Itm Power Regulatory News (ITM)

4 Dec 2006 07:00

ITM Power PLC04 December 2006 Monday, 4 December 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 ABRO, a Trading Fund of the Ministry ofDefence which maintains vehicles and equipments owned and operated by theBritish Armed Forces, and in addition offers a maintenance service tocommercial organisations including Emergency Services, Local Authorities andAirports. The joint objective of the parties is to use ITM's technology todevelop equipment which improves the capability (fuel efficiency and/orpollution control) of diesel engines operating in military and civilianenvironments. Field trial testing of the developed equipment will be carriedout. The purpose of the Agreement is to provide the basis which will allow bothparties to collaborate, share expertise and combine their respective coreabilities to develop a number of equipment packages. These equipment packageswill be designed for retro fitting to specific vehicles and will be rigorouslytested to establish the operational and commercial potential in a range ofmilitary and civilian scenarios. The two organisations anticipate thatsignificant mutual commercial benefits will result from the successfulcompletion of this programme. The combination of ITM's unique low cost electrolyser systems to supply hydrogenfor use in diesel engines and ABRO's unrivalled experience and facilities in theengineering and maintenance of vehicles of all sizes and types could provide anearly route to the acceptance and application of this technology in both themilitary and civilian arenas. Subject to the production of satisfactory results from field trials, ITM and ABRO will progress into detailed discussions with the intention of entering a formal commercial exploitation arrangement. Jim Heathcote, CEO, ITM Power Plc, said: "We are delighted to be working with ABRO. I believe that the collaboration between our two organisations brings together complimentary abilities that could provide significant commercial opportunities for both parties." Peter Moore, ABRO's Chief Executive added "This agreement is excellent news, the collaboration will bring together ITM's low-cost electrolyser technology andextend our engineering expertise, developing our fleet service provision to include green technology. I am optimistic that the signing of this agreement will act as a springboard for greater opportunities in the near future." Ends For further information please contact: Gemma ChandlerITM Power PlcTel: 01799 532 860Mob: 07921 057712www.itm-power.com. Claire Lloyd-HickeyABROTel: 01264 385799Mob: 07765898986www.abro.co.uk Notes to Editors About ABRO ABRO is a Trading Fund of the MoD offering fleet management services includingservice, repair, and re-manufacturing, primarily to the British Armed Forces butalso, emergency services, local authorities, airports and industry. Capabilities range from small arms to main battle tanks, and commercial fleetvehicles to thermal imaging equipment. Operating from a range of strategicallylocated sites, ABRO employs 2,100 staff, handling an annual turnover of work inexcess of £137 million. About ITM Power Plc ITM Power Plc has developed and patented low-cost hydrogen technologies. ITMPower has been developing new materials and processes that dramatically reducethe cost of fuel cells and electrolysers. The patented membrane materials usedin the devices have higher performance and are 1% of the cost of the industrystandard materials. 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. ITM's unique patented technology has allowed ITM to achieve cost/performancetargets which in production would equate to electrolysers stack costs as low as$164/per kW. These technical breakthroughs simultaneously solve the cost andinfrastructure barriers to the use of hydrogen as a competitive fuel. This information is provided by RNS The company news service from the London Stock Exchange