Agreement with Boeing

RNS Number : 1164Y

ITM Power PLC

27 February 2012

 



27 February 2012

ITM Power plc

("ITM Power" or the "Company")

Equipment Development and Lease Agreement with Boeing

ITM Power (AIM:ITM), the energy storage and clean fuel company, announces that it has signed an Equipment Development and Lease Agreement with Boeing Research & Technology Europe S.L.U. ("Boeing") for the development, assembly and field trials of a 1Nm³/hr (2.1kg/day) PEM electrolyser.  The containerised electrolysis equipment will form part of Boeing's current off-grid refuelling station for Unmanned Aircraft Systems ("UAS").

During the last few years the Unmanned Aircraft Systems (UAS) industry/sector has seen sustained growth, mainly through the development and maturing of military applications and followed by wide recognition of their possibilities in civilian applications which include: border control, coastguard, law enforcement, pipeline and powerline monitoring, earth and environmental observations, communications and many more.  These systems can potentially offer lower cost and investment risk as well as low infrastructure requirements for tactical intelligence, surveillance and reconnaissance (ISAR).

ITM Power CEO, Dr. Graham Cooley, commented:"ITM Power has had a dialogue with Boeing Research & Technology -Europe for several years and actually completed some of the early ground work that led to the inception of the off-grid solar-based refuelling station for UAS that Boeing Research & Technology Europe is developing in Spain.  I am delighted that Boeing Research & Technology Europe has now returned to ITM Power to complete the project with our PEM electrolyser technology and I look forward to taking our relationship further".

Francisco Escartí, Managing Director, of Boeing Research & Technology Europe, commented: "We are very excited to test ITM Power´s PEM electrolyzer technology in our off-grid solar-based refueling station for UAS".

For further information please visit www.itm-power.com or contact:

ITM Power plc Graham Cooley, CEO	0114 244 5111
Nomura Code Securities Juliet Thompson/Dr Chris Golden	020  77761200 www.nomuracode.com
Tavistock Communications Simon Hudson /  Andrew Dunn	020 7920 3150

About Boeing 

Boeing is the world's leading aerospace company and the largest manufacturer of commercial jetliners and military aircraft combined. Additionally, Boeing designs and manufactures rotorcraft, electronic and defense systems, missiles, satellites, launch vehicles and advanced information and communication systems. As a major service provider to NASA, Boeing operates the Space Shuttle and International Space Station. The company also provides numerous military and commercial airline support services. Boeing provides products and support services to customers in 150 countries and is one of the largest U.S. exporters in terms of sales.

Boeing has a long tradition of aerospace leadership and innovation. We continue to expand our product line and services to meet emerging customer needs. Our broad range of capabilities includes creating new, more efficient members of our commercial airplane family; integrating military platforms, defense systems and the warfighter through network-centric operations; creating advanced technology solutions that reach across business units; e-enabling airplanes and providing connectivity on moving platforms; and arranging financing solutions for our customers.

Headquartered in Chicago, Boeing employs more than 165,000 people across the United States and in 70 countries. This represents one of the most diverse, talented and innovative workforces anywhere. More than 123,000 of our people hold college degrees--including nearly 32,000 advanced degrees--in virtually every business and technical field from approximately 2,700 colleges and universities worldwide. Our enterprise also leverages the talents of hundreds of thousands more skilled people working for Boeing suppliers worldwide. http://www.boeing.com

About ITM Power:

ITM Power designs and manufactures Hydrogen Energy Systems for Energy Storage and Clean Fuel production. ITM Power has grown from its original platform of novel polymeric electrolytes (for water electrolysis and hydrogen fuel cells) to that of a technology provider. ITM Power now has both a strong base of intellectual property and engineering expertise for providing complete hydrogen solutions and CE marked products for sale. http://www.itm-power.com

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