January 23 (Renewables Now) - ITM Power Plc (LON:ITM) on Thursday said it has incorporated ITM Linde Electrolysis GmbH, a green hydrogen joint venture with industrial gases and engineering company Linde that was announced in October.
ITM Linde will make use of ITM Power's modular PEM electrolysis technology as well as of Linde's engineering, procurement and construction (EPC) expertise.
The companies said in October that the JV will focus on delivering green hydrogen to large scale industrial projects that exceed 10 MW of installed electrolyser capacity.
Under the deal announced then, Linde UK Holdings No 2 Limited made a strategic investment of GBP 38 million (USD 50m/EUR 45m) in ITM Power by subscribing for 95 million new ordinary shares at GBP 0.4 apiece. This way, Linde acquired a 20% stake in ITM Power.
In the latest statement, ITM also said Andreas Rupieper, head of group R&D at Linde, will become ITM Linde's managing director.
(GBP 1.0 = USD 1.313/EUR 1.184)