ITM Power

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ITM Power
LSE: ITM
ISINGB00B0130H42
IndustryHydrogen Economy
FoundedJune 2001 (2001-06)
Headquarters
Sheffield
,
England
Key people
Dr. Graham Cooley (CEO)
Simon Bourne (CTO)
ProductsElectrolysers
Revenue£3.3 million (2018)[1]
Websitewww.itm-power.com

ITM Power is a British manufacturer of polymer electrolyte membrane electrolyzers for hydrogen production via electro-chemical splitting of water into hydrogen and oxygen.

The hydrogen produced via electrolysis is used for power-to-x, storage, decarbonizing industrial uses, and hydrogen for fuel cell products.[2]

One 2MW Electrolyser module.jpg

Hydrogen stations[]

ITM Power opened its first publicly accessible hydrogen station in September 2015.[3] The station is located at the Advanced Manufacturing Park, Rotherham.

The second station was opened May 2016 and is located at the National Physical Laboratory and was the first of the stations to be opened under the HyFive project.[4]

Fuel Cell Electric Vehicles at ITM Power Hydrogen Station

The third station to open was at CEME and uses excess solar electricity to generate the hydrogen gas. This was the second HyFive station to open.[5]

The first ITM Power Hydrogen Station with Shell
Hydrogen Station opening by Andrew Jones (British politician) MP, Transport Minister at the Department for Transport

The fourth station was opened 22 February 2017, and it was the first hydrogen station in the UK to be located on a forecourt. The station is also Shell's first Hydrogen Station in the UK and it is located at Cobham services. This was the final HyFive station to be opened.[6]

Power to gas[]

ITM Power Power to gas unit, deployed in Frankfurt, Germany
ITM Power's HGas generates hydrogen to be directly injected into the gas network as Power to Gas

Power to gas is a methodology for introducing hydrogen to the natural gas network, essentially converting renewable electrical power to a clean gas that can be more conveniently stored using existing assets. There are two main power to gas mechanisms. The first involves metering pressurised hydrogen into the gas network directly. The second involves combining hydrogen with carbon dioxide via a methanation process to produce synthetic natural gas prior to introduction to the grid.[7]

ITM's HGas product brings together Rapid Response Electrolysis and self-pressurising PEM electrolysis into a fully integrated package. HGas is capable of addressing MW scale applications. HGas accommodates fluctuating power profiles while generating hydrogen at pressures suitable for either direct injection into natural gas networks (assisting grid balancing or via methanation processes without additional compression.[7]

History[]

ITM Power was created in June 2001, and was the first United Kingdom-based fuel cell company that went public.[8] Founded in June 2001,[8] the company floated on the Alternative Investment Market in 2004, an action which raised £10 million.[9] The company's revenues increased from £8,000 in the fiscal year ending April 2011 to £480,000 in the fiscal year ending April 2012.[9] The company made its first sale in June 2010, when it provided an electrolyser for the University of Birmingham.[9] Their fuel cells differ from traditional ones since they use a hydrocarbon membrane, instead of a fluorocarbon membrane.[10]

In February 2004 Peter Hargreaves joined ITM Power as a Non-Executive Director and stepped down in October 2017.[11] In May 2006, Roger Putnam CBE, was appointed as the independent Non-Executive Director of ITM Power.[12] That month, ITM Power also raised around £29 million by placing 9,189,235 Ordinary Shares at 320p each.[13] Roger Putnam CBE, stepped down as ITM Power Chairman on 31 October 2019.[14]

In June 2009, Graham Cooley was made CEO of ITM Power.[15]

On 4 June 2014 Sir Roger Bone joined the Board as Non-Executive Director. Roger has been President of Boeing UK since September 2005 and on 31 October 2019, Sir Roger Bone became Chairman of ITM Power.[16]

On 29 September 2017 the company announced a placing of New Ordinary Shares to Raise £25 Million and Proposed Open Offer to Raise up to £4.4 Million.[17]

On 3 October 2019 the company announced a £52m fundraise[18] with a strategic investment of £38m from Linde and the establishment of a joint venture to implement hydrogen electrolyzer projects.[19]

On 15 May 2020 the company announced the formation of ITM Motive as a separate, wholly owned subsidiary for the management of the company's refueling assets.[20]

On 22 October 2020 the company announced a £150m fundraise[21] and £30m investment from Italian energy infrastructure company Snam.[22]

ITM Power moved into their 1GW per annum factory in January 2021.[23] The factory is at Bessemer Park in Sheffield, UK, a new build development of 134,000 square feet. The manufacturing facility has an electrolyser manufacturing capacity of up to 1GW (1,000MW) per annum, the largest in the world.[24]

ITM Power 1GW Electrolyser Factory.jpg

On 13 January 2021 ITM Power announced the sale of the largest PEM electrolyser in the world.[25] The 24MW unit was sold to Linde and will be installed at the Leuna Chemical Complex in Germany. The amount of hydrogen produced by the PEM electrolyser will be enough to fuel around six hundred fuel cell buses, driving a combined 40 million kilometres per year and saving up to 40,000 tons of carbon dioxide tailpipe emissions.[26]

The REFHYNE project will install and operate the world's largest hydrogen electrolyser[27] the Royal Dutch Shell Rhineland Refinery in Wesseling, Germany. The plant will be operated by Shell and manufactured by ITM Power.

