12 Feb 2010 12:00
12 February 2010
ITM Power Plc
("ITM Power" or "the Company")
Award of Grant Funding
ITM Power (AIM: ITM), the energy storage and clean fuel company, is pleased to announce that, as part of the Fuel Cells and Hydrogen Demonstrator Programme managed by the Technology Strategy Board, the Company has been awarded grant funding of £337,000 over 13 months towards the development and delivery of a Transportable High Pressure Hydrogen Refuelling Station capable of delivering up to 15kg H2 per day at 350bar to fuel hydrogen internal combustion engine (HICE) demonstration vehicles. The application is supported by Gateway to London and Revolve Technologies Ltd.
The refuelling station will be containerised allowing simple transportation to multiple demonstration sites and enabling partners to utilise the refueller without the need for planning permission or large capital investments in on-site infrastructure. The use of "green" electricity from a local renewable source, or a green grid contract, enables the production of green hydrogen, a zero carbon transport fuel.
The refuelling station will make a greater number of demonstration projects possible and provide confidence to potential end users that refueling with green hydrogen is a viable commercial route to decarbonising transport.
Dr Graham Cooley, CEO ITM Power commented; "Today's announcement by the TSB is a clear indication of a renewed commitment by the government to hydrogen generation and utilisation in the UK, and that green hydrogen will play a significant part in its carbon reduction strategy". Graham added "ITM has positioned itself at the heart of the Low Carbon Economy, developing equipment to maximise use of intermittent renewable energy, through energy storage and provision of a clean fuel. We are now well placed to commercialise our products in the key sectors of low carbon transport and the built environment."
Paul Turner Technical Director of Revolve Technologies, stated that "the TSB grant awarded to ITM Power for the build and demonstration of a transportable refueller for on-site production, storage and dispensing of green hydrogen, is a major advance in promoting the viability and use of a clean fuel with carbon free emissions from Revolve Technologies' H2ICE Ford Transit vans, for commercial fleet operators. Paul Turner emphasized that "this will enable the commercial logistics sector to appreciate the very real benefits of short refuelling times and extended range for carbon-free deliveries on urban duty cycles, without the carbon footprint of the fuel delivery supply chain"
John Williams CEO Gateway to London, described the award of the grant "as a major step forward for the cleantech revolution in London Thames Gateway, and an excellent opportunity to demonstrate the benefits of green hydrogen technology." He added, "With major initiatives like this, the proposed Green Enterprise District, the Thames Gateway Institute for Sustainability, and the focus on sustainability around the London 2012 Olympic games, east London is taking the lead as a regional, national and global beacon for clean technologies, and sustainability in infrastructure, transport, community and industry. ITM Power's energy storage and clean fuel technology provides a future opportunity for the region to fully utilise intermittent renewable energy to provide a clean carbon-free fuel, that can be produced exactly where it is needed."
Notes to Editors:
ITM Power has developed a range of materials and technology to reduce the cost of hydrogen production. The company is developing equipment to convert renewable energy to a clean fuel; storing the energy as green hydrogen for decarbonising transport, industrial and residential applications. www.itm-power.com
Revolve Technologies serves a diverse portfolio of multi-tier automotive and non-automotive clients across a broad spectrum of industries including car and commercial vehicle, transportation, infrastructure, agriculture, defence and energy. Revolve has OEM recognition, undertaking approved performance upgrades in the UK. Established as Roush Technologies Limited in the UK in 1995 and based in Brentwood, Essex, the business was acquired from its US parent, Roush Industries, by an investor group in 2007. www.revolve.co.uk/
Gateway to London is the Inward Investment agency for London Thames Gateway and works to maximise commercial opportunities in east London, bringing together businesses, landowners, developers, agencies and statutory bodies. The Gateway to London team provide a free, comprehensive and confidential service to anyone considering investing in London Thames Gateway, from identification of development opportunities, an extensive site and property service, funding and grants assistance and agent and Local Authority liaison, to a supporting information service.www.gtlon.co.uk/
For further information please visit www.itm-power.com or contact:
| ITM Power plc Graham Cooley, CEO | 0114 244 5111 |
| Panmure Gordon & Co. Andrew Godber / Ashton Clanfield | 020 7459 3600
|
| Tavistock Communications Simon Hudson / Andrew Dunn | 020 7920 3150 |
Itm Power (ITM)