Itm Power Regulatory News (ITM)

9 Jan 2007 07:00

ITM Power PLC09 January 2007 9 January 2007 ITM Power Plc ("ITM" or "the Company") Technical Update - Milestones ITM Power Plc announces today that it has successfully achieved its milestoneobjectives set out for completion by the end of December 2006. Taken togetherthese developments significantly advance the Company's strategic objectives ofdeveloping products for field trial evaluation and subsequent production. The achievement of these milestones underpins the Company's ability to seekfurther commercial collaborators as they demonstrate ITM's electrolyser and fuelcell equipment in real world environments. Electrolyser Developments The following achievements offer a route to producing and storing hydrogen incommercially available cylinder systems for transportable applications. • A low cost 5kW electrolyser using ITM's Nickel/platinum technology, at a cost for the entire stack of less than $250 /kW: ITM is pleased to announce that it has designed and constructed a dedicatedelectrolyser module which has operated successfully using a transient load cycle(30 minute on-load, 30 minute off), and that the projected production cost issignificantly less than the $250/kW target. This target has been achievednotwithstanding the recent increases in the cost of platinum. • A demonstration electrolyser operating at 20 bar (approximately 300psi): ITM has constructed and operated an electrolyser using its materials andcatalyst systems at a pressure of 20 bar on a transient load cycle (30 minuteon-load, 30 minute off). Conventional PEM materials are known to work at high pressure. However, ITM'shydrophilic materials are unique so their operation at high pressure must bedemonstrated by practical testing. When operating in 'self-pressuring' mode somepart of the input energy is used to generate the pressure and this results in anincrease in the operating voltage. The voltage increase in the 20 bar ITMelectrolyser was entirely in accordance with theoretical estimates. In brief,the Company has successfully demonstrated that its materials are not adverselyaffected by operation at this pressure and that such an electrolyser can be usedto charge storage systems without necessarily requiring additional compression. Fuel Cell Developments • A Dual Liquid Fuel Cell, to include a rapid refuelling cartridge and output power conditioning electronics able to operate electronic appliances: A 5 cell fuel-cell-stack incorporating liquid fuel circulation systems and areplaceable fuel cassette has been designed and tested in the laboratory. Thissystem has repeatedly achieved power outputs in excess of 4W net (afterproviding power for the internal fuel circulating pumps). In addition, thiscell-stack has exceeded 10W during polarisation tests giving confidence that thedevice can be significantly further developed. For this reason, ITM has decided to bring forward the design of a fully packageddevice, engineered to pre-production standard, using the '4W' stack as the focusof this development. • The development of a Hydrogen Oxygen fuel cell with an estimated production cost of less than $700/kW: The Company is pleased to announce that it has succeeded in meeting the costreduction target for December 2006 of less than $700/kW if produced inaccordance with the assumptions set out previously on 18 October 2006. Thereduction in cost from $900/kW to $700/kW has been achieved by improving powerdensity per unit area of cell. Future cost reductions are being sought principally through further increasingthe power density at which the ITM hydrophilic materials can operate, reducingplatinum loadings and/or the complete elimination of platinum. Jim Heathcote, CEO, ITM Power Plc, comments: "The achievement of these milestones is of great value to ITM. The ability toself-pressurise hydrogen to these levels significantly expands the markets thatour electrolysers will be able to address. In addition, it is encouraging thatour hydrogen oxygen fuel cell cost reduction programme is continuing to makeprogress. We are on track to achieve our objective of adding a low cost fuelcell to our low cost electrolyser by December 2007. We have an increasingly valuable portfolio of IP and demonstrable equipmentwhich will enable ITM to engage with partners to exploit commercialopportunities offered by the advent of increasing oil prices and the pressure toreduce pollution." Ends For further information: www.itm-power.com Gemma ChandlerCorporate Communications OfficerITM Power PlcTel: 01799 532 860Mob: 07921 057712 This information is provided by RNS The company news service from the London Stock Exchange