24 July 2012
("ITM Power" or the "Company")
Appointment of Geoff Budd as Canadian Agent
ITM Power (AIM: ITM), the energy storage and clean fuel company, is pleased to announce that it has appointed Geoff Budd as its agent for Canada and the USA.
Geoff has spent the last 13 years in various commercial roles with Ballard Power Systems and most recently he was the Business Development Director in Europe (Chicago Options: ^REURUSD - news) . Geoff has a BSc from the University of KwaZulu-Natal, South Africa and an MBA from the University of the Witwatersrand where he majored in Industrial (Mexico: ST2000.MX - news) and International Marketing.
Canada has the third-largest renewable energy capacity in the world; renewable sources generate 17 percent of its total primary energy supply and more than 60 percent of its total electricity capacity. The Government of Canada has implemented a campaign with the goal of generating 90 percent of Canada's electricity from zero-emitting sources by 2020.
Canada is one of the world's few net exporters of energy and has a vast and exceptionally diverse mix of renewable-energy resources, including hydro, solar, wind, biomass and tidal power. The US, the world's largest electricity consumer, is Canada's primary energy trading partner.
Dr Graham Cooley, CEO of ITM Power plc commented: "We have known Geoff for a number of years and are very pleased that he has decided to become our agent in Canada."
Geoff Budd, ITM Power plc, Canadian Agent added: "Canada is rich in renewable energy resources and has many projects that would benefit from ITM Power's energy storage solutions. I am delighted to be involved with ITM and look forward to developing some significant opportunities."
For further information please visit www.itm-power.comor contact:
ITM Power plc
Graham Cooley, CEO
0114 244 5111
Singer Capital Markets Limited (Nominated Adviser ∓ Broker)
Shaun Dobson/ Samantha New
020 3205 7500
Simon Hudson / Kelsey Traynor
020 7920 3150
About ITM Power
ITM Power plc was admitted to the AIM market of the London Stock Exchange (LSE: LSE.L - news) in 2004 and raised its initial funding of £10m gross in its IPO. A further funding round of £28.5m was completed in 2006. The Company has now made the transition from a research and development company to a product manufacturer and technology provider. The Company has both a strong base of intellectual property and engineering expertise for providing complete hydrogen solutions. The Company has been successful in developing strategic industry partnerships in the following projects:
· EcoIsland TSB Funding
· 700bar Dispensing Collaboration in Germany
· Marks ∓ Spencer Pilot Materials Handling Fuel Cell Project
· Boeing Unmanned Aircraft System Refueller
· Electrolyser Distribution with Horizon Fuel Cells
· Exclusive European distribution rights for Materials Handling Fuel Cells
· EU Grant Award for PEM Water Electrolysers Coupled to Renewable Power Sources