Last checked at 27 May 2014 07:00
27 May 2014
ITM Power plc
("ITM Power" or "the Company")
Commercial Product Platform Optimisation and Cost Reduction
ITM Power (AIM: ITM), the energy storage and clean fuel company, is pleased to announce its optimised standard product platforms tailored to its target markets of energy storage and clean fuel applications. The range is in response to commercial traction and accommodates the requirements of all existing Hydrogen Mobility programmes and MW scale power-to-gas. ITM Power currently has £5.15m of equipment under contract funded by commercial sales and collaborative project funding and has announced a further £1.89m in the final stages of contract negotiation. Many of these electrolyser systems are repeats of the same platform, which is already yielding cost savings.
ITM's integrated electrolyser systems offer a high level of modularity. This was a key aspect of the product portfolio and PEM stack platform enabling systems to be tailored to specific requirements as is often required during market development and trial periods. However, the company's building commercial traction has revealed four central product platforms, based on the Company's existing stack technology, which address a significant percentage of the PEM electrolyser market. These are:
HGas60: Up to 60kW (up to 33kg/24hr)
HGas180: Up to 180kW (up to 100kg/24hr)
HGas360: Up to 360kW (up to 200kg/24hr)
HGas1000: Up to 1MW (up to 460kg/24hr)
While this move does not eliminate ITM Power's ability to offer tailored systems where it is economic to do so, it has permitted consolidation and standardisation of supply chain and manufacturing processes. This makes significant contributions to further cost reduction, reduces lead times and avoids non-recurring engineering associated with tailored builds. Multi MW systems using HGas1000 are quoted as modules up to 5MW before a bespoke system design is required.
Results in the field from these large platforms indicate a minimum system efficiency of 55kWhr/kg at full load or 70% (using the higher heating value of hydrogen) with 77% acheivable. Water purification is integrated in all systems and for those systems used for automotive fuel cell refuelling hydrogen purification (dehumidification) is integrated as standard.
Graham Cooley, CEO, ITM Power PLC, commented:"This consolidation of our offering is both positive and timely. It is a response to the existing market and cognisant of industry trends and emerging infrastructure plans and the maturity of our product offering. At a practical level, the cost efficiencies gained are significant and the reduced lead times allow us to address the requirements of more customers. All in all, this represents an important maturing of our offering and business."
For further information please visit www.itm-power.com or contact:
ITM Power plc Graham Cooley, CEO
| 0114 244 5111 |
Zeus Capital Tim Metcalfe (Nominated Adviser) John Goold (Institutional Sales)
| 020 7533 7727 |
Tavistock Communications Simon Hudson / James Collins | 020 7920 3150 |
About ITM Power plc:
ITM Power plc was admitted to the AIM market of the London Stock Exchange in 2004 and raised its initial funding of £10m gross in its IPO. Further funding rounds of £28.5m in 2006, £5.4m in 2012, £2m in 2013 and £10m in 2014 have been completed. The Company has now made the transition from a research and development company to a product manufacturer and technology provider. The Company has both a strong base of intellectual property and engineering expertise for providing complete hydrogen solutions.
www.itm-power.com
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