Itm Power Regulatory News (ITM)

11 Dec 2007 07:00

ITM Power PLC11 December 2007 For Immediate Release 11 December 2007 ITM Power plc ("ITM" or "the Company") Cooperative Research and Development Agreement (CRADA) with United States Naval Undersea Warfare Center ITM Power plc (AIM:ITM), the technology and research company focused on thecommercialisation of the hydrogen economy, is pleased to announce that it hassigned a cooperative agreement with the Naval Undersea Warfare Center DivisionNewport (NUWCDIVNPT) to collaborate in the development of advanced power systemsfor Unmanned Undersea Vehicle (UUV) applications. The following is an agreedpublic statement of objectives: "This CRADA will enable discussions and investigations of dual liquid fuel cellsfor unmanned undersea vehicle (UUV) applications including identification ofcritical operation parameters having relevance to the development of materialsand systems within the dual liquid fuel cell and fuel supply areas. Thesecollaborative efforts between ITM Power and NUWCDIVNPT will includeinvestigating the potential for ITM Power designed fuel cells to meet the needsof the operation parameters identified. Under the CRADA, NUWCDIVNPT and ITMPower will also identify and define additional research and development to makeITM Power fuel cells meet the operational parameters defined and to quantifythose research and development efforts in terms of time and money. The U.S. Navy has an interest in fuel cell technology and is investigating anumber of options with which to advance its UUV program. ITM Power has aninterest in furthering research and development of its specific fuel cell designand will, along with the Navy, benefit from this collaborative effort." Jim Heathcote, CEO ITM Power, said: "We are pleased to be working with the US Naval Undersea Warfare Center. Webelieve electrolyser and fuel cell systems have many military applications andwe hope this agreement will open the door to large potential markets for ourtechnology." 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 Willey/Richard Darby/Ben 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 housing and pollution free motoring. ITM Power was founded in 2000 and floated on the London Stock Exchange'sAlternative Investment Market in June 2004. This information is provided by RNS The company news service from the London Stock Exchange