ITM Power

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

ITM Power plc is an energy storage and clean fuel company founded in the UK in 2001. It designs, manufactures, and integrates electrolysers based on proton exchange membrane (PEM) technology to produce green hydrogen using renewable electricity and tap water. Hydrogen produced via electrolysis is used for mobility, Power-to-X, and industry.

The company floated on the Alternative Investment Market (AIM) in 2004,[2] becoming the first hydrogen company publicly listed on the London Stock Exchange (LSE). LSE has also granted the company a Green Economy Mark.[3]

ITM Power is headquartered in Sheffield within the world's largest electrolyser factory.[4] It also operates from a further two Sheffield-based sites and an office located in Hesse, Germany.

History[edit]

Early years[edit]

ITM Power was founded in June 2001 in Saffron Walden, Essex and originally manufactured fuel cells before expanding into electrolysers. In 2004, the company floated on the AIM Market raising £10 million.[5]

2010-2011[edit]

Its first sale was an electrolyser for the University of Birmingham, UK.[6] In 2011, ITM Power GmbH, the company's German subsidiary, was incorporated.

2019[edit]

The company raised £52 million via a second equity fundraise in 2019. This included a strategic investment of £38 million from Linde plc[7] and the establishment of the joint venture, ITM Linde Electrolysis (ILE), to provide green gas solutions at industrial scale. ILE was incorporated in January 2020.

ITM signed a collaboration agreement with Iwatani Corporation of America,[8] a wholly-owned subsidiary of Japan's Iwatani Corporation, for the deployment of multi megawatt electrolyser-based hydrogen energy systems in North America.

2020[edit]

ITM enacted a third fundraise, raising £172 million in equity that included a £30 million investment from Snam S.p.A.[9]

2021[edit]

In January the company sold a 24MW PEM electrolyser unit, the largest in the world, to Linde.[10] The unit will be installed at the Leuna Chemical Complex in Germany. Production is due to start in the second half of 2022.  

In March the company marked its first deployment in Japan with the sale of a 1.4MW electrolyser to Sumitomo Corporation.[11]

August marked the official opening[12] of Bessemer Park in Sheffield. The facility has an electrolyser manufacturing capacity of 1GW per annum, making it the largest in the world to date.

In October the company raised £250 million[13] to expand manufacturing capacity to 5GW per annum by 2024.

2022[edit]

Full-year results revealed that annual pre-tax losses almost doubled to £46.7m on the back of £5.6m of revenues. The firm admitted that it has scrapped its 5GW annual capacity target by 2025, now aiming for 1.5GW per annum by 2023. It also scrapped its previous decision to open a second UK factory in Sheffield. It also announced that CEO for 13 years, Graham Cooley, would leave once a successor was appointed.[14]

2023[edit]

In December the company finalised a capacity reservation agreement with Shell Deutschland. The company announced that future production capacity advanced electrolyser stacks would be secured by Shell under the agreement.[15]

Industrial projects[edit]

ITM Power is currently engaged with industry and academia partners in several projects to deploy its technology and products in existing and emerging markets.

REFHYNE[edit]

The REFHYNE project aims to supply clean refinery hydrogen for Europe. Comprising a partnership including ITM Power and Shell, it is funded by the European Commission's Fuel Cells and Hydrogen Joint Undertaking (FCH JU).

Following two years of construction, Shell launched[16] Europe's largest hydrogen electrolysis plant at its Rhineland Refinery in Wesseling, Germany. The PEM electrolyser supplied by ITM Power is the largest of its kind[17] to be deployed on a major industrial scale. The project will investigate the feasibility of introducing similar technology in other industry plants.

In October 2020, the REFHYNE II consortium, which aims to install a 100-MW electrolyser[18] at Shell's Energy and Chemicals Park, Rheinland, secured a EUR-32.4-million grant[19] from the European Climate, Infrastructure and Environment Executive Agency.

