3 August 2012
("ITM Power" or the "Company")
Agreement with GMI Renewable Energy Group
ITM Power (AIM: ITM), the energy storage and clean fuel company, is pleased to announce that it has signed an agreement with GMI Renewable Energy Group Ltd ("GMI") to offer an integrated renewable power generation and hydrogen production for back-up power, industrial processes and refuelling solutions for materials handling equipment in commercial buildings.
This agreement will offer renewable power coupled to hydrogen generation as a totally zero carbon process. Under the agreement, GMI will offer its existing and potential new customers the alternative of hydrogen generation as a use of their renewable power generated on-site.
ITM Power will provide the hydrogen generation and refuelling equipment and, if required, the fuel cell systems to enable customers to produce zero carbon hydrogen at the point of use for use in materials handling solutions, back up power and industrial processes.
GMI, trading as GMI Energy, is part of the GMI family of companies, which has delivered many successful building and construction service projects for over 25 years, for an international portfolio of developers, public sector clients and blue chip companies. GMI's range of services includes Solar PV, Low-Energy Lighting, Biomass and Smart Metering. GMI will select, design, install and manage renewable energy and energy saving systems of all sizes and on any type of property. GMI ensure the eligibility and warranty of the systems to both meet the property's energy requirements and provide the maximum financial return.
ITM Power CEO, Dr. Graham Cooley, said: "GMI is a great partner for ITM Power to bid for onsite hydrogen generation systems powered by renewables. A fully integrated renewable energy system which includes hydrogen fuel for applications like back up power, forklifts and pallet trucks is a unique market offering"
GMI Energy Operations Director, Phil Roberts, added: "ITM Power brings to GMI complimentary technology which combined with GMI's expertise in renewable energy deployment constitutes a unique integrated offering for our customers. We are very excited about this collaboration."
For further information please visit www.itm-power.comor contact:
About GMI Renewable Energy Group
GMI Renewable Energy Group Ltd, trading as GMI Energy, is part of the GMI family of companies, which has delivered many successful building and construction service projects for over 25 years for an international portfolio of developers, public sector clients and blue chip companies.
With significant advances in renewable energy and energy saving technologies, GMI draws upon its depth of experience of delivering large commercial scale buildings, attention to detail and in-house design expertise.
GMI's range of services includes Solar PV, Low-Energy Lighting, Biomass and Smart Metering. In this capacity, GMI selects, designs, installs and manages renewable energy and energy saving systems of all sizes and on any type of property.
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
ITM Power plc
Graham Cooley, CEO
0114 244 5111
Carl Nielsen, Managing Director
Shirley Chan, Marketing and Communications Manager
0113 276 0505
Singer Capital Markets Limited (Nominated Adviser ∓ Broker)
Shaun Dobson/ Samantha New
020 3205 7500
Simon Hudson / Kelsey Traynor
020 7920 3150