This must be the share of the future...........A co with 15 employees mostly Boffins with a unique product under development that has massive potential in the alternative energy sector
My only regret is that I watched the sp rocket from 11op to 210p before getting into the nose cone

RNS Number : 5323A

Itm Power PLC

02 April 2012

2 April 2012

ITM Power plc

("ITM Power" or the "Company")

Hyundai joins HFuel Here at All-Energy 2012

ITM Power (AIM:ITM), the energy storage and clean fuel company, announces that, Hyundai will use its HFuel on-site hydrogen refueling station at the All-Energy Exhibition and Conference in May to refuel its Fuel Cell SUV.

HFuel will be available at the All-Energy Exhibition and Conference to refuel fuel cell or hydrogen fuelled vehicles and Hyundai is the first automotive OEM to commit to demonstrating its fuel cell vehicle at All-Energy2012.

Hyundai Managing Director, Tae Won Lim Ph.D., commented: "The Hyundai brand is growing globally both in terms of vehicle sales and our manufacturing footprint. Our corporate slogan is "New Thinking. New Possibilities. New ideas create new values" and the fuel cell vehicle is the reality of our corporate objectives. To have the ability to refuel our vehicle at All-Energy 2012 with hydrogen that is actually generated on site is fantastic."

ITM Power CEO, Dr. Graham Cooley, commented: "Our HFuel product is now very well tested in the field, refuelling vans, cars and materials handling vehicles. To be able to provide this service to one of the world's leading and fastest growing automotive OEM's is a further step forward in our development."

TSB Grant Award - Gas Injection Feasibility Study

TM Power (AIM: ITM), the energy storage and clean fuel company, has been awarded a grant under the Technology Strategy Board's Smart Power Distribution and Demand competition. The project is due to commence in July 2012 and has a duration of 12 months.

The UK quotient of renewable energy generation is due to increase by a factor of five over the next decade and this will dramatically increase the unpredictability of supply. Coupled with existing curtailment traffic and distribution network bottlenecks, this presents a significant technical and financial challenge. The ITM Power lead project aims to investigate the technical, financial and operational feasibility of injecting hydrogen gas, generated from electrolysis fed from excess renewables, into the UK gas networks.

ITM Power is collaborating in a partnership which includes the Scottish Hydrogen Fuel Cell Association ("SHFCA"), and Gastec at CRE ("Gastec") on the £164k feasibility study. The project includes preliminary logistical research, system research, creation of a generation model and the simulation of hydrogen production at a single wind farm.

HBox Solar Achieves CE Compliance

ITM Power (AIM:ITM), the energy storage and clean fuel company, is pleased to announce the achievement of full CE certification for its HBox Solar electrolyser product.

A CE mark is a mandatory conformance mark for products placed on the market in the European Economic Area. CE conformance certifies that a product has met EU consumer safety, health and environmental requirements. In the case of HBox Solar, CE requires conformance with the Pressure Equipment, EMC, Machinery and Atex Directives.

Approval to Operate and Sell HFuel in Germany

TM Power (AIM:ITM), the energy storage and clean fuel company, is pleased to announce that its HFuel product has received regulatory approval for the German market.

HFuel has undergone a rigorous assessment and inspection by TÜV SÜD in both the UK and Germany, including an audit of safety documentation and compliance with relevant European Directives and the strict German Merkblaat standard. TÜV SÜD has issued its Expert Report enabling ITM Power to gain approval to operate and sell its HFuel refueling platform in Germany.

ITM Power will be operating HFuel in the Ride and Drive area of the Hannover Messe this week.

Dr. Graham Cooley, CEO of ITM Power, commented: "To be able to operate HFuel in Germany is a key step for the Company in commercialising its technology in the leading market for hydrogen infrastructure globally. Successful completion of this rigorous process is a credit to the team and demonstrates the ability of ITM Power to execute refueling projects in Germany."

Always good news, and holding up well today in a sea of red.

Partnership with Hardstaff to Address HGV Market

ITM Power (AIM: ITM), the clean fuel and energy storage company, and The Hardstaff Group, the transport industry innovations company, announce that they have signed a Memorandum of Understanding to develop and market a Hydrogen Compressed Natural Gas ("HCNG") fuel system for Heavy Goods Vehicles ("HGVs").

The Hardstaff Group specialises in providing innovative solutions for service/product enhancements and environmental protection, and in particular, in the use of natural gas and biomethane in HGVs. The Hardstaff Group of companies consists of; T.Baden Hardstaff (Hardstaff Haulage), Hardstaff Traffic Barrier Services, Charnwood Truck Services and Portal Gas Services. This diverse range of expertise allows Hardstaff Group to provide turn-key solutions from infrastructure through to the design and sale of bespoke vehicles.

