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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  ITM Power Plc    ITM   GB00B0130H42

ITM POWER PLC

(ITM)
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ITM Power : Appointment of Tom Rae as Non-executive Director

12/03/2020 | 10:23am EST
Thursday, 03 December 2020 08:55

ITM Power (AIM: ITM), the energy storage and clean fuel company, is pleased to announce the appointment of Tom Rae, currently Principal of Tom Rae Consulting, as a Non-executive director of the Company with immediate effect. Until September 2019, Tom was Group Director of Purchasing & Supply Chain and a member of the Group Executive Committee at JCB. He replaces Bob Pendlebury who retired from the Board in July 2020, as the representative of J.C.B. Research Limited, a significant shareholder in ITM Power.

Tom began his career in 1983 as a Process Engineer with Uniroyal Ltd, advancing to Manufacturing Manager in 1989. In 1992, Tom moved to Germany to join Continental AG, one of the world's largest automotive and industrial systems manufacturers, as European Quality Systems Manager and was a member of the Manufacturing Innovation Team, active in JV projects in Russia, South America and India. He moved back to the UK in 1997 to lead Conti's UK manufacturing operations.

In 2002, Tom returned to Germany as Senior Vice President of Procurement Continental AG, reporting to the CEO, where he remained until 2007 when he joined Japan's NSG Group as Chief Procurement Officer and where he was a member of the Executive Committee. NSG Group is a leading global manufacturer of glass technologies, operating in the fields of automotive, technical (touch screen displays, hybrid vehicle batteries and optoelectronics) and architectural (buildings glass and solar panels).

Tom left NSG in 2014 to join JCB as Group Director of Purchasing & Supply Chain and was a member of the Group Executive Committee before setting up his own consultancy practice in late 2019. He holds a degree in chemistry from Heriot-Watt University, Edinburgh and an MBA from Napier University, Edinburgh.

Sir Roger Bone, Chairman of ITM Power said: 'On behalf of the Board, I welcome Tom as a non-executive director. I am sure that his experience and expertise in procurement will prove to be of great benefit to the Company as we significantly increase manufacturing capacity. Tom's worldwide experience will also bring valuable insights to the Board to help us navigate international markets for our products.'

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

ITM Power plc

+44 (0)114 263 7646

Nicola Ham Edmonds (Head of Legal and Company Secretary)

James Collins (IR)

Investec Bank plc (Nominated Adviser and Broker)

+44 (0)20 7597 5970

Jeremy Ellis / Chris Sim / Ben Griffiths / Will Fenby

Tavistock (Financial PR and IR)

+44 (0)20 7920 3150

Simon Hudson / Edward Lee / Tim Pearson

Further regulatory disclosures

Other than as disclosed below, there are no further disclosures to be made in accordance with AIM Rule 17 and paragraph (g) of Schedule Two of the AIM Rules for Companies:

Name: Thomas Reid Rae; Age: 59;

Tom Rae is, or has during the last five years been, a director or partner of the following companies and partnerships:

Current

Tom Rae Consulting Limited - November 2019 to date

Tom Rae does not currently hold any shares in the Company.

About ITM Power plc

ITM Power plc manufactures integrated hydrogen energy solutions for grid balancing, energy storage and the production of renewable 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 renewable hydrogen to large scale industrial projects worldwide. In November 2020, ITM Power completed a £172m fund raise, including £30m from Snam, one of the world's leading energy infrastructure operators. 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, Phillips 66, National Grid, Cadent, Northern Gas Networks, Gasunie, RWE, Engie, BOC Linde, Toyota, Honda, Hyundai and Anglo American among others.

-ends-

Disclaimer

ITM Power plc published this content on 03 December 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 December 2020 15:22:04 UTC


© Publicnow 2020
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Sales 2021 10,4 M 14,2 M 14,2 M
Net income 2021 -20,4 M -27,9 M -27,9 M
Net cash 2021 173 M 238 M 238 M
P/E ratio 2021 -171x
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Nbr of Employees 178
Free-Float 59,2%
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Technical analysis trends ITM POWER PLC
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Mean consensus OUTPERFORM
Number of Analysts 7
Average target price 583,96 GBX
Last Close Price 666,00 GBX
Spread / Highest target 23,4%
Spread / Average Target -12,3%
Spread / Lowest Target -39,6%
EPS Revisions
Managers and Directors
NameTitle
Graham Cooley Chief Executive Officer & Executive Director
Roger Bridgland Bone No-Executive Chairman
Andrew Charles Allen Finance Director & Executive Director
Simon Bourne Executive Director & Chief Technology Officer
Rachel Louise Smith Executive Director
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