22nd Jul 2019 09:43
(Alliance News) - Energy storage and clean fuel firm ITM Power PLC on Monday announced the lease of new premises in Sheffield, England, which would be the world's largest of its type.
ITM will lease the 134,000 square feet manufacturing facility which will have an electrolyser manufacturing capacity of up to 1,000 megawatts a year.
The facility, at PLP Bessemer Park, is expected to be completed in the fourth quarter of 2019, when the lease would be completed.
ITM would move into the facility in March 2020, it said, the majority of operations would be moved there by the summer of 2020.
"The requirement to expand ITM Power's production capacity has been led by the continued growth in the company's order pipeline. The new headquarters will see ITM co-locate into a single building and gain access to a five-fold increase in production space," said ITM.
"Key to the selection of the building was the proximity of the grid connection to provide the substantial power supply required for ITM's needs, using existing infrastructure near to the location."
Chief Executive Graham Cooley added: "The move to larger premises and the design of our new manufacturing and testing process has taken some time. I am delighted to be able to announce this key milestone in the project and I do so with confidence that ITM and its advisors have done a thorough job in selecting the right premises."
"The detailed planning that has taken place will pay dividends as we transition our activities to PLP Bessemer Park from the New Year."
ITM shares were 9.0% higher on Monday morning at a price of 37.50 pence each.
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