Company Information for ITM Power Plc

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AIM; ITM View full financial data

Company Statement

ITM Power Plc believes it has developed and patented the keys to revolutionise the hydrogen economy and is set to become one of the UK’s leading innovator within the alternative energy sources industry.
In 1995 ITM's Director of Research, Dr Donald Highgate, recognised an opportunity to use his background in hydrophilic polymer chemistry to investigate and develop a new class of low-cost membrane. Existing industry standard membrane material is estimated to cost $500 per sq metre, ITM’s membrane costs $5 per sq metre. He has applied this knowledge to simplify fuel cell architecture by devising an in situ manufacturing process, which could significantly reduce its costs in mass production. Following first round funding in 2002, ITM began work on testing these materials for longevity and further developing the in situ manufacturing process, as well as redesigning the architecture of fuel cell and electrolyser systems.
ITM Power was the first fuel cell company to be admitted to AIM. Since the Company’s IPO in July 2004, the company has reached the AIM 100 index and is the largest combined electrolyser and fuel cell company in Europe.

Company Diagram

ITM 'Mark 4' Electrolyser

Operations and Technology

Technology
Fuel Cells, via an electrochemical process, convert hydrogen and oxygen into electricity and water. ITM is also developing fuel cells which derive their power from liquids which contain the required oxygen and hydrogen. There are a number of fuel cell types of which the PEM (proton-exchange membrane) fuel cell is widely regarded as the most practical technology for many applications.
An electrolyser converts water and electricity into hydrogen and oxygen. These gases can be used as fuel for combustion engines, fuel cells, heating and conventional electricity generation. Existing electrolysers cost in the region of $2,000/kW and the US Department of Energy 2012 target is $400/kW. ITM Power has identified low cost electrolysers as a vital component to replace hydrocarbon fuels with hydrogen. ITM has achieved stack costs as low as $164/kW.
In 1995 ITM's Director of Research, Dr Donald Highgate, recognised an opportunity to use his background in hydrophilic polymer chemistry to investigate and develop a new class of low-cost membrane. Existing industry standard membrane material is estimated to cost $500 per sq metre, ITM’s membrane costs $5 per sq metre. He has applied this knowledge to simplify fuel cell and electrolyser architecture by devising an in situ manufacturing process, which could significantly reduce its costs in mass production. Following first round funding, ITM began work on testing these materials for longevity and further developing the in situ manufacturing process, as well as redesigning the architecture of fuel cell and electrolyser systems.
ITM 'Mark 4' Electrolyser

The hydrogen is stored and reconverted into low voltage electricity using an ITM fuel cell equipped with a proprietary ITM electronic controller as would typically be required to drive electronic equipment. A DVD player is used in our demonstration.
A range of polymer materials, which are used in the production of fuel cells and electrolysers, have been developed which demonstrate higher electrical (ionic) conductivity than those currently used. The technology also offers hydration control and has the benefit of catalyst recycling. The Company announced in April 2006 that it had successfully replaced platinum catalyst of its electrolyser with a non-platinum system, which is a 1/3 of the cost of platinum. The results to date support the view that ITM's approach could in the long term reduce the cost of power from a electrolyser stack to under $100 per output kW which would make the hydrogen fuel cost-competitive with conventional fossil fuels.
The Company has the opportunity to become a key contributor to future energy storage, power system management, energy distribution and use within the hydrogen economy.

Board of Directors and Key Management

Stephen Massey	Non Executive Chairman
Jim Heathcote	Chief Executive Officer
Dr Donald Highgate	Research Director
Dr Jonathan Lloyd	Engineering Director
Peter Hargreaves	Non-Executive Chairman
Lord Peter Walker	Non-Executive Director
Roger Putnam	Non-Executive Director

Company Address ITM Power PlcMill HouseRoyston RoadWendens AmboSaffron WaldenCB11 4JX Saffron Walden, Suffolk, United Kingdom CB11 4JX Telephone: 01799 542222 Facsimile: 01799 542222 Email: clj[at]itm-power.com Website: http://www.itm-power.com

Additional Address/Key Contact ITM Power Plc Mill House Royston Road Wendens Ambo Saffron Walden CB11 4JX

Capital 101,229,485 ordinary shares of 5p each

Nominated Brokers Panmure Gordon

Related News

10/09/08 - ITM Power Is Testing Home Refuelling Electrolyser Units And Hopes To Begin Shipments To Partners Soon
10/03/08 - ITM Power Expects To Demonstrate Bi-fuel Car And Home Refuelling System This Year
19/04/07 - ITM Power Is Working To Fuel Your Car With Hydrogen

Most Recent Statement

05/09/07 - Hydrogen at home in new green fuel revolution
30/07/07 - Full-year Results
28/06/07 - Progress Report
15/05/07 - Director Increases Holding
13/03/07 - Hydrogen holds key to green Britain
30/01/07 - Interim Results