Itm Power Regulatory News (ITM)

27 Apr 2005 06:00

27 April 2005 ITM POWER PLC ("ITM" or "the Company") BOC FOUNDATION SUPPORTS ITM'S HYDROGEN ELECTROLYSER RESEARCH ITM Power Plc, which aims to provide enabling technology for the hydrogeneconomy, announces that the BOC Foundation, an independent organisation,established in 1990 by the BOC Group plc, has awarded ITM a grant. Theresulting programme of research will enhance the Company's existing in-housework on the use of low cost electrolysers to optimise the capture and use ofrenewable energy systems such as wind, wave and solar power. ITM believes thatthe advent of low cost modular electrolysers will be the key contributor torealising the hydrogen economy, because the electrolysers would allow low coston-site generation of hydrogen thus removing the need for new methods ofstoring and distributing the fuel.As a part of the agreement, a high-level expert research committee will beformed to consider electrolyser development. This committee will be hosted byITM and will include participants from the BOC Foundation, the BOC Group plcand Professor Marcus Newborough (Scottish Power:- Royal Academy of Engineering,Professor in Energy & Environmental Engineering at Heriot Watt University). Thecommittee will meet four times a year over the next two years to study areas ofmutual interest arising from ITM's research into the manufacture and use of lowcost electrolysers for hydrogen production from renewable resources. ITM willown all intellectual property (IP rights) to any new discoveries made duringthe research carried out under this agreement.Jim Heathcote, Chief Executive of ITM Power Plc, commented: "We welcome thisopportunity to work with the BOC Foundation, BOC Group and ProfessorNewborough. In our view it provides an excellent forum for the exploration ofconcepts essential to developing the hydrogen economy. We are grateful for theFoundation's financial and intellectual support. If the work is successful webelieve that it will have a major impact on the economics and public acceptanceof intermittent renewable sources of energy. This in turn will provide apractical means of reducing pollution, and thus have a major positive impact onthe environment."He added: "An important aspect of our business model is to generate revenuefrom license agreements. Working with leading organisations and experts is animportant step for us in the development of early commercial relationships. Byapplying our unique range of materials and processes we are making significantprogress in the production of low cost fuel cells and electrolysers and we lookforward to sharing some of the results of our work on hydrogen production anddistribution".Barry Beecroft, Director of the BOC Foundation, said, "The BOC Foundation ispleased to be able to support ITM, in its development of a technology thatcould have major impact on both local air quality and on the emission ofgreenhouse gases both of which are central to the BOC Foundation's core aims." -Ends- For further information please contact:Jim Heathcote Gemma Chandler / Simon Hudson ITM Power Plc Tavistock Communications Tel: 01780 740 574 Tel: 020 7920 3150 Notes to EditorsAbout the hydrogen economy and ITM Power:ITM is a leading technical innovator of fuel cell and electrolyser technologiesfor the hydrogen economy.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.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 its required "If all the sunlight hitting the earth's surface in one hour was harnessed andconverted into electrical power, it would be enough to fulfill mankind's energyneeds for a complete year" - BP SolarElectrolysers, via an electrochemical process, convert electricity (fromrenewable energy inputs) and water into hydrogen (which can be stored) andoxygen and in turn fuel cells, via a similar process convert hydrogen andoxygen into electricity and water.ITM announced in November 2004 that it had successfully produced and tested aMark III electrolyser stack, which has been operated at a power rating inexcess of 200 Watts and are confident that the Company is well on track toachieve their milestone of 500 Watts by June 2006. On the basis of theseresults, The Generics Group, an independent scientific consultancy, haveestimated that in mass production it is possible to achieve $283 per kW. Thisclosely approaches the 2010 US Department of Energy target of $300 for anelectrolyser stack.PEM fuel cells developed so far are currently estimated to cost severalthousand dollars per output kW (for example, in February 2004, the USDepartment of Energy estimated the current cost of a fuel cell to beapproximately $3,000 per output kW) whereas petrol engines are currentlyestimated at $50 per output kW.ITM's TechnologyITM 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. TheCompany has the ability to produce low cost fuel cells that meet the energydemands of a wide range of industries and specialist technologies includingmilitary, automotive and stationary fuel cell markets as well as the capacityto produce household items such as laptops, mobile phones and domesticappliances.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 themanufacturing process.BOC FoundationThe BOC foundation is an independent organisation, which was established in1990 by the BOC Group plc to support practical means of reducing pollution inthe United Kingdom.ENDITM POWER PLC