The project will use 100 megawatts of TRIDENT electrolyser stacks reserved from a capacity reservation agreement with Shell Deutschland, with production tentatively occurring from 2025 to 2026. However, its execution is dependent on a final investment decision.[15]

HyDeploy[edit]

HyDeploy is an energy trial to establish the potential for blending up to 20% zero carbon hydrogen into the normal gas supply to reduce carbon dioxide emissions. It was the first trial of its kind in the UK.[20]

The £7 million project was funded by Ofgem and led by gas network Cadent in partnership with Northern Gas Networks, with ITM Power supplying the electrolyser system. 100 homes and 30 university faculty buildings on a private gas network at Keele University in Staffordshire received the blended gas during the first phase which ended in March 2021.[21]

The trial was designed to determine the level of hydrogen which could be used by gas consumers safely and with no changes to their behaviour or existing domestic appliances. A second phase launched in August 2021[22][23] and is due for completion in 2022.

Hydrogen refuelling stations[edit]

ITM Power installed an electrolyser driven hydrogen refuelling station (HRS) named Hfuel at the University of Nottingham in 2012.[24] The refuelling station can provide hydrogen at 350 bar to vehicles and 150 bar to the university's laboratory.[25][26]

In September 2015, it opened the HRS at the Advanced Manufacturing Park in Rotherham, Yorkshire.[27]

Another station, located at the National Physical Laboratory in Teddington, London, opened in May 2016.[28] It was the first of three such stations launched under the pan-European HyFive Project,[29] funded by the FCH JU and the UK Government Office of Low Emission Vehicles (OLEV).

The second HyFive station was opened at East London's Centre of Engineering Manufacturing Excellence (CEME) in October 2016.[30] This station uses a solar photovoltaic array to produce renewable hydrogen on-site for public and private fleets operating fuel cell electric vehicles to recharge.

The third and final HRS under the HyFive project was opened in February 2017. Located at the Cobham Motorway Service Area on the M25 motorway,[31] it was the first HRS in the UK to be located on a forecourt and Shell's first in the UK.[32]

In 2020, the company set up the ITM Motive division[33] to manage its HRS assets. In 2021, the division was established as a separate, wholly-owned subsidiary,[34] owning and operating a portfolio of 12 publicly accessible HRS assets. It is currently the largest HRS operator in the UK.[35]

UKH2Mobility[edit]

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

Ecoisland Partnership CIC[edit]

In July 2012, ITM Power, along with four other companies, was selected by the Technology Strategy Board (now Innovate UK) innovation agency and the Department of Energy and Climate Change in the United Kingdom to develop ways of using clean energy on transport systems.[36] ITM's assigned project was to build an electrolysis based hydrogen refueller to be used as transport fuel on the Isle of Wight.[37] The plan is to make the Isle of Wight carbon neutral, by having residents create fuel at their home.[38][39]

References[edit]

