Snam will buy a minority stake in British energy storage and clean fuel company ITM Power in a bid to develop its green hydrogen technology, the Italian energy infrastructure company said on Thursday (22nd Oct).
The €33m ($39m) investment is part of a partnership agreement signed by the two companies which envisages the start of a commercial and technological collaboration for the development of future joint initiatives.
As part of the partnership, Snam said it will have the opportunity to gain relevant technical skills in the sector, with the entry of its representatives in two committees (Strategic Advisory Committee and Technology Management Committee) that support the board of ITM Power in key decisions on commercial activities and research & development.
The partnership between Snam and ITM Power will also enable the two companies to foster synergies for the development of new projects, also through the secondment of Snam resources to ITM Power.
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