ITM Power wins government funding for hydrogen project
ITM Power on Thursday won UK government funding for the Gigastack feasibility study with its partners in the project, offshore win specialist Ørsted and low-carbon consultancy Element Energy.
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The Gigastack project will receive funding from the UK government's £20m BEIS Hydrogen Supply Competition for its feasibility phase, leading, if successful, to the opportunity to bid for further funding for the implementation.
Specific aims of the project include the reduction of electrolytic hydrogen costs through the development of a new 5MW stack module, a new semi-automated manufacturing facility with an electrolyser capacity of up to 1GW per year and the deployment of large scale and low cost 100MW+ electrolyser systems.
Climate Change Minister Lord Duncan said the project will aid government efforts to roll out hydrogen at scale by the 2030s, playing a crucial role in the country reaching its goal of net zero greenhouse gas emissions by 2050.
The AIM traded company added that the project was an opportunity to develop green hydrogen production for the UK and establish the country as a centre of excellence in electrolytic technology.
Graham Cooley, chief executive of ITM Power, said: "The Gigastack Project seeks to significantly lower the cost of producing green hydrogen by scaling the individual electrolyser stacks and the production process to 1 GW of electrolysis per annum. We are delighted to be working on this important initiative, backed by the UK Government, with Ørsted the largest supplier of offshore wind in the UK."
ITM Power shares were up 1.23% at 37.15p at 1229 BST.