  1. ^ "Itm Power revenue".
  2. ^ "Stock". www.londonstockexchange.com. Retrieved 1 November 2021.
  3. ^ "Stock". www.londonstockexchange.com. Retrieved 1 November 2021.
  4. ^ "UK energy secretary officially opens ITM Power's Gigafactory". Renewablesnow.com. Retrieved 1 November 2021.
  5. ^ "ITM Power achieves London stock flotation". Fuel Cells Bulletin. 2004 (8): 3–4. 1 August 2004. doi:10.1016/S1464-2859(04)00265-2. ISSN 1464-2859.
  6. ^ "ITM Power links up with Birmingham University | TheBusinessDesk.com". West Midlands. 16 June 2010. Retrieved 2 November 2021.
  7. ^ H2-View (3 October 2019). "Linde to take 20% stake in ITM Power". H2 View. Retrieved 2 November 2021.{{cite web}}: CS1 maint: numeric names: authors list (link)
  8. ^ "ITM Power and Iwatani to collaborate in North America". Proactiveinvestors UK. 19 November 2019. Retrieved 2 November 2021.
  9. ^ Edwardes-Evans, Henry (23 October 2020). "Italy's Snam takes strategic green hydrogen stake in UK's ITM Power". www.spglobal.com. Retrieved 2 November 2021.
  10. ^ "ITM sells 24 MW PEM electrolyser to Linde, partners with Optimal". Fuel Cells Bulletin. 2021 (2): 14. 1 February 2021. doi:10.1016/S1464-2859(21)00105-X. ISSN 1464-2859. S2CID 241388004.
  11. ^ "ITM Power sells MW-scale electrolyser to Sumitomo". BOLSAMANIA. Retrieved 2 November 2021.
  12. ^ "UK energy secretary officially opens ITM Power's Gigafactory". Renewablesnow.com. Retrieved 2 November 2021.
  13. ^ Hume, Neil (14 October 2021). "ITM Power launches £250m share sale to fund hydrogen gigafactory". Financial Times. Retrieved 2 November 2021.
  14. ^ Dempsey, Harry (14 September 2022). "ITM Power's shares plunge as it warns of production delays". Financial Times. The Nikkei. Retrieved 17 September 2022.
  15. ^ a b "ITM Power inks capacity deal with Shell Deutschland". Sharecast. Retrieved 11 December 2023.
  16. ^ Ltd, Renews (2 July 2021). "Shell starts green hydrogen production in Germany". reNEWS - Renewable Energy News. Retrieved 3 November 2021.
  17. ^ "Shell fires up Europe's largest green hydrogen facility". www.businessgreen.com. 2 July 2021. Retrieved 3 November 2021.
  18. ^ H2-View (8 October 2021). "Refhyne II project to deliver a 100MW electrolyser for hydrogen production in Germany". H2 View. Retrieved 3 November 2021.{{cite web}}: CS1 maint: numeric names: authors list (link)
  19. ^ "Consortium secures EU grant for 100-MW Refhyne II hydrogen electrolyser". Renewablesnow.com. Retrieved 3 November 2021.
  20. ^ "Zero-carbon hydrogen injected into gas grid for first time in groundbreaking UK trial". The Guardian. 24 January 2020. Retrieved 3 November 2021.
  21. ^ "HyDeploy blended hydrogen trial shows "promising" results". The Engineer. 9 September 2021. Retrieved 3 November 2021.
  22. ^ Burgess, James (26 July 2021). "UK hydrogen blending for public gas grid trial gets go-ahead". www.spglobal.com. Retrieved 3 November 2021.
  23. ^ "Inside the race to use hydrogen to heat our homes". Wired UK. ISSN 1357-0978. Retrieved 3 November 2021.
  24. ^ "Nottingham opens first hydrogen filling station". BBC News. 17 October 2012. Retrieved 4 November 2021.
  25. ^ "University of Nottingham installs own hydrogen fuelling station". The Green Car Website. Archived from the original on 5 October 2012. Retrieved 15 October 2012.
  26. ^ "Futuristic vision moves a step closer to reality". This is Nottingham. Archived from the original on 1 October 2012. Retrieved 15 October 2012.
  27. ^ "First 'zero-emissions' hydrogen filling station opens". BBC News. 17 September 2015. Retrieved 4 November 2021.
  28. ^ Edmonds, Lizzie (8 June 2016). "Filling station's own hydrogen for cars that make no pollution". www.standard.co.uk. Retrieved 9 November 2021.
  29. ^ "Hydrogen For Innovative Vehicles | www.fch.europa.eu". www.fch.europa.eu. Retrieved 4 November 2021.
  30. ^ "Hydrogen vehicle refuelling station opens in East London". airqualitynews.com. Retrieved 4 November 2021.
  31. ^ 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. ISSN 0307-1235. Retrieved 4 November 2021.
  32. ^ Ward, Andrew; Campbell, Peter (22 February 2017). "Royal Dutch Shell places bet on hydrogen cars going mainstream". Financial Times. Retrieved 4 November 2021.
  33. ^ English, Andrew (15 May 2020). "New hydrogen refuelling company to drive a greater adoption of fuel-cell cars". The Telegraph. ISSN 0307-1235. Retrieved 4 November 2021.
  34. ^ "ITM Power launches separate, wholly-owned Motive subsidiary". BOLSAMANIA. Retrieved 4 November 2021.
  35. ^ "ITM Motive aims to cater for growing numbers of hydrogen vehicles". www.yorkshirepost.co.uk. Retrieved 4 November 2021.
  36. ^ "Brew your own". The Economist Magazine. 30 July 2008. Retrieved 3 November 2012.
  37. ^ "Eco Valley". Archived from the original on 19 April 2012. Retrieved 21 October 2012.
  38. ^ "A self-sufficient Isle of Wight". The Economist magazine. 19 November 2011. Retrieved 21 October 2012.
  39. ^ Czyzewski, Andrew (10 November 2011). "ITM Power set to offer energy storage for EcoIsland project". The Engineer. Retrieved 21 October 2012.

External links[edit]

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