ITM Power plc ("ITM Power" or "the Company")
Completion of the British Columbia Renewable Hydrogen Feasibility Study
ITM Power, Mitsui, Chiyoda and BC Hydro in 300MW Power-to-Gas study
SHEFFIELD, UK / ACCESSWIRE / July 2, 2019 / ITM Power (AIM: ITM), the energy storage and clean fuel company, is pleased to announce the completion of a techno-economic feasibility study for the large-scale centralised production of renewable hydrogen in the Province of British Columbia ("BC"). The project, "Feasibility Study and Assessment of Centralized Renewable Hydrogen Production in BC followed by a Pilot Plant Development", was led by ITM Power with support from G&S Budd Consulting Ltd. and partners Mitsui & Co., Chiyoda Corporation and BC Hydro. It was funded by the BC Government.
The study commenced in April 2018 with the aim of examining the potential for large-scale production of renewable hydrogen in BC, which could be used domestically and for export to California and Japan. BC brings a number of competitive advantages to the establishment of a first-of-its-kind large renewable hydrogen industry including the availability of renewable electricity, the abundance of freshwater and the proximity of numerous production sites to deep water harbours for the export of hydrogen to markets in the United States and Asia. The study was based on using ITM Power's state of the art PEM electrolyser technology and Chiyoda Corporation's newly developed liquid organic hydrogen carrier, SPERA Hydrogen.
The study analysed over 10 potential BC Hydro grid and private wire connected locations for the practical installation and operational business cases for up to 300MW of electrolysis paired with the liquid organic hydrogen carrier technology. Demand for hydrogen was analysed for the domestic market, to help BC meet the goals of a new zero emission vehicle policy, and international markets including large scale export to California and Japan.
The study highlighted a number of attractive opportunities which provide the basis for BC to leverage its vast renewable electricity generation capacity to become a world leader in the production and export of renewable electrolytic hydrogen whilst providing socio-economic benefits including business development and job growth for local communities including the First Nations people.
The results of the study will be used by ITM Power, Mitsui & Co. and Chiyoda Corporation to consider the installation of a facility in BC which has the potential to be the world's largest hydrogen production facility.
Steve Jones, MD of ITM Power Inc. commented: "ITM Power is pleased with the results of this feasibility study which highlights the BC region as one of the world's best locations for the generation and export of large-scale renewable hydrogen. The demand for renewable hydrogen is growing around the world and we look forward to continuing discussions on real world deployments."
Hon. Michelle Mungall, British Columbia Minister for Energy, Mines and Petroleum Resources, added:"Government is taking bold action to meet the climate targets set out in our world-leading CleanBC plan. Producing and exporting made-in-BC hydrogen power is an exciting opportunity to reduce greenhouse gas emissions, boost our economy and create good clean energy jobs."
Hon. Bruce Ralston, British Columbia Minister for Jobs, Trade and Technology, added: "Clean energy solutions like the possibility of BC generated hydrogen, will help protect the global environment while advancing our clean export priorities, which are crucial to driving strong economic activity."
Mitsui & Co. commented: "Mitsui is increasingly interested in the hydrogen industry particularly the opportunity to use hydrogen as an alternative fuel suitable for export and import"
Chiyoda Corporation commented: "Transporting hydrogen using our SPERA technology is simple and has the potential to scale to the enormous volumes required for the global energy transition."
For further information please visit www.itm-power.com or contact:
ITM Power plc
Andy Allen, Finance Director
+44 (0)114 244 5111
Investec Bank plc (Nominated Adviser and Broker)
Chris Sim / Jeremy Ellis
+44 (0)20 7597 5970
Tavistock (Financial PR and IR)
Simon Hudson / Nick Elwes / Barney Hayward
+44 (0)20 7920 3150
About ITM Power plc:
ITM Power plc manufactures integrated hydrogen energy solutions for grid balancing, energy storage and the production of green hydrogen for transport, renewable heat and chemicals. ITM Power plc was admitted to the AIM market of the London Stock Exchange in 2004. In September 2017, the Company announced the completion of a £29.4m working capital fundraise. The Company 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 subsequently a deal to deploy a 10MW electrolyser at Shell's Rhineland refinery. The Company entered into a Strategic Partnership Agreement with Sumitomo Corporation in July 2018 for the development of multi-megawatt projects in Japan. Additional customers and partners include Ørsted, National Grid, Cadent, Northern Gas Networks, Gasunie, RWE, Engie, BOC Linde, Toyota, Honda, Hyundai, Anglo American among others.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
SOURCE: ITM Power PLC