ITM Power incorporates joint venture with Linde
ITM Power
50.00p
16:40 25/04/24
Energy storage and clean fuel company ITM Power announced the incorporation of ITM Linde Electrolysis on Thursday - a joint venture company between ITM Power and Linde, which was first announced in October.
FTSE AIM 100
3,628.91
16:49 25/04/24
FTSE AIM All-Share
753.12
16:50 25/04/24
The AIM-traded firm said ITM Linde would focus on providing global green gas solutions using its modular ‘PEM’ electrolysis technology and Linde's engineering, procurement and construction expertise, to deliver turnkey solutions to customers.
ITM Power also announced that Linde’s head of group research and development and portfolio management, Andreas Rupieper, would be appointed as managing director of ITM Linde.
Before joining Linde as vice-president, head of business unit petrochemistry, Rupieper worked as a senior consultant for Management Engineers, now part of PWC Strategy, and before that for 13 years at Thyssenkrupp, most recently as project director of engineering, procurement and construction.
“I am delighted that Andreas has been confirmed as managing director of the newly incorporated joint venture, demonstrating the collaboration with Linde has proceeded as expected and reached this next stage of development,” said chief executive officer Graham Cooley.
“I look forward to working closely with Andreas as we open new markets and customer opportunities.”
Andreas Rupieper described hydrogen as a “key facilitator” in the energy transition, adding that it had “significant” market potential.
“Joining forces with ITM Power - a leading original equipment manufacturer for electrolysis-based hydrogen production systems - enables a joint market offering to serve our customers with the best-in-class solution for their specific requirements.”
At 1029 GMT, shares in ITM Power were down 4.83% at 96.6p.