Itm Power Regulatory News (ITM)

22 Jun 2006 07:01

ITM Power PLC22 June 2006 Strictly embargoed until: 0700hrs, 22 June 2006 ITM Power Plc ("ITM" or "The Company") Key Personnel Appointment ITM Appoints New Electrolyser Business Development Officer ITM Power Plc is pleased to announce today it has appointed Professor MarcusNewborough as Electrolyser Business Development Officer, where he will play amajor role in the strategic planning and commercialisation of ITM's electrolysertechnology. Professor Newborough will be joining ITM in September 2006 aftercompleting his notice period with his current employer, Heriot-Watt University. Professor Newborough is internationally recognised as one of the leading expertswithin energy systems specialising in electrolysers and their application torenewable hydrogen production. Over the last few years he has built a closeworking relationship with ITM Power while he acted as an independent consultantevaluating electrolyser technologies for BOC, ITM and the EU. Professor Newborough's most recent post was as the Royal Academy of EngineeringResearch Chair in Energy and Environmental Engineering at Heriot-WattUniversity, where he established and directed the HWU Energy Academy.Previously, he was Head of Applied Energy, School of Mechanical Engineering atCranfield University where he was responsible for directing commerciallysponsored research and post graduate research programmes in energy, includingenergy management in the built environment, applications of micro-CHP andenvironmental implications of energy use in industry. Jim Heathcote, CEO of ITM Power Plc, said "I am delighted to welcome Marcus toITM Power. I am confident that he will play a major role as we pursue thecommercial production and deployment of ITM's electrolyser technology. We havemade substantial progress this year on cost reduction and durability of ourelectrolysers and we believe that the electrolyser is likely to be one of ourfirst devices to be commercially available." Marcus Newborough, added: "I am looking forward to joining ITM at such anexciting time in its development. ITM's electrolyser technology has thepotential to overcome the commercial barriers associated with the cost ofhydrogen and its delivery. The appropriate deployment of such electrolysers willprovide a major route to achieving both energy security and carbon abatement. " Ends For further information please contact: Gemma Chandler Tim Linacre / Katherine Roe Simon Hudson /Clemmie CarrITM Power Plc Panmure Gordon Tavistock CommunicationsTel: 01799 532 860 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 devices 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 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