Itm Power Regulatory News (ITM)

10 Apr 2006 07:01

ITM Power PLC10 April 2006 Embargoed until: 07.00, 10 April 2006 ITM Power Plc ("ITM" or "The Company") APPOINTMENT OF NON-EXECUTIVE DIRECTOR The Board of ITM Power Plc is pleased to announce the appointment of RogerPutnam as an independent Non-Executive Director of the Company, with effect from15 May 2006. Roger Putnam, the former Chairman of Ford of Britain, is currently President ofthe Society of Motor Manufacturers and Traders and a member of the Government'sEnergy Review Partnership. The Partnership will report to the Chancellor on thecountry's future energy strategy. Other directorships include, Chairman ofJaguar Daimler Heritage Trust, the DTI's Retail Motor Strategy Group and DeputyChairman of Motorsport Development UK. He is also a visiting professor ofAutomotive Studies at the City of London University. Roger's distinguished career in the automotive industry began at Lotus Plc. In1982 he joined Jaguar Cars Ltd as director, marketing and UK sales operations.In 1985 Roger was appointed to the board of Jaguar as Director, Sales andMarketing, a role he retained until he was appointed Chairman of Ford of Britainin 2002. Roger Putnam said: "I am very pleased to be joining the Board of ITM power and Ibelieve the Company has made significant technological advances that have thepotential to provide cost competitive non-polluting hydrogen fuel that could beused in a wide range of industrial and automotive applications. I am lookingforward to working with my new colleagues at ITM to bring this technology intocommercial use." Stephen Massey, Chairman of ITM Power, added: "I am delighted that Roger hasagreed to join the board. Roger's wealth of experience in management, sales andmarketing within global businesses and his relationships within government andindustry will prove invaluable to ITM as we seek to commercialise our patentedtechnology." No further details, other than those detailed below, are required to bedisclosed under schedule 2 paragraph (g) of the AIM rules. Full name: Roger George Putnam Age: 60 Current Directorships: Jaguar Daimler Heritage Trust SMMT Ltd Jaguar / Landrover Switzerland AM + M Plc Lesonoco Ltd Automotive Skills Ltd EMH Plc Previous Directorships: Lotus Plc Jaguar Cars Ltd Jaguar Itala Spa Jaguar / Landrover Deutschland For further information please contact: Gemma Chandler Tim Linacre / Katherine Roe Simon Hudson / Clemmie CarrITM Power Plc Panmure Gordon Tavistock CommunicationsTel: 01799 531 497 Tel: 020 7459 3600 Tel: 020 7920 3150Mob: 07921 057712 Notes to Editors 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 has achieved costs as low as $164 / per kW. About the hydrogen economy and ITM Power: The future shape of the energy industry is being driven predominantly by thegrowth in the global demand for energy, the diminishing reserves of oil and bythe environmental impact of burning fossil fuels. ITM aims to provide all aspects of the technology necessary to make the hydrogeneconomy a commercial reality and replace hydrocarbon fuels. Hydrogen Economy: • Term used to describe the use of hydrogen as a critical element in the energy economy of the future. • Benefit of hydrogen is that it has the potential to a be a totally "clean" source of fuel • The vision is that low cost electrolysers produce hydrogen from "clean" energy sources such as solar, wind and wave and fuel cells use this hydrogen to produce the electricity when it's required "If all the sunlight hitting the earth's surface in one hour was harnessed andconverted into electrical power, it would be enough to fulfil mankind's energyneeds for a complete year" - BP Solar ITM's Technology: 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. ITM's ionically conductive polymer materials and manufacturing processes areused in the production of fuel cells and electrolysers, which are significantlycheaper than those presently used in production. The technology offers highconductivity, hydration control and has the benefit of catalyst recycling.Existing industry standard membrane material is estimated to cost $500 per sqmetre, ITM's membrane costs $5 per sq metre. The Company has the ability toproduce low cost fuel cells that meet the energy demands of a wide range ofindustries and specialist technologies including military, automotive andstationary fuel cell markets as well as the capacity to produce household itemssuch as laptops, mobile phones and domestic appliances. ITM's has patented a new manufacturing process that allows a fuel cell/electrolyser stack of cells to be made in a single process similar to a massproduction casting process. The process is capable of producing cells or stacksof any shape that may also be flexible so that they can be moulded into smallerproducts, such as mobile phones. The Company has applied this technology to alow cost electrolyser that can convert carbon free energy into clean hydrogenfuel on site and on demand, therefore completing the circle of the manufacturingprocess. This information is provided by RNS The company news service from the London Stock Exchange