ITM Power PLC
06 February 2006
Embargoed, for release at 0700, 6th February 2006
ITM Power Plc
('ITM' or 'the Company')
Technical Update- Longevity Testing of ITM's Electrolyser Materials
ITM Power is pleased to announce that it has tested its membrane material in an
electrolyser for a period in excess of 1500 hours without any external evidence
of failure.
ITM's technology is based upon the use of its proprietary hydrophilic ionic
materials and in October 2005 it announced that it had 'operated its hydrophilic
membrane in an electrolyser for a period in excess of 500 hours' while in
January 2006 a further announcement increased this to 1000 hours.
In order to be able to produce hydrogen cost competitive with hydrocarbon fuels,
the 'cost over life' of the electrolyser is a critical factor. Thus it is a
combination of the initial capital cost and longevity (measured under realistic
operating conditions) which combine to determine the cost of electrolytic energy
production.
These tests are ongoing and, as before, are continuing on the basis of the
repeated on-off load cycles which the Company considers essential in order to
replicate real life requirements. The quoted figure of 1500 hours thus
represents time 'on load' in a longer total period 'on test'.
ITM Power aims to provide the necessary technology to enable the hydrogen
economy to become economically and technically successful as an energy system in
competition with and ultimately as the replacement of hydrocarbons.
Jim Heathcote ITM's CEO commented 'the continuing excellent performance of ITM's
membrane materials when used in an electrolyser is very encouraging, and bodes
well for the Company being able to meet its long term commercial objectives; the
economic replacement of hydrocarbon fuels using electrolytic hydrogen produced
from low carbon primary energy supplies (wind wave solar or nuclear).
I believe it is excellent news for our shareholders and justifies our confidence
in setting the new technical milestones announced 4 days ago'.
-ends-
For further information please contact:
Jim Heathcote Simon Hudson Tim Linacre
ITM Power Plc Tavistock Communications Panmure Gordon & Co
Tel: 01799 532860 Tel: 020 7920 3150 / Tel: 020 7459 3600
07787 510 630
or visit www.itm-power.com
Notes to Editors
About the hydrogen economy and ITM Power:
ITM is a leading technical innovator of fuel cell and electrolyser technologies
for the hydrogen economy.
The future shape of the energy industry is being driven predominantly by the
growth in the global demand for energy, the diminishing reserves of oil and by
the environmental impact of burning fossil fuels.
Hydrogen Economy:
* Term used to describe the use of hydrogen as a critical element in the
energy economy of the future
* Benefit of hydrogen is that it has the potential to a be a totally 'clean'
source of fuel
* The vision is that low cost electrolysers produce hydrogen from 'clean'
energy sources such as solar, wind and wave and fuel cells use this hydrogen
to produce the electricity when it's required
'If all the sunlight hitting the earth's surface in one hour was harnessed and
converted into electrical power, it would be enough to fulfil mankind's energy
needs for a complete year' - BP Solar
Electrolysers, via an electrochemical process, convert electricity (from
renewable energy inputs) and water into hydrogen (which can be stored) and
oxygen and in turn fuel cells, via a similar process convert hydrogen and oxygen
into electricity and water.
ITM announced in November 2004 that it had successfully produced and tested a
Mark III electrolyser stack, which has been operated at a power rating in excess
of 200 Watts and has now achieved its milestone of 500 Watts. On the basis of
the Mark III results, The Generics Group, an independent scientific consultancy,
have estimated that in mass production it is possible to achieve US$283 per kW.
This is below the 2010 US Department of Energy target of $300 for an
electrolyser stack.
PEM fuel cells developed so far are currently estimated to cost several thousand
dollars per output kW (for example, in February 2004, the US Department of
Energy estimated the current cost of a fuel cell to be approximately $3,000 per
output kW) whereas petrol engines are currently estimated at $50 per output kW.
ITM's Technology:
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.
ITM's ionically conductive polymer materials and manufacturing processes are
used in the production of fuel cells and electrolysers, which are significantly
cheaper than those presently used in production. The technology offers high
conductivity, hydration control and has the benefit of catalyst recycling. The
Company has the ability to produce low cost fuel cells that meet the energy
demands of a wide range of industries and specialist technologies including
military, automotive and stationary fuel cell markets as well as the capacity to
produce household items such as laptops, mobile phones and domestic appliances.
ITM has patented a new manufacturing process that allows a fuel cell/
electrolyser stack of cells to be made in a single process similar to a mass
production casting process. The process is capable of producing cells or stacks
of any shape that may also be flexible so that they can be moulded into smaller
products, such as mobile phones. The Company has applied this technology to a
low cost electrolyser that can convert carbon free energy into clean hydrogen
fuel on site and on demand, therefore completing the circle of the manufacturing
process.
This information is provided by RNS
The company news service from the London Stock Exchange
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