Itm Power Regulatory News (ITM)

1 Jul 2005 07:00

ITM Power PLC01 July 2005 1 July 2005 ITM POWER PLC ("ITM" or "the Company") Technical Update ITM Power Plc, which aims to provide enabling technology for the hydrogeneconomy, announced at the time of its flotation in June 2004, a number ofimportant milestones for the Company that, if achieved, would indicate toinvestors its progress. The Company is pleased to announce today that it hassuccessfully achieved the first of these milestones: the production anddemonstration of a 20W flexible fuel cell stack. This has potential use for bothmilitary and civilian applications. This device has been constructed using the patented ITM materials and productionprocesses, which can operate successfully, producing in excess of 20W on ademanding trial cycle over a period in excess of three days (72 hours is one ofa number of UK and US military targets for fuel cell operation). The fuel cell has been shown to meet rapidly varying demands for different poweroutputs while returning to 20W on demand. Although the operating stack was onlycompleted in mid June, the materials, ionomer and electrode/catalyst have beentested using the same fuels for periods exceeding 200 hours without significantdegradation and thus the Company is confident of being able to meet thepublished targets for military operations. The present device operates using two liquids, a liquid fuel and a liquidoxidant. Using two liquids enables the device to operate at high altitudes, suchas in an aircraft; in polluted environments (including the presence of carbonmonoxide in atmospheric air), as well as underwater. However, the Company'stechnology is not limited to these fuels and is able to accept a wide range ofother fuels as may be necessary for different applications. In addition, the Company has demonstrated an individual cell, which very clearlydemonstrates the flexibility of the structural components necessary for theproduction of a complete stack. This device, comprising a composite membraneelectrode assembly (cMEA(R)TM), made by the ITM proprietary 'one-stop' process,forcefully demonstrates the potential of the ITM materials and production systemto produce unique fuel cell structures and complete stack architectures ofentirely novel design. The importance of this flexibility is that it enables the production of a lightweight vibration resistant system which can be made in almost any shape and thenfurther bend to conform to the shape required whilst in use, for example in aunit to be carried comfortably on an operator's back as a power supply forpersonal use by the military or civilian emergency services. Jim Heathcote, CEO of ITM Power said: "ITM has demonstrated its ability to takeinnovative science and produce a working device on time and on budget, which thedirectors believe bodes well for the Company with regard to meeting futuretechnical and commercial objectives. ITM's strategy is to maximise shareholder value by establishing a valuableportfolio of intellectual property that can be licensed. The ability to takebasic chemicals right through to demonstration devices whilst controlling(through the patent system) materials, processes and production techniqueshighlights the value and importance of our work. We believe that the advancesthat we continue to achieve are unique and have great potential value. Our commercialisation strategy is to focus on identifying early adopters whohave an urgent need for a solution to their requirements. The 20watt fuel cellis our first milestone and we believe the military and emergency services willbe amongst the very first customers for fuel cells. Civilian applications mayfollow but these will require significant additional product development andlongevity testing." -Ends- Notes to Editors:As of June 2005, ITM Power plc is a constituent of the AIM 100 index.Demonstration video can be seen on www.itm-power.com For further information please contact:Gemma ChandlerTavistock CommunicationsTel: 020 7920 3150 This information is provided by RNS The company news service from the London Stock Exchange