ITM Power PLC
28 March 2008
For Immediate Release 28 March 2008
ITM Power plc
('ITM' or 'the Company')
Collaboration agreement with Roush Technologies Limited to accelerate
the arrival of hydrogen vehicles
ITM Power plc (AIM: ITM) is pleased to announce a collaboration agreement with
Roush Technologies Limited in a unique project to realise hydrogen-powered,
emission-free vehicles on UK roads. Roush Technologies is one of the world's
foremost automotive design, engineering and development groups and the
collaboration agreement is expected to accelerate CO2-free, hydrogen-fuelled
commercial vehicles operating in Britain.
Roush Technologies, which already has extensive experience in the commercial
vehicle sector, will be responsible for both adapting existing internal
combustion-engines in vehicles and researching the development of new power
units to utilise hydrogen fuel.
ITM will provide the breakthrough refuelling solution by enabling vehicle
operators to generate their own hydrogen fuel. Using a patented electrolyser,
due to enter production at ITM's special facility in Sheffield later this year,
it is possible to make hydrogen fuel wherever there is a source of electricity
and water. The advances in electrolysis technology that ITM has achieved
elegantly address the hydrogen infrastructure issue by using the already
developed electricity and water distribution network.
The electrolyser can produce hydrogen from water and any source of electricity
including off-peak or renewable energy - electricity generated by wind, wave or
solar power. Unlike petrol or diesel, when hydrogen burns, it releases no CO2,
merely water vapour.
This agreement will enable both parties to jointly offer a complete package of
hydrogen refuelling systems and hydrogen vehicles to customers. It is
anticipated that first sales will be to large commercial or local government
organisations that wish to demonstrate a commitment to reducing carbon dioxide
emissions. Marketing to third parties will commence as soon as possible.
Jim Heathcote, CEO ITM Power, said:
'This is a significant co-operative agreement between two companies who are
committed to bringing practical hydrogen power into the automotive market place
within a dramatically reduced timeframe. Whilst it initially involves the
commercial vehicle sector, it will demonstrate the wider potential of hydrogen
technology to help cut CO2 emissions and reduce our dependence on fossil fuels.'
Andrew Williams, Executive Chairman of Roush Technologies, added:
'Both our companies recognise that bringing emission-free energy technologies
forward and to market, requires an integrated approach. This involves the
production and supply chain for the fuel - together with the development and
applications engineering which enables its effective usage. In context
therefore, this agreement acknowledges the considerable synergy between us, and
the major benefits and opportunities which will flow from it.'
For further information please contact:
ITM Power plc 01799 542 222
Jim Heathcote, Chief Executive Officer
Panmure Gordon & Co. 020 7459 3600
Katherine Roe
Buchanan Communications 020 7466 5000
Ben Willey
Richard Darby
Ben Romney
Notes to the Editors:
ITM Power is a developer of low-cost hydrogen technologies. The Company has
developed new materials and processes that dramatically reduce the cost of fuel
cells and electrolysers. The patented membrane materials used in the devices
have higher performance and are 1% of the cost of the industry standard
materials.
Electrolysers work by converting water and electricity into hydrogen and oxygen.
The hydrogen produced can be used as a replacement for fossil fuels and
facilitate zero carbon domestic housing and pollution free motoring.
ITM Power was founded in 2000 and floated on the London Stock Exchange's
Alternative Investment Market in June 2004.
Roush Technologies Limited
Roush Technologies is one of Europe's leading providers of advanced design and
engineering services, specialising in the development of powertrains and related
systems It 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.
Established in the UK in 1995 and based in Brentwood, Essex, the business of
Roush Technologies was acquired from its US parent, Roush Industries, by an
investor group in 2007.
This information is provided by RNS
The company news service from the London Stock Exchange
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