Business
Sumitomo Strategic Partnership Agreement
Sumitomo Strategic Partnership Agreement.
About this update from Itm Power Plc
[{"type":"text","content":"\n \nRNS Number : 0473U ITM Power PLC 09 July 2018 \n\n9 July 2018\n \nITM Power plc\n(\"ITM Power\" or the \"Company\")\n \n \nSumitomo and ITM Power Announce Strategic Partnership Agreement\n \nSumitomo Corporation (\"Sumitomo\") and ITM Power plc (\"ITM Power\") are pleased to announce a Strategic Partnership Agreement (\"the Agreement\") for the development of multi-megawatt projects in Japan based exclusively on ITM Power's electrolyser products.\n \nITM Power and Sumitomo (together \"the Partners\") have a similar vision for improving air quality, through the use of hydrogen to decarbonise heat, transport and industrial processes by deploying PEM electrolysers. Both parties agree on the importance of storing renewable energy using the production of CO2-free hydrogen.\n \nUnder the terms of the Agreement, ITM Power will supply multi-megawatt electrolyser systems to Sumitomo for integration into wider projects on an exclusive basis in Japan and on a non-exclusive basis in other territories. Sumitomo will introduce ITM Power's products in Japan, including potential customer financing and will refer to ITM Power any electrolyser projects which Sumitomo becomes aware of and considers to have the potential for collaboration between the Partners outside Japan. \n \nThe Partners will use their combined capabilities to: market, develop, finance and execute multi-megawatt hydrogen projects; jointly develop the value proposition and work up a number of strategic business cases for rollout, and; conduct exclusive feasibility studies for several projects in Australia.\n \nITM Power has deployed products in the UK, Europe and the US as well as the rest of the world, and currently has £40.3m of deal pipeline to be delivered, representing in excess of 14MW of electrolysis, balance of plant and hydrogen storage. This in turn builds on the 8MW delivered in Financial year ending April 2018 and 2MW in financial year ending April 2017, demonstrating a growing track record of deployments at the Megawatt scale. \n \nGeographically, ITM Power deal pipeline is centred around the UK (53%) and Europe (44%), and this partnership agreement presents a platform for entering the Japanese market and the rest of the world. The company has a non-contracted pipeline of tender quotations in excess of £250m, w...