Itm Power Regulatory News (ITM)

29 Jul 2005 06:00

29 July 2005 ITM Power Plc ("ITM" or "the Company") ITM POWER PLC GAINS NEW DEVELOPMENT GRANT IN YORKSHIRE AND HUMBER REGION ITM Power Plc (ITM) and Yorkshire Forward, the Regional Development Agencyresponsible for sustainable economic and regeneration of Yorkshire and Humberarea, have agreed the terms of an ‚£800,000 development grant to encourage ITMto expand its laboratory and workshop space in Sheffield. ITM has justcompleted a DTI joint development programme carried out in Sheffield, and thisnew grant will assist with, amongst other things, an increase in the ITM R&Dlaboratory and workshop space to 10,000 sq.ft located on the Sheffield AirportBusiness Park.This grant agreement follows discussions and negotiations under the SouthYorkshire Inward Investment Programme (SYIIP), which is supported by ECObjective 1, that aims to attract new investment into Yorkshire and the Humberregion.Sheffield intends to become a major centre for research and development inenergy technologies, as plans are underway to create a multi-million poundEnergy Technology Incubator on part of Sheffield Airport Business Park site.The Incubator will provide space for 40 energy technology businesses in what isbelieved to be Europe's first "Hydrogen Island". LIFE-IC is the SheffieldTechnology Park based energy technology transfer and financing specialistbehind the project.ITM's Finance Director John Wreford said: "We are very pleased with the supportwe have received from our partnership with Yorkshire Forward and the Yorkshireand Humber Region. We have been active supporters of the concept of theRegion's LIFE-IC Future Energy Park cluster for some time, and we were one ofthe first companies to sign up to the LIFE-IC project. We now have a highlyskilled team of scientists in Sheffield and we are actively recruitingadditional science students with good university degrees to be trained in ourlaboratories at the Business Park."SYIIP European Funding Manager Julia Paddison said: "This is an importantagreement for the Region. ITM was the first "pure play" fuel cell company inEurope to obtain a public listing last year, and it is now a FTSE AIM 100stock. It paved the way for other future energy technology companies to raisecapital through the AIM market. I hope other UK future energy companies willjoin with ITM and other existing members of the LIFE-IC cluster to help createin the Yorkshire and Humberside Region the first EC centre of excellence forfuture energy technology development. We believe that ITM will be anincreasingly important company both for the Region and for the UK generally,and we are very pleased to have been in a position to offer this support".EndsFor further information please contact:John Wreford, Finance Director Gemma Chandler/ Richard Swindells/ ITM Power plc Simon Hudson Katherine Roe Tel: 01780 740574 Tavistock Communication Panmure Gordon & Co Tel: 020 7920 3150 Tel: 020 7459 3600 ENDITM POWER PLC