Hydrogen energy storage developer ITM Power has signed a strategic partnership deal with Sumitomo Corporation that will pave the way for “multi-megawatt projects” in Japan.
“Japan is a strategically important territory for hydrogen. This partnership is based upon Sumitomo’s knowledge of Japan – the customer base and the compliance landscape. We’re pleased that Sumitomo recognises that ITM Power has a world leading solution for the low carbon production of hydrogen and hope that Sumitomo’s operations in many other territories outside Japan may be of relevance to the deployment of ITM Power’s technology,” Dr Graham Cooley, ITM Power CEO, said.
ITM is one of the foremost developers of Hydrogen gas electrolyser products and expects to see strong growth this year on the back of a healthy order book.
Under the terms of the deal with Sumitomo, ITM Power will supply multi-megawatt electrolyser systems for integration into wider projects on an exclusive basis in Japan and on a non-exclusive basis in other territories.
“Today we have signed a Strategic Partnership Agreement with ITM Power. Together, we will be exploring possibilities of concrete joint business in Japan and other areas,” Mr. Suzuki, Executive Officer, Sumitomo, said.
ITM Power has to date installed products in locations around the world with a focus on the UK, Europe and the US. It currently has £40.3m of deals in the pipeline to be delivered, representing in excess of 14 megwatts of electrolysis, balance of plant and hydrogen storage.
The firm is expected to reach break-even imminently having demonstrated a a rapid growth of deployments in recent years, with 8 megawatts delivered in Financial year ending April 2018 and just 2 megawatts in financial year ending April 2017,.
“The Sustainable supply of energy and improvement of the global environment are material issues that should complement each other. Our goal is to contribute to creating a carbon free society. In order to accomplish this, we will be involved in producing CO2 free hydrogen by electrolyzing water with renewable energy, which can be utilized as fuel for the next generation of energy and mobility.