ITM Power Plc Announces Resignation of Tom Rae as Non-Executive Director
November 16, 2021 at 08:08 am EST
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ITM Power announced that Tom Rae, the representative of J.C.B. Research, a significant shareholder in ITM Power, has tendered his resignation as a non-executive director of the Company immediately. This follows completion of the placing (the "Placing") by way of an accelerated bookbuild by Investec Bank plc and Merrill Lynch International, as announced on 14 October 2021. As a result of the Placing, J.C.B. Research's shareholding has fallen below the threshold giving them the right to appoint a non-executive director to the Company's Board.
ITM Power PLC is a United Kingdom-based company, which designs and manufactures electrolyzers based on proton exchange membrane (PEM) technology to produce green hydrogen using renewable electricity and water. The Company makes electrolyzers in a range of sizes to suit its customers needs from 2 megawatts (MW) to projects in excess of 100 MW. Its electrolyzer products include TRIDENT, NEPTUNE and POSEIDON. TRIDENT is a PEM electrolyzer stack technology. TRIDENT is a 2 MW electrolyzer skid based on its 30 bar stacks. NEPTUNE is a fully autonomous electrolyzer system. Supplied with a power conversion system and incorporating all necessary balance of the plant, the electrolyzer can be readily deployed as a complete package. POSEIDON is a 20 MW module for large-scale projects. POSEIDON is a modular building block enabling scale up with an optimized footprint. Suitable for both indoor and outdoor installation, it consists of skid-mounted units which can be prefabricated and pre-tested.