Itm Power Regulatory News (ITM)

13 Nov 2006 13:00

ITM Power PLC13 November 2006 Monday 13 November 2006 ITM Power Plc ("ITM or "the Company") Agreement ITM Power announces today that it has signed a Memorandum of Understanding("MoU" or/and the "Agreement") with Hydrogen Engine Center Inc ("HEC"), anAmerican company that designs, manufacturers and distributes alternative fuelinternal combustion engines for the industrial and power generation markets.The joint objective is to develop products for a non polluting grid independentenergy system which can undergo early field trial testing. The purpose of the MoU is to provide a platform from which the two organisationscan develop their respective technologies such that they can enjoy mutualbenefits. HEC anticipates that ITM can offer an assured supply of hydrogen usingITM's low cost electrolyser technology. ITM anticipates that HEC provides anearly route to the provision of a complete system package using HEC's provenengine technology. The combination of a low cost electrolyser and a hydrogen fuelled internalcombustion engine could provide the essential technology to convert low-valueintermittent renewable energy (wind, solar) into a reliable non-fossil energysupply. Subject to the production of satisfactory results from the field trials, ITM andHEC will progress into detailed discussions with the intention of entering amore formal commercial exploitation arrangement. Jim Heathcote, CEO, ITM Power Plc, said: "We are delighted to be working withthe team at HEC. I believe that the collaboration of HEC and ITM brings togethercomplimentary technologies that could provide significant commercialopportunities for both companies in the North American and European markets." Ted Hollinger, President, HEC, said: "Both ITM and HEC have been developingtechnologies over the past few years and are now ready to bring them to market.By combining ITM's new low-cost electrolyser with HEC's hydrogen engines,customers will have access to turn-key hydrogen-fueled systems." -Ends- For further information, please contact: Gemma ChandlerCorporate Communications OfficerITM Power PlcTel: +44 (0) 1799 532 860Mob: +44 (0) 7921 057712 HEC media contact:Maggie Nye (maggie@vendely.com)Elizabeth Vendely (elizabeth@vendely.com)Vendely Communications IncTel: 001 818 623 1000 Notes to Editors: About ITM Power Plc:ITM Power plc believes it has developed and patented the keys to revolutionisethe hydrogen economy and is set to become one of the UK's leading innovatorswithin the alternative energy sources industry. www.itm-power.com Electrolyser:An electrolyser converts water and electricity into hydrogen and oxygen. Thesegases can be used as fuel for combustion engines, fuel cells, heating andconventional electricity generation. Existing electrolysers cost in the region of $2,000/ kW and the US Department ofEnergy 2010 target is $300/kW for an electrolyser stack. ITM Power has identified low cost electrolysers as a vital component to replacehydrocarbon fuels with hydrogen. ITM its unique patented technology has allowedITM to achieve cost/performance targets which in production would equate toelectrolyser stack costs as low as $164 / per kW. About Hydrogen Engine Center Inc:Hydrogen Engine Center, Inc., designs, manufactures and distributesalternative-fueled internal combustion engines and power generation equipmentfor distributed power, agricultural, industrial, airport ground support,vehicular, business and home applications. All HEC engines and Gensets arecapable of running on a multitude of fuels, including but not limited to,hydrogen, gasoline, propane, natural gas and ethanol. Development of anammonia-fueled engine is underway. HEC trades on the Bulletin Board under thesymbol "HYEG.OB." Principal offices are located at 2502 E Poplar St., Algona,Iowa 50511. Visit www.hydrogenenginecenter.com or call 1-515-295-3178. This information is provided by RNS The company news service from the London Stock Exchange