UKH2Mobility[]

UKH2Mobility is a new government and cross-industry programme to make hydrogen powered travel in the UK a reality. Industry signatories to the Memorandum of Understanding are:

A synopsis of Phase 1 of the programme published by UKH2Mobility on 4 February 2013 also includes the mix of production methods able to provide cost-competitive hydrogen to the consumer while delivering very significant CO² emissions reductions.[28]

Ecoisland Partnership CIC[]

The project brings together a number of key companies of smart energy technologies to demonstrate how a future energy system can be configured on an island. With renewable generation including solar, wind, tidal and geothermal the island will need to match supply and demand using battery energy storage, hydrogen energy storage and demand side management. These technologies will be coordinated centrally by smart grid technologies supplied by IBM, Cable & Wireless Worldwide, SSE and Toshiba.[29]

ITM Power is the hydrogen fuel partner and will supply hydrogen refueling equipment controlled by smart grid technology to optimize both renewable energy storage and the provision of fuel to both fuel cell vehicles and Hydrogen Internal Combustion Engine commercial vehicles.

Green energy project[]

In July 2012, ITM Power, along with four other companies, was selected by the Technology Strategy Board innovation agency and the Department of Energy and Climate Change in the United Kingdom to develop ways of using clean energy on transport systems.[30][31] ITM's assigned project was to build an electrolysis based hydrogen refueller to be used as transport fuel on the Isle of Wight.[32][33] The plan is to make the Isle of Wight carbon neutral, by having residents create fuel at their home.[34][35] The company is part of the .[34][36]

Nottingham University refuelling station[]

ITM Power installed an electrolyser driven hydrogen refueling station named Hfuel at the University of Nottingham. The refuelling station can provide hydrogen at 350 bar to vehicles and 150 bar to the university's laboratory.[37][38] ITM Power wrote a report detailing the process of Electrolysation, and the impact of the Hfuel refueller at the university.[39]

Iwatani collaboration agreement[]

In 2019, ITM Power signed a collaboration agreement with Iwatani Corporation of America, a wholly owned subsidiary of Japan's Iwatani Corporation,[40] for the deployment of multi megawatt electrolyser-based hydrogen energy systems in North America. The partnership will see the two companies pursue their shared vision of reducing pollutants and improving air quality by offering renewable hydrogen to the transportation, energy storage and renewable energy sectors in North America.[41]

Sale of 1.4MW Electrolyser to Sumitomo Corporation[]

On 18 March 2021, ITM Power is pleased to announce the sale of a 1.4MW electrolyser to Sumitomo Corporation. The deployment will be used as an important reference plant for further sales in Japan through our partnership with Sumitomo. This will be the first MW scale electrolyser system ITM Power has deployed in Japan. The HGas2SP product will undergo modification to ensure hydrogen supply pressure is below 10 bar in order to comply with Japan's High Pressure Gas Safety Act. ITM Power and Sumitomo are continuing their collaboration in the areas of business development, local compliance and after sale support to ensure a comprehensive green hydrogen offering in Japan.

References[]

