AEG Power Solutions Announces Cooperation Agreement in Electrolysis Application for Energy Storage With UK-Based ITM Power

AEG Power Solutions (AEG PS), announces that it has signed an agreement with ITM Power (AIM: ITM), the energy storage and clean fuel company, to cooperate in integrating its electrolyser technology with AEG PS’ power control electronics. Under the agreement, ITM Power and AEG PS will initially address five live projects, the status of which ranges from imminent deployment to early proposal development.

This collaboration between leading technologies in power electronics and demand side energy storage is a significant step towards achieving energy efficiency for the renewables sector.
Power electronics integration is essential for the future smart grid and the demand side management of loads to assimilate intermittent and fluctuating renewable energy sources.

AEG Power Solutions (AEG PS) has extensive experience of the renewable power integration and has already supplied power electronics into several power-to-gas installations in Germany. This agreement with ITM represents the first time AEG PS’s power conversion technology will be coupled with PEM electrolysis, enabling rapid response electrolysis at a scale appropriate for electricity grid balancing services.

ITM Power’s CTO Dr Simon Bourne said "AEG Power Solutions is a world leader in power electronics for power conversion and controlling rapid response demand side loads. We are delighted to have developed this important collaboration and look forward to working together on a developing pipeline of projects.”

"We are proud to cooperate with ITM Power who offers leading technology in PEM electrolysis. We are confident that the partnership will be favorable for both companies, opening new business opportunities in the future,” states Gladwyn De Vidts, Chief Strategic Officer at AEG Power Solutions.

About AEG Power Solutions
AEG Power Solutions (AEG PS) Group is a global provider of power electronics systems and solutions for all industrial power requirements offering one of the most comprehensive product and service portfolios in the area of power conversion and power control. Two complementary operating business segments, Renewable Energy Solutions (RES) and Energy Efficiency Solutions (EES) serve customers worldwide. The RES product and service portfolio consists of systems and solutions for solar power plants, such as solar inverters, monitoring and control systems as well as power controllers for a wide range of industrial applications such as polysilicon, energy storage, sapphire, and glass. The EES product and service portfolio includes high-performance uninterruptable power supplies (UPSs), industrial chargers, DC systems and converters.
Thanks to its distinctive expertise, bridging both AC and DC power technologies and spanning the worlds of both conventional and renewable energy, the company creates innovative solutions for smart grids.

AEG PS’ global footprint includes 17 subsidiaries and competence centers around the world employing 1,700 employees.

AEG Power Solutions Group is the sole subsidiary of the holding company 3W Power S.A. (WKN A0Q5SX / ISIN GG00B39QCR01), based in Luxembourg. The Group is headquartered in Zwanenburg in the Netherlands. The shares of 3W Power are admitted to trading on Frankfurt Stock Exchange (ticker symbol: 3W9).

For more information go to: www.aegps.com.

This communication does not constitute an offer or the solicitation of an offer to buy, sell or exchange any securities of 3W Power. This communication contains forward-looking statements which include, inter alia, statements expressing our expectations, intentions, projections, estimates, and assumptions. These forward-looking statements are based on the reasonable evaluation and opinion of the management but are subject to risks and uncertainties which are beyond the control of 3W Power and, as a general rule, difficult to predict. The management and the company cannot and do not, under any circumstances, guarantee future results or performance of 3W Power and the actual results of 3W Power may materially differ from the information expressed or implied in the forward-looking statements. As a result, investors are cautioned against relying on the forward-looking statements contained herein as a basis for their investment decisions regarding 3W Power.

3W Power undertakes no obligation to update or revise any forward-looking statement contained herein.

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