ITM Power PLC Linde and Snam Agreement Signed (7640H)
2020年12月7日 - 9:00PM
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RNS Number : 7640H
ITM Power PLC
07 December 2020
7 December 2020
ITM Power plc
("ITM Power" or "the Company")
Linde and Snam Agreement to Develop Clean Hydrogen Projects in
Europe
ITM Power (AIM: ITM), the energy storage and clean fuel company,
is pleased to note the announcement today of an agreement between
two of the Company's key strategic partners and shareholders to
collaborate on clean hydrogen projects in Europe. The full joint
announcement is set out below:
Snam and Linde sign agreement
to jointly develop clean hydrogen projects
San Donato Milanese (MI), 7 December 2020 - Snam, one of the
world's leading energy infrastructure companies, announced today
that it has signed a memorandum of understanding (MoU) with Linde
(NYSE: LIN; FWB: LIN), a leading global industrial gases and
engineering company, to jointly develop clean hydrogen projects and
related infrastructure in Europe.
Linde and Snam will work together to promote key technologies
along the hydrogen value chain and develop opportunities for joint
investments in commercial projects in the areas of production,
distribution, compression and storage.
"Hydrogen is expected to play a significant role in achieving
the European Green Deal targets," said Steve Angel, Chief Executive
Officer, Linde. "We are very pleased to collaborate with Snam, a
recognized leader at the forefront of the energy transition, in the
development of the clean hydrogen economy in Europe."
"With this agreement, we combine the know-how and innovative
capabilities of both Linde and Snam in order to contribute to
scaling-up hydrogen and reaching climate goals, aligned with the
European Hydrogen Strategy," said Marco Alverà, Chief Executive
Officer, Snam. "The collaboration with one of the world's leading
companies in the sector strengthens our role as operator along the
hydrogen value chain and lays the foundation for new joint
projects."
Linde is a global leader in the production, processing, storage
and distribution of hydrogen. It has the largest liquid hydrogen
capacity and distribution system in the world.
Snam is actively promoting the adoption of hydrogen and has been
amongst the first companies in the world to experiment with a blend
of up to 10% of hydrogen into its gas transmission network in
Italy. Approximately 50% of the investments included in Snam's
2020-2024 plan is dedicated to a "hydrogen-ready" infrastructure.
The company has signed several partnerships both in Italy and
internationally to contribute to the development of hydrogen's
value chain, also by fostering its uses in both industry and
transports.
Both Snam and Linde are shareholders of ITM Power, a British
company operating in the green hydrogen landscape.
The implementation of the projects will be regulated through
separate agreements negotiated between the parties in compliance
with the regulatory framework.
Graham Cooley, ITM Power CEO said: "We are pleased to see this
agreement between two of our key strategic partners to develop
hydrogen projects and infrastructure across Europe. With the
additional capacity at our new Gigafactory in Sheffield, ITM Power
is well positioned to supply our world-leading PEM electrolysis
technology to suitable projects arising from Linde and Snam's
collaboration."
For further information, please visit www.itm-power.com or
contact:
ITM Power plc +44 (0)114 263 7646
James Collins (IR)
Investec Bank plc (Nominated Adviser and
Broker) +44 (0)20 7597 5970
Jeremy Ellis / Chris Sim / Ben Griffiths
/ Will Fenby
Tavistock (Financial PR and IR) +44 (0)20 7920 3150
Simon Hudson / Edward Lee / 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
GBP 58.8 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. 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 signed a forecourt siting agreement with Shell for
hydrogen refuelling stations in September 2015 (which was extended
in May 2019 to include buses, trucks, trains and ships), and in
January 2018 a deal to deploy a 10MW electrolyser at Shell' s
Rhineland refinery. ITM Power announced the lease of the world 's
largest electrolyser factory in Sheffield with a capacity of 1GW
(1,000MW) per annum in July 2019. Customers and partners include
Sumitomo, Ørsted, Phillips 66, National Grid, Cadent, Northern Gas
Networks, Gasunie, RWE, Engie, BOC Linde, Toyota, Honda, Hyundai
and Anglo American among others.
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