ITM POWER PLC — Capital/Financing Update 2014

Jan 24, 2014

National Storage Mechanism | Additional information

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RNS Number : 4153Y

ITM Power PLC

24 January 2014

24 January 2014

ITM Power plc

("ITM Power" or "the Company")

Gas Network Optimisation Contract with AMEC and National Grid

ITM Power (AIM:ITM), the energy storage and clean fuel company, is pleased to announce that it has secured a commercial contract from AMEC and National Grid to assess the deployment of Power-to-Gas Energy Storage technology to reduce the energy losses in the gas network.

The project will look at the cost and energy benefit of deploying Power-to-Gas technology at specific sites on the gas network to reduce energy losses and increase system efficiency. AMEC, a tier 1 supplier to National Grid will be undertaking a third party assessment of the cost benefit analysis.

Dr Graham Cooley, CEO of ITM Power commented: "ITM Power is delighted to be working with National Grid and AMEC on this important deployment study which has very significant market potential in the UK and worldwide."  

For further information please visit www.itm-power.com or contact:

ITM Power plc Graham Cooley, CEO	0114 244 5111
Zeus Capital Tim Metcalfe (Nominated Adviser) John Goold (Institutional Sales)	020 7533 7727
Tavistock Communications Simon Hudson / James Collins	020 7920 3150

About National Grid:

National Grid is an international electricity and gas company and one of the largest investor-owned energy companies in the world. It plays a vital role in providing energy to millions of customers across Great Britain and the Northeast US in an efficient, reliable and safe manner.

http://www.nationalgrid.com/UK/about

About AMEC:

AMEC is a focused supplier of consultancy, engineering and project management services to its customers in the world's oil and gas, mining, clean energy, environment and infrastructure markets.

http://www.amec.com/aboutus/at_a_glance.htm

About ITM Power plc:

ITM Power plc was admitted to the AIM market of the London Stock Exchange in 2004 and raised its initial funding of £10m gross in its IPO.  Further funding rounds of £28.5m in 2006, £5.4m in 2012 and £2m in 2013 have been completed.  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.

www.itm-power.com

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This information is provided by RNS

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