TIDMITM
RNS Number : 7750R
ITM Power PLC
09 November 2021
9 November 2021
ITM Power plc
("ITM", "ITM Power", the "Group" or the "Company")
Intention to Purchase Site in Sheffield for the Second UK Giga
Factory
Collaboration with University of Sheffield
ITM Power (AIM: ITM), the energy storage and clean fuel company,
is pleased to announce that it has reached agreement on Heads of
Terms to acquire a site for the Company's second UK factory in
Tinsley, Sheffield, from the University of Sheffield at a cost of
GBP13.4m. The site is part of the University of Sheffield
Innovation District, and close to the M1 motorway and public
transport links. It is approximately 2 miles from the Group's
existing Gigafactory and Technology Centre at Bessemer Park. The
land has outline planning consent and a full design brief agreed
with the City Council. The acquisition is subject to the grant of
full planning permission for the new factory.
As set out at the time of the recent fundraise, ITM intends to
build a second automated factory of some 260,000 sq. ft on the site
with a capacity of 1.5 GW pa and currently expected to be fully
operational by the end of 2023 to complement the existing 1 GW pa
capacity at Bessemer Park. The new factory will provide the
template for the Group's first international facility, which is
expected to have a capacity of 2.5 GW pa, expected to bring total
Group electrolyser capacity to 5 GW per annum by the end of 2024.
One of the key features of the second UK factory will be an
enlarged power supply to test multiple modules of the Company's
next generation product concurrently.
The overall cost of the new Sheffield factory is expected to be
in the region of GBP50-55m. In addition to the land cost of
GBP13.4m, the Company is currently allocating up to GBP16m for the
construction of the shell, and a further GBP20-25m for the fit-out
and power supply.
The new factory will also include office space for manufacturing
staff and will be a low environmental impact building, using the
best of current low carbon technologies. ITM Power will work
closely with a developer, to be appointed once planning permission
has been received, to incorporate low carbon footprint materials
and facilities.
Collaboration with the University of Sheffield
At the COP26 Regional Roadshow - Accelerating a decarbonised
South Yorkshire economy, being held later today at ITM Power's
Gigafactory at Bessemer Park, Dr Graham Cooley and Professor Dave
Petley will launch a collaboration between the Company and the
University of Sheffield. At the heart of the collaboration is an
intention to jointly develop a plan and apply for funding for a
National Hydrogen Research, Innovation and Skills Centre, to be
located at the University of Sheffield Innovation District
(neighbouring ITM Power's proposed new site).
The initial focus of the collaboration will be the development
of research, innovation and skills for the hydrogen sector, which
is expected to include research into the safe and efficient
manufacture of hydrogen using renewable energy and/or nuclear power
production, research into product life cycle analysis as well as
recycling and recovery of system components, research into
improving hydrogen system manufacturing processes and research into
the development use of digital twins and virtual reality tools (as
already in use with ITM Power) to enhance manufacturing and after
sales maintenance activities. In addition, the collaboration will
study the creation of new jobs at all levels in the hydrogen sector
as well as continuing career training and the promotion of hydrogen
domestically and internationally.
Dr Graham Cooley, CEO of ITM Power, said: "I am delighted to be
working more closely with the University of Sheffield and delighted
that our second UK factory site is in Sheffield. Both initiatives
will support the local economy through job creation and supply
chain support.
"The planning and construction of our second, 1.5 GW capacity,
factory marks the next step on delivering our strategic plan to
create a blueprint for an automated PEM electrolyser manufacturing
facility to be rolled out internationally. At the same time, we are
also focussed on increasing utilisation and throughput at our
Bessemer Park Gigafactory as we prepare for the next step change in
capacity."
Sir Roger Bone, Chairman of ITM Power, said: "The opportunity to
partner with the University of Sheffield, recognised for its
excellence in all aspects of industrial research, will enable both
parties to train the next generation of hydrogen engineers and
scientists, and continue to grow the company and the economy in the
region. I look forward to seeing this relationship develop and
prosper in the years ahead"
Professor Koen Lamberts, President and Vice-Chancellor of the
University of Sheffield said: "We are very pleased to be launching
this partnership with ITM Power. Hydrogen is one of the most
exciting and promising clean energy solutions and ITM is at the
forefront of green hydrogen manufacturing. This partnership is a
milestone for both partners and the region in leading the way to
achieving net zero through technological innovation."
Professor Dave Petley, Vice-President for Innovation at the
University of Sheffield said: "The University of Sheffield has
world renowned expertise in energy innovation, and we recently
announced a new Sustainable Aviation Fuels Innovation Centre,
adjacent to our Translational Energy Research Centre, both housed
at the University of Sheffield Innovation District. Our experience
in bringing together academic research and industrial expertise is
helping to solve the world's biggest problems, and our partnership
with ITM Power to advance the hydrogen sector will help make net
zero a reality."
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 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 the University of Sheffield
With almost 29,000 of the brightest students from over 140
countries, learning alongside over 1,200 of the best academics from
across the globe, the University of Sheffield is one of the world's
leading universities.
A member of the UK's prestigious Russell Group of leading
research-led institutions, Sheffield offers world-class teaching
and research excellence across a wide range of disciplines.
Unified by the power of discovery and understanding, staff and
students at the university are committed to finding new ways to
transform the world we live in.
Sheffield is the only university to feature in The Sunday Times
100 Best Not-For-Profit Organisations to Work For 2018 and for the
last eight years has been ranked in the top five UK universities
for Student Satisfaction by Times Higher Education.
Sheffield has six Nobel Prize winners among former staff and
students and its alumni go on to hold positions of great
responsibility and influence all over the world, making significant
contributions in their chosen fields.
Global research partners and clients include Boeing,
Rolls-Royce, Unilever, AstraZeneca, GlaxoSmithKline, Siemens and
Airbus, as well as many UK and overseas government agencies and
charitable foundations.
-ends-
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