects. Linde Engineering will execute this project in close alignment with the other consortium partners and are proud to contribute our expertise to this team effort."

Alexandra Bech Gjørv, President and CEO of SINTEF said: "The significance of this project is that it allows us to take a big step towards a zero-emission future, where both heavy transport and the industry can obtain fuel from renewable energy."

Ben Madden, Partner of Element Energy, an ERM Group company, said: "The global imperative for clean and innovative new ways to decarbonise our industries has never been greater and we are thrilled to be a part of this project, showcasing our boots to boardroom capability to turn strategic commitment into technical delivery. There is a real need to ensure these large electrolyser systems are installed and tested to demonstrate and assess the economically viable production of green hydrogen at scale. Building on what we have learned and achieved in REFHYNE I, the REFHYNE II project will help to take a globally meaningful step towards the goal of carbon neutrality."

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

 
 ITM Power plc 
 James Collins, Investor Relations          +44 (0)114 551 1205 
  Justin Scarborough, Investor Relations     +44 (0)114 551 1080 
 
 Investec Bank plc (Nominated Adviser 
  and Broker)                               +44 (0)20 7597 5970 
 Jeremy Ellis / Chris Sim / Ben 
  Griffiths 
 
 Tavistock (Financial PR and IR)            +44 (0)20 7920 3150 
 Simon Hudson / David Cracknell 
  / Tim Pearson 
 

About Refhyne I:

The Refhyne I 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.

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 GBP58.8 million fundraising, including an investment by Linde of GBP38 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 deal to deploy a 10MW electrolyser at Shell's Rhineland refinery. In November 2020, ITM Power completed a GBP172m fundraising, including a GBP30m investment by Snam, one of the world's leading energy infrastructure operators. ITM Power operates from the world's largest electrolyser factory in Sheffield with a capacity of 1GW (1,000MW) per annum. ITM Power received an order for the world's largest PEM electrolyser of 24MW from Linde in January 2021. Other customers and partners include Sumitomo, Ørsted, Phillips 66, Scottish Power, Siemens Gamesa, Cadent, Northern Gas Networks, Gasunie, RWE, Engie, GNVert, National Express, Toyota, Hyundai and Anglo American among others.

About Linde:

Linde is a leading global industrial gases and engineering company with 2020 sales of $27 billion (EUR24 billion). We live our mission of making our world more productive every day by providing high-quality solutions, technologies and services which are making our customers more successful and helping to sustain and protect our planet. The company serves a variety of end markets including chemicals & refining, food & beverage, electronics, healthcare, manufacturing and primary metals. Linde's industrial gases are used in countless applications, from life-saving oxygen for hospitals to high-purity & specialty gases for electronics manufacturing, hydrogen for clean fuels and much more. Linde also delivers state-of-the-art gas processing solutions to support customer expansion, efficiency improvements and emissions reductions. For more information about the company and its products and services, please visit www.linde.com .

About CINEA:

The European Climate, Environment and Infrastructure Executive Agency (CINEA) is the successor organisation of the Innovation and Networks Executive Agency (INEA). Officially established on 15 February 2021, it has started its activities on 1 April 2021 in order to implement parts of certain EU programmes. CINEA plays a key role in supporting the EU Green Deal through the efficient and effective implementation of its delegated programmes.

About Element Energy, an ERM Group company:

Element Energy is a leading zero carbon energy consultancy. We specialise in the intelligent analysis of zero carbon energy and help our clients understand zero carbon technology options and develop innovative projects using these technologies. Element Energy is involved in many of the largest hydrogen deployment projects across Europe. These include a number of projects based around large scale renewable hydrogen production and associated end uses in the transport and industrial sectors. Element Energy was recently acquired by ERM. As the largest global pure play sustainability consultancy, ERM partners with the world's leading organizations, creating innovative solutions to sustainability challenges and unlocking commercial opportunities that meet the needs of today while preserving opportunity for future generations. ERM's diverse team of over 5,500 world-class experts in over 150 offices in more than 40 countries supports clients across the breadth of their organizations to operationalize sustainability.

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October 08, 2021 02:00 ET (06:00 GMT)

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