ITM Power and Iwatani Corporation of America Establish US Collaboration Agreement

ITM Power (AIM: ITM), the energy storage and clean fuel company, and Iwatani Corporation of America ("ICA"), a wholly owned subsidiary of Iwatani Corporation (8088: Tokyo Stock Exchange) are pleased to announce that the two companies have signed a collaboration agreement for the deployment of multi MW electrolyser based hydrogen energy systems in North America.

ITM Power and ICA have a shared vision to reduce pollutants and improve air quality by offering renewable hydrogen to the transportation, energy storage and renewable energy sectors in North America. The collaboration agreement enables the companies to share opportunities and, where a commercial case exists, work together on an exclusive basis to deploy ITM Power's world leading PEM electrolysers and Iwatani's leading gas handling and deployment solutions.

Particular areas of interest lie in the California hydrogen refuelling station market and large-scale liquid and gaseous renewable hydrogen production for domestic and export markets.

Joe Cappello, CEO Iwatani Americas, commented: "We are very pleased to have signed this agreement and to be collaborating with ITM Power to meet the needs of customers who have committed to transitioning to low-carbon-intensity derived hydrogen as an energy source. ITM Power's world leading electrolysers and Iwatani's vision for growth in the North American green hydrogen market align very well and we look forward to deploying projects together."

Dr Graham Cooley, CEO, ITM Power, added: "Iwatani Corporation is a recognized leader in the hydrogen industry, and we are delighted to be collaborating with the company in North America. Transport refuelling is just the tip of the iceberg for demand for hydrogen from renewable sources and this partnership will be well positioned to participate in this exciting and rapidly growing industry."

For further information please visit www.itm-power.com or contact:

ITM Power plc
+44 (0)114 244 5111
Andy Allen, Finance Director

Iwatani Corporation of America
jscappello@iwatani.com
Joe Cappello

Investec Bank plc (Nominated Adviser and Broker)
+44 (0)20 7597 5970
Chris Sim / Jeremy Ellis

Tavistock (Financial PR and IR)
+44 (0)20 7920 3150
Simon Hudson / Barney Hayward / Edward Lee

About ITM Power plc:

ITM Power plc manufactures integrated hydrogen energy solutions for grid balancing, energy storage and the production of green hydrogen for transport, renewable heat and chemicals. ITM Power plc was admitted to the AIM market of the London Stock Exchange in 2004. In October 2019, the Company announced the completion of a £58.8 million fundraise, including a subscription by Linde of £38 million, together with the formation of a joint-venture with Linde to focus on delivering green hydrogen to large scale industrial projects worldwide. ITM Power signed a forecourt siting agreement with Shell for hydrogen refuelling stations in September 2015, (which was extended in May 2019 to include buses, trucks, trains and ships) and in January 2018 a deal to deploy a 10MW electrolyser at Shell's Rhineland refinery. ITM Power announced the lease of the world's largest electrolyser factory in Sheffield with a capacity of 1GW (1,000MW) per annum in July 2019. Customers and partners include Sumitomo, Ørsted, National Grid, Cadent, Northern Gas Networks, Gasunie, RWE, Engie, BOC Linde, Toyota, Honda, Hyundai and Anglo American among others.

About Iwatani Corporation's Commitment to Hydrogen

Since 1941, Iwatani has regarded hydrogen as the ultimate clean energy source and has consistently engaged in initiatives to encourage its widespread use. Under the corporate slogan "A world where all enjoy true comfort -- this is Iwatani's desire," Iwatani strives to solve environmental concerns with the aim of achieving a carbon-free society through the use of hydrogen. In addition, Iwatani is a Steering Member of the Hydrogen Council, a global initiative of leading energy, transport and industry companies with a united vision and long-term ambitions for hydrogen to foster the energy transition. To stimulate new hydrogen demand, Iwatani is developing hydrogen-refuelling stations with the aim of the widespread distribution of fuel cell electric vehicles.

Relevant initiatives are being promoted in cooperation with Japan H2 Mobility, which was established jointly by infrastructure operators, automakers, financial investors and other stakeholders as the driving force for developing hydrogen-refuelling stations. Iwatani also participates in initiatives involving carbon-free hydrogen, including a demonstration project for the production, transportation and storage of large quantities of liquid hydrogen in Australia and the Fukushima Plan for a New Energy Society, one of the world's largest hydrogen production projects, using renewable energy with zero CO2 emissions. Iwatani is an Executive Board Member of the California Fuel Cell Partnership and Member of the California Hydrogen Business Council.

Iwatani Corporation of America has corporate offices in Houston, Texas, and Santa Clara, California.

For further information please visit www.iwatani.com