Hygen appoint ITM as preferred supplier

ITM is pleased to announce a partnership with Hygen, being appointed as their preferred supplier for Proton Exchange Membrane (PEM) electrolysers for hydrogen projects within the UK and across Europe. Hygen's goal is to implement up to 200 MW of electrolyser projects over the coming years across the UK and wider Europe, utilising ITM technology and equipment.

The collaboration will be formed of two phases:

• Phase 1 is expected to comprise 50MW of NEPTUNE Plug & Play electrolysers across a number of projects, many of which will be based on UK government HAR2 or similar funding programmes.

• Phase 2 is expected to comprise 150 MW of larger-scale modular electrolysers

Each project will be subject to a Final Investment Decision (FID).

Both companies recognise the economic benefits arising from a strong UK supply chain in the fast-growing hydrogen industry and will work together to maximise the viability and bankability of Hygen projects, especially of larger-scale electrolyser installations.

ITM has continued to grow its NEPTUNE annual build capability, both in terms of units and MW capacity. The company is confident that it will be able to fulfill Hygen's demand requirements, while simultaneously working alongside and delivering to a wide range of customers over the coming years.

Dennis Schulz, CEO of ITM, said: "Our collaboration with Hygen is an important milestone for both companies and for the UK. We are looking forward to working in partnership with Hygen and its group companies RYZE and Wrightbus over the coming years, together playing a leading role in advancing the green hydrogen economy."

Jamie Burns, Director of Hygen, said: "We are determined to lead from the front when it comes to developing and delivering low-carbon hydrogen projects. To build this critical infrastructure, we need ambitious partners such as ITM which has impressed us with its focus on the manufacture of quality UK-built products. Hygen's intent is to deliver low-carbon hydrogen projects in the near term, giving the UK's net-zero industry a valuable boost."

For further information, please contact:

ITM Power PLC

Justin Scarborough, Head of Investor Relations +44 (0)114 551 1080

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.

About Hygen:

Hygen is a leading developer, producer, and asset owner of low-carbon hydrogen production facilities in the UK and Europe, focusing on the decarbonisation of mobility, construction, hard-to-electrify industries and power. Hygen is focused on the development and building of low-carbon hydrogen production facilities, currently targeting more than 500MW of low-carbon hydrogen across the UK and Europe. Hygen is part of HydraB, the group holding company of a number of 'Road to Zero' companies which includes Ryze Hydrogen and Wrightbus.