Itm Power Regulatory News (ITM)

28 Mar 2008 07:01

ITM Power PLC28 March 2008 For Immediate Release 28 March 2008 ITM Power plc ("ITM" or "the Company") Collaboration agreement with Roush Technologies Limited to accelerate the arrival of hydrogen vehicles ITM Power plc (AIM: ITM) is pleased to announce a collaboration agreement withRoush Technologies Limited in a unique project to realise hydrogen-powered,emission-free vehicles on UK roads. Roush Technologies is one of the world'sforemost automotive design, engineering and development groups and thecollaboration agreement is expected to accelerate CO2-free, hydrogen-fuelledcommercial vehicles operating in Britain. Roush Technologies, which already has extensive experience in the commercialvehicle sector, will be responsible for both adapting existing internalcombustion-engines in vehicles and researching the development of new powerunits to utilise hydrogen fuel. ITM will provide the breakthrough refuelling solution by enabling vehicleoperators to generate their own hydrogen fuel. Using a patented electrolyser,due to enter production at ITM's special facility in Sheffield later this year,it is possible to make hydrogen fuel wherever there is a source of electricityand water. The advances in electrolysis technology that ITM has achievedelegantly address the hydrogen infrastructure issue by using the alreadydeveloped electricity and water distribution network. The electrolyser can produce hydrogen from water and any source of electricityincluding off-peak or renewable energy - electricity generated by wind, wave orsolar power. Unlike petrol or diesel, when hydrogen burns, it releases no CO2,merely water vapour. This agreement will enable both parties to jointly offer a complete package ofhydrogen refuelling systems and hydrogen vehicles to customers. It isanticipated that first sales will be to large commercial or local governmentorganisations that wish to demonstrate a commitment to reducing carbon dioxideemissions. Marketing to third parties will commence as soon as possible. Jim Heathcote, CEO ITM Power, said: "This is a significant co-operative agreement between two companies who arecommitted to bringing practical hydrogen power into the automotive market placewithin a dramatically reduced timeframe. Whilst it initially involves thecommercial vehicle sector, it will demonstrate the wider potential of hydrogentechnology to help cut CO2 emissions and reduce our dependence on fossil fuels." Andrew Williams, Executive Chairman of Roush Technologies, added: "Both our companies recognise that bringing emission-free energy technologiesforward and to market, requires an integrated approach. This involves theproduction and supply chain for the fuel - together with the development andapplications engineering which enables its effective usage. In contexttherefore, this agreement acknowledges the considerable synergy between us, andthe major benefits and opportunities which will flow from it." For further information please contact: ITM Power plc 01799 542 222Jim Heathcote, Chief Executive Officer Panmure Gordon & Co. 020 7459 3600Katherine Roe Buchanan Communications 020 7466 5000Ben WilleyRichard DarbyBen Romney Notes to the Editors: ITM Power is a developer of low-cost hydrogen technologies. The Company hasdeveloped new materials and processes that dramatically reduce the cost of fuelcells and electrolysers. The patented membrane materials used in the deviceshave higher performance and are 1% of the cost of the industry standardmaterials. Electrolysers work by converting water and electricity into hydrogen and oxygen.The hydrogen produced can be used as a replacement for fossil fuels andfacilitate zero carbon domestic housing and pollution free motoring. ITM Power was founded in 2000 and floated on the London Stock Exchange'sAlternative Investment Market in June 2004. Roush Technologies Limited Roush Technologies is one of Europe's leading providers of advanced design andengineering services, specialising in the development of powertrains and relatedsystems It serves a diverse portfolio of multi-tier automotive andnon-automotive clients, across a broad spectrum of industries including car andcommercial vehicle, transportation, infrastructure, agriculture, defence andenergy. Established in the UK in 1995 and based in Brentwood, Essex, the business ofRoush Technologies was acquired from its US parent, Roush Industries, by aninvestor group in 2007. This information is provided by RNS The company news service from the London Stock Exchange