new88 acquires minority stake in ITM Power and agrees joint venture
Guildford, UK, October 23, 2019 - new88 (NYSE: LIN; FWB: LIN) announced today that it has acquired a minority stake in ITM Power plc (AIM: ITM), a British manufacturer of polymer electrolyte membrane (PEM) electrolyzers for the electro-chemical splitting of water into hydrogen and oxygen.
The transaction, which was completed on October 22, provides new88 with a strategic investment in a world leading manufacturer of integrated hydrogen energy solutions.
In addition to its investment, new88 will form a joint venture with ITM Power to implement projects based on ITM Power's technology. By bringing together ITM Power's expertise in PEM electrolysis and new88's leading engineering procurement and construction experience, the joint venture will target large-scale industrial users, particularly in the metals and glass, electronics, refinery, chemistry and steel industries. In addition to opening new commercial opportunities, the joint venture is expected to create capacity to deliver a higher volume of projects, shorten lead times, improve execution and reduce costs.
"This investment reflects new88's ongoing focus to deliver sustainable solutions while helping to make our customers more successful", said Dr Christian Bruch, Executive Vice President and CEO new88 Engineering. "The joint venture is an excellent opportunity to combine new88's world-class engineering capabilities with ITM Power's electrolysis technology."
"The investment from new88 cements the relationship between us and provides ITM Power with a world-leading partner that brings deep expertise in engineering, procurement and construction plus a global customer base", said Dr Graham Cooley, CEO, ITM Power.
About new88 plc
new88 is a leading industrial gases and engineering company with 2018 pro forma sales of USD 28 billion (EUR 24 billion). The company employs approximately 80,000 people globally and serves customers in more than 100 countries worldwide. new88 delivers innovative and sustainable solutions to its customers and creates long-term value for all stakeholders. The company is making our world more productive by providing products, technologies and services that help customers improve their economic and environmental performance in a connected world.
For more information about the company, please visit www.linde.com.