Itm Power Regulatory News (ITM)

18 Dec 2008 12:00

For immediate release  18 December 2008

ITM Power Plc 

("ITM" or "the Company")

Technical Update 

ITM Power PLC is developing the technology to provide alternatives to the present dependence on hydrocarbon fuels. The technology is based upon the manufacture of hydrogen from sustainable resources by electrolysis.

During the past few months ITM has been developing the company's exciting scientific advances into fully functional prototype electrolyser systems that can be shipped to third parties once durability testing has been completed. These prototype units require complex control systems, internally developed software, power electronics and other important hardware which must be made compatible with ITM's totally new electrolyser stack technology. Recent design effort has been expended in pursuit of compliance with ISO and other international standards relating to Electrolyser safety, design, performance and use. This phase of the development of the company's products has involved actively testing and resolving the limitations in the overall system.

ITM is building and durability testing the first prototype units. The company now believes that this testing will not be completed until sometime in the first half of 2009 and will be in a position to begin shipping products thereafter. 

Jim Heathcote, CEO, ITM Power Plc, said "As expected, in turning ITM's patented breakthrough membrane technology into useful products for customers we have been steadily ironing out reliability issues. This should ensure that our units operate safely and reliably in field trials and with customers. Overall the progress we have achieved is highly commendable and we are optimistic about our prospects for the New Year"

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Notes to the Editors:

ITM Power is a developer of low-cost hydrogen technologies. The Company has developed new materials and processes that dramatically reduce the cost of fuel cells and electrolysers. The patented membrane materials used in the devices have higher performance and are 1% of the cost of the industry standard materials.

Electrolysers work by converting water and electricity into hydrogen and oxygen. The hydrogen produced can be used as a replacement for fossil fuels and facilitate zero carbon domestic housing and pollution free motoring.

ITM Power was founded in 2000 and floated on the London Stock Exchange's Alternative Investment Market in June 2004.