Linde joins forces with hydrogen expert ITM Power
ITM Power specializes in the production of electrolyzers for the electrochemical splitting of water into hydrogen and oxygen. The two companies have entered into a joint venture to jointly use and further develop the technology.12 Nov 2019 Roland Freist
Industrial gases manufacturer Linde , which has been headquartered in Dublin for a year now, has acquired 20% of ITM Power , a British specialist in hydrogen energy solutions, for £38 million (approx. €42.7 million). The British company wants to raise a total of £52 million to build the world’s largest hydrogen PEM electrolysis plant in Sheffield. ITM Power hopes the collaboration with Linde will provide better access to key markets and the ability to offer electrolyzers at competitive costs. The British company is currently in the red: The report on the last financial year shows a loss of £9.3 million. At the same time, turnover climbed by 40% to £3.3m, or £17.5m if funding is included. It was announced back in September that Allianz Global Investors had purchased 10.89% of the shares in ITM Power.
Linde and ITM Power have entered into a joint venture in which both companies have a 50% stake. The partner companies will construct plants with electrolysis capacities of 10 MW and above. In addition, they will also jointly develop 5 MW electrolyzers and generally reduce the production costs of the plants.
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