IFRS

ITM Power PLC
31 October 2007


For Immediate Release                                            31 October 2007

                                 ITM Power Plc

                            ('ITM' or 'the Company')

  First Time Adoption of International Financial Reporting Standards ('IFRS')


ITM Power plc, (AIM:ITM) the AIM listed developer of low-cost hydrogen 
technologies, announces its first time adoption of International Financial 
Reporting Standards ('IFRS').

The Company previously prepared its financial statements under UK Generally 
Accepted Accounting principles ('UK GAAP') until 30 April 2007. From 1 May 2007, 
in line with AIM listing requirements, the Company will prepare its consolidated 
financial statements in accordance with IFRS.

In January 2008 the Company will publish its interim results for the six months 
to 31 October 2007 which will be the first results to be prepared under IFRS and 
will include IFRS comparative financial information for the six months to 
31 October 2006. In July 2008 the Company will present its first annual report 
and accounts under IFRS for the year ended 30 April 2008 which will include 
comparative IFRS financial information for the year ended 30 April 2007.
Management has performed an assessment of the impact of IFRS and has not 
identified any material differences resulting from the transition to IFRS other 
than certain presentational changes which do not impact the Company's previously 
reported losses. The Company has therefore not provided a reconciliation of UK 
GAAP to IFRS financial information.


For further information please contact:

ITM Power Plc                                                01799 542 222
Marcus Scott, Chief Financial 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 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.



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