Business
Intention to Purchase Site for Second Giga Factory
Intention to Purchase Site for Second Giga Factory.
About this update from Itm Power Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 7750R\n ITM Power PLC\n 09 November 2021\n \n \n \n 9 November 2021\n \n \n \n \n ITM Power plc\n \n \n (\"ITM\", \"ITM Power\", the \"Group\" or the \"Company\")\n \n \n \n \n \n Intention to Purchase Site in Sheffield for the Second UK Giga Factory\n \n \n Collaboration with University of Sheffield\n \n \n \n \n \n ITM Power (AIM: ITM), the energy storage and clean fuel company, is pleased to announce that it has reached agreement on Heads of Terms to acquire a site for the Company's second UK factory in Tinsley, Sheffield, from the University of Sheffield at a cost of £13.4m. The site is part of the\n University of Sheffield Innovation District, and close to the M1 motorway and public transport links. It is approximately 2 miles from the Group's existing Gigafactory and Technology Centre at Bessemer Park. The land has outline planning consent and a full design brief agreed with the City Council. The acquisition is subject to the grant of full planning permission for the new factory. \n \n \n \n \n \n As set out at the time of the recent fundraise, ITM intends to build a second automated factory of some 260,000 sq. ft on the site with a capacity of 1.5 GW pa and currently expected to be fully operational by the end of 2023 to complement the existing 1 GW pa capacity at Bessemer Park. The new factory will provide the template for the Group's first international facility, which is expected to have a capacity of 2.5 GW pa, expected to bring total Group electrolyser capacity to 5 GW per annum by the end of 2024. One of the key features of the second UK factory will be an enlarged power supply to test multiple modules of the Company's next generation product concurrently. \n \n \n \n \n \n The overall cost of the new Sheffield factory is expected to be in the region of £50-55m. In addition to the land cost of £13.4m, the Company is currently allocating up to £16m for the construction of the shell, and a further £20-25m for the fit-out and power supply. \n \n \n \n \n \n The new factory will also include office space for manufacturing staff and will be a low environmental impact building, using the best of current low carbon technologies. ITM Power will work closely with a developer, to be appointed once planning permission has been received, to incorporate lo...