Entry into the US market
16 October 2023
ITM Power announces that the company is commencing bidding into projects in the US market.
We are now able to supply the same stack, the heart of any ITM electrolyser, into both CE and ASME territories. This standardisation was an important precursor for us, so that we can use one production process and supply chain, simplifying operations and enabling economies of scale.
ITM will pursue an accelerated, asset-light entry into the US market, building on our strong relationships with various North America based industry leaders, some of which we announced recently as collaborations to cement our technology leadership and future proof our supply chain as we scale.
The US is widely recognised as having the potential to become one of the largest markets for electrolysers. Supported by the $370 billion Inflation Reduction Act (IRA), the US National Clean Hydrogen Strategy and Roadmap, released in June 2023, identified future demand scenarios, with strategic opportunities for the domestic production of 10 million metric tonnes (MMT) of clean hydrogen annually by 2030, 20 MMT annually by 2040, and 50 MMT annually by 2050. It complements the $9.5 billion investment for clean hydrogen through the Infrastructure Law. To put the US domestic production opportunity into context, the International Energy Agency (IEA) estimates that the current global use of grey hydrogen is 95 MMT per annum.
Dennis Schulz, CEO ITM, said: “The US has the potential to become one of the largest markets for green hydrogen. The region’s green hydrogen journey has just started, which provides ITM with a tremendous opportunity to become a leading electrolyser provider as the market develops over the coming years.”
For further information please contact:
ITM Power PLC
Justin Scarborough, Head of Investor Relations +44 (0)114 551 1080
James Collins, Head of Corporate Affairs +44 (0)114 551 1205
Investec bank plc (Nominated Adviser and Broker) +44 (0)20 7597 5970
James Rudd / Chris Sim / Ben Griffiths
About ITM Power PLC:
ITM Power was founded in 2000 and ITM Power PLC was admitted to the AIM market of the London Stock Exchange in 2004. Headquartered in Sheffield, England, ITM Power designs and manufactures electrolysers based on proton exchange membrane (PEM) technology to produce green hydrogen, the only net zero energy gas, using renewable electricity and water.