ITM Power PLC
13 November 2006
Monday 13 November 2006
ITM Power Plc
('ITM or 'the Company')
Agreement
ITM Power announces today that it has signed a Memorandum of Understanding
('MoU' or/and the 'Agreement') with Hydrogen Engine Center Inc ('HEC'), an
American company that designs, manufacturers and distributes alternative fuel
internal combustion engines for the industrial and power generation markets.
The joint objective is to develop products for a non polluting grid independent
energy system which can undergo early field trial testing.
The purpose of the MoU is to provide a platform from which the two organisations
can develop their respective technologies such that they can enjoy mutual
benefits. HEC anticipates that ITM can offer an assured supply of hydrogen using
ITM's low cost electrolyser technology. ITM anticipates that HEC provides an
early route to the provision of a complete system package using HEC's proven
engine technology.
The combination of a low cost electrolyser and a hydrogen fuelled internal
combustion engine could provide the essential technology to convert low-value
intermittent renewable energy (wind, solar) into a reliable non-fossil energy
supply.
Subject to the production of satisfactory results from the field trials, ITM and
HEC will progress into detailed discussions with the intention of entering a
more formal commercial exploitation arrangement.
Jim Heathcote, CEO, ITM Power Plc, said: 'We are delighted to be working with
the team at HEC. I believe that the collaboration of HEC and ITM brings together
complimentary technologies that could provide significant commercial
opportunities for both companies in the North American and European markets.'
Ted Hollinger, President, HEC, said: 'Both ITM and HEC have been developing
technologies over the past few years and are now ready to bring them to market.
By combining ITM's new low-cost electrolyser with HEC's hydrogen engines,
customers will have access to turn-key hydrogen-fueled systems.'
-Ends-
For further information, please contact:
Gemma Chandler
Corporate Communications Officer
ITM Power Plc
Tel: +44 (0) 1799 532 860
Mob: +44 (0) 7921 057712
HEC media contact:
Maggie Nye (maggie@vendely.com)
Elizabeth Vendely (elizabeth@vendely.com)
Vendely Communications Inc
Tel: 001 818 623 1000
Notes to Editors:
About ITM Power Plc:
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 innovators
within the alternative energy sources industry. www.itm-power.com
Electrolyser:
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 2010 target is $300/kW for an electrolyser stack.
ITM Power has identified low cost electrolysers as a vital component to replace
hydrocarbon fuels with hydrogen. ITM its unique patented technology has allowed
ITM to achieve cost/performance targets which in production would equate to
electrolyser stack costs as low as $164 / per kW.
About Hydrogen Engine Center Inc:
Hydrogen Engine Center, Inc., designs, manufactures and distributes
alternative-fueled internal combustion engines and power generation equipment
for distributed power, agricultural, industrial, airport ground support,
vehicular, business and home applications. All HEC engines and Gensets are
capable of running on a multitude of fuels, including but not limited to,
hydrogen, gasoline, propane, natural gas and ethanol. Development of an
ammonia-fueled engine is underway. HEC trades on the Bulletin Board under the
symbol 'HYEG.OB.' Principal offices are located at 2502 E Poplar St., Algona,
Iowa 50511. Visit www.hydrogenenginecenter.com or call 1-515-295-3178.
This information is provided by RNS
The company news service from the London Stock Exchange
*A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient:
Obtains access to the information in a personal capacity;
Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services;
Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body;
Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;
Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds;
Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.
Please note, this site uses cookies. Some of the cookies are essential for parts of the site to operate and have already been set. You may delete and block all cookies from this site, but if you do, parts of the site may not work. To find out more about the cookies used on Investegate and how you can manage them, see our Privacy and Cookie Policy
To continue using Investegate, please confirm that you are a private investor as well as agreeing to our Privacy and Cookie Policy & Terms.