Director and original funder of hydrogen power specialist steps down
Sheffield-based hydrogen power specialist ITM Power has announced that an original funder and director is to step down from the board.
Peter Hargreaves, a non-executive director since 2003, will stand down from his post at the end of the month.
Hargreaves said: “I am proud that I have been involved with ITM Power from the time I encouraged the founders to start the company. As I look back, I honestly feel that ITM Power is now at its most commercially and financially viable since its foundation.
“During the initial deliberations with the founders in 2001, we had just a concept that PEM (Proton Exchange Membrane) electrolysers and fuel cells would become a major part of the clean energy future. My convictions were such that I provided seed finance for the early days. Today I feel vindicated that ITM Power is a world leader in the manufacture of electrolysers utilising PEM technology. I am sure ITM Power will stay at the forefront of manufacturing equipment for clean hydrogen production. The team in Sheffield is highly regarded throughout the world.
“My involvement with the company now spans 16 years and I feel it is the right time to reduce my involvement and step down from the board. I would add it is my intention to retain all my shareholding and I welcome the invitation extended to me by the company to keep in regular touch and offer advice.
“I am pleased I can step down in the knowledge that the company is in good hands and I look forward to hearing of its future success.”
ITM Power chairman, Professor Roger Putnam, added: “On behalf of his board colleagues, the staff of ITM Power and all of our shareholders, I would like to thank Peter for his help and support over the years. We would not be where we are today without him. All of us would miss his plain speaking contribution to discussions and we look forward to that continuing in the future.”
Earlier this month, the company raised £29.4m through share placing, which the company says will help to fulfil a backlog of orders.
The firm, based in Attercliffe, also plans to move to new larger facilities which will consolidate the group’s two current sites and is expected to facilitate annual production capacity of 300MW.