  1. ^ "Itm Power revenue".
  2. ^ Forster, Josephine (August 3, 2012). "U.K. Companies Get $3 Million in Quest for Cheaper Hydrogen Car". Bloomberg News. Retrieved 21 October 2012.
  3. ^ "First 'zero-emissions' hydrogen filling station opens". BBC News. 17 September 2015. Retrieved 11 October 2020.
  4. ^ "Transport Minister Opens Hydrogen Refuelling Station In Teddington | Hydrogen London". www.hydrogenlondon.org. 10 May 2016. Retrieved 11 October 2020.
  5. ^ "Hydrogen vehicle refuelling station opens in East London". Air Quality News. 13 October 2016. Retrieved 11 October 2020.
  6. ^ Wiseman, Ed (22 February 2017). "Hydrogen on the M25 brings Britain closer to zero-carbon motoring – we're first to try the new pump". The Telegraph. Retrieved 11 October 2020.
  7. ^ Jump up to: a b "HGas". ITM Power. 2013-03-13. Retrieved 2013-10-12.
  8. ^ Jump up to: a b "ITM Power plans flotation in UK". Fuel Cells Bulletin. 2004 (6): 5–9. 2004. doi:10.1016/S1464-2859(04)00204-4.
  9. ^ Jump up to: a b c "ITM Power – revenues grow from £8k to £480k in a year". The Hydrogen Journal. Archived from the original on 9 October 2012. Retrieved 11 October 2012.
  10. ^ Bourne, S. (2012). "ITM's membrane technology unlocks the power of hydrogen". Fuel Cells Bulletin. 2012 (7): 12–15. doi:10.1016/S1464-2859(12)70214-6.
  11. ^ "ITM Power : Non-Executive Director and Original Funder, Peter Hargreaves, to Step Down from Board | MarketScreener". www.marketscreener.com.
  12. ^ "Appointment of Roger Putnam". ITM Power. Retrieved 12 October 2012.
  13. ^ "Placing of 9,189,235 new Ordinary Shares at 320p to raise approximately £29 million". LSE. Retrieved 12 October 2012.
  14. ^ "ITM Power's chairman Roger Putnam to retire | Thursday 15 Oct 2020". AJ Bell Youinvest.
  15. ^ "Graham Cooley: Executive Profile & Biography". Bloomberg Business Week. Retrieved 3 November 2012.
  16. ^ Khizou, Fatima. "Morningstar Fund Ratings: Weekly Round-up". Morningstar UK.
  17. ^ http://ir.euroinvestor.com/Tools/newsArticleHTML.aspx?solutionID=3512&customerKey=itmpower&storyID=13697559&language=en[failed verification]
  18. ^ "Strategic Investment, Joint Venture and Fundraise - 07:00:05 03 Oct 2019 - ITM News article | London Stock Exchange".
  19. ^ "Linde Acquires Minority Stake in ITM Power and Agrees Joint Venture".
  20. ^ "Formation of ITM Motive & Appointment of MD - 07:00:04 15 May 2020 - ITM News article | London Stock Exchange".
  21. ^ "Placing, Investment by Snam and Open Offer - 17:39:00 22 Oct 2020 - ITM News article | London Stock Exchange".
  22. ^ https://renewablesnow.com/news/snam-itm-power-to-develop-green-hydrogen-projects-718508/[bare URL]
  23. ^ "Gigafactory Update and Notice of Results - 07:00:10 04 Jan 2021 - ITM News article | London Stock Exchange".
  24. ^ "ITM Power introduces Bessemer Park, The Largest PEM Electrolyzer Factory in The World - World-Energy". www.world-energy.org. Retrieved 11 October 2020.
  25. ^ "Sale to Linde of World's Largest PEM Electrolyser - 11:00:08 13 Jan 2021 - ITM News article | London Stock Exchange".
  26. ^ "Germany to host world's largest PEM electrolyser". 14 January 2021.
  27. ^ Rivett, Poppy (25 June 2019). "Construction starts on the world's largest PEM electrolyser at Shell's Rheinland Refinery". REFHYNE. Retrieved 11 October 2020.
  28. ^ UK H2Mobility Phase-1 Results
  29. ^ "Ecoisland CIC". Eco-island.org. Archived from the original on 2013-10-12. Retrieved 2013-10-12.
  30. ^ "EcoIsland Speech; Terrace Room, House of Commons" (PDF). November 15, 2011. Retrieved 21 October 2012.
  31. ^ "Brew your own". The Economist Magazine. July 30, 2008. Retrieved 3 November 2012.
  32. ^ "UK projects accelerate 'green' hydrogen energy" (PDF). Fuel Cells Bulletin: 1–5. July 2012. Retrieved 11 October 2012.
  33. ^ "Eco Valley". Archived from the original on 19 April 2012. Retrieved 21 October 2012.
  34. ^ Jump up to: a b "A self-sufficient Isle of Wight". The Economist magazine. November 19, 2011. Retrieved October 21, 2012.
  35. ^ Czyzewski, Andrew (10 November 2011). "ITM Power set to offer energy storage for EcoIsland project". The Engineer. Retrieved 21 October 2012.
  36. ^ Murphy, Alisa (October 1, 2012). "Minister of State for Energy announced as keynote speaker for Ecoislands Global Summit". Life Size Media. Retrieved 21 October 2012.
  37. ^ "University of Nottingham installs own hydrogen fuelling station". The Green Car Website. Retrieved 15 October 2012.
  38. ^ "Futuristic vision moves a step closer to reality". This is Nottingham. Retrieved 15 October 2012.
  39. ^ "A Modular Hydrogen Facility At A University Campus" (PDF). ITM Power. Retrieved 3 November 2012.
  40. ^ "ITM Power and Iwatani to collaborate in North America". Proactiveinvestors UK. 2019-11-19. Retrieved 2019-11-19.
  41. ^ H2-View (2019-11-19). "New US hydrogen partnership formed". Hydrogen View. Retrieved 2019-11-19.

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