Hmmmm.

Exclusive European distribution rights for Materials Handling Fuel Cells

ITM Power (AIM: ITM), the energy storage and clean fuel company, is pleased to announce that it has signed an agreement ("the Agreement") with Infintium Fuel Cell Systems Inc. of Texas ("IFCS") to become its exclusive European distributor of fuel cell systems for materials handling equipment.

Sale of Equipment

ITM Power (AIM: ITM), the energy storage and clean fuel company, is pleased to announce that it has sold its first hydrogen generation system to the European Aeronautic Defense and Space Company (EADS) for use by its research arm, Innovation Works, in its Energy and Propulsion laboratory.
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ITM Power CEO, Dr. Graham Cooley, said: "EADS is a very high quality organisation at the forefront of technology and we are delighted to have forged such a productive relationship."

A continual stream of good news for ITM!

Eu Grant Award

ITM Power (AIM: ITM), the clean fuel and energy storage company, announces that it has received confirmation of a €1.35m (£1.09m) grant award to a consortium to develop supply chains for PEM electrolyser components. The Company's share of this award is €0.36m (£0.29m).

In the three year programme, ITM Power will be working with consortium members Consiglio Nazionale delle Ricerche (CNR-ITAE); European Commission, Directorate-General; Joint Research Centre, Institute for Energy and Transport (JRC); Centre National de la Recherche Scientifique (CNRS); Solvay Speciality Polymers Italy; and TRE S.p.A Tozzi Renewable Energy. CNR-ITAE will have overall management responsibility for the project. The programme, known as the ELECTROHYPEM project and funded under the Seventh Framework Programme (SP1-JTI-FCH.2001.2.7) addresses the validation of developed materials for residential applications in the presence of renewable power sources.

700bar Dispensing Collaboration in Germany

ITM Power (AIM: ITM), the energy storage and clean fuel company, is pleased to announce that it has signed an agreement with GHR Hochdruck-Reduziertechnik GmbH ("GHR"), part of IMI plc, to collaborate on the deployment of dual 700bar and 350bar hydrogen refuelling products for the German Mobility market.

GHR has developed a mobile hydrogen dispenser for both 700 bar and 350 bar refueling which has been in use for several years in Germany. The strong pedigree in fluid control and pressurized systems also makes GHR an important partner in the supply chain for high pressure components.

Capability to refuel to 700 bar is of key importance as automotive OEM's have specified this higher pressure for the fuel cell vehicles to be rolled out as part of the German and UK Mobility programmes.

The agreement will see the integration of an ITM Power hydrogen generation system with a GHR dispenser to fully address the requirement for green, 700 bar hydrogen refueling within the German market. ITM Power and GHR will combine their experience of achieving product compliance to provide a fully certified solution. The first embodiment will be used for refueling demonstrations, tendering and ultimately product roll out.

ITM Power and GHR are now in a position to offer a full refuelling solution in Germany.

Technology Strategy Board Grant Award.

ITM Power, the energy storage and clean fuel company, has been awarded a grant by the Technology Strategy Board, the Government's innovation agency, for a project that will build and integrate into the power system, a hydrogen energy storage and vehicle refuelling system on the Isle of Wight.

The project will be led by ITM Power in a collaboration with SSE, Toshiba, IBM, Cable & Wireless Worldwide, National Physical Laboratory, Cheetah Marine, Arcola Energy, Ecoisland Community Interest Co, ("Ecoisland CIC") and the Universities of Glamorgan and Nottingham. ITM Power will receive £1.3m of grant funding directly with a further £1m going to the collaboration partners who are integrating their equipment with ITM Power's refuelling technology. The total project value is £4.66m


Update on Hydrogen Cost Structure

ITM Power (AIM: ITM), the energy storage and clean fuel company, is pleased to update the market on the cost structure of hydrogen generated by the Company's HFuel electrolyser platform. In November 2011 the Company announced the cost of hydrogen (in £/kg) derived from electrolysis based on the capital cost and operating efficiency measured during completed HOST trials. This update represents a revised cost structure based on the Company's larger 25kg/24hr stack platform which was launched at the Hannover Messe in April 2012 for larger scale refuelling and gas grid injection applications.

Final Results

HIGHLIGHTS

Clean Fuel:


• Achievement of CE marking and regulatory approval of HFuel for the German market

• HFuel cost structure lower than EU hydrogen cost targets for 2015

• UKH2Mobility MoU signed with the UK government

• £2.3m of TSB funding for the EcoIsland project, £1.3m direct to ITM Power

• Agreement with M&S to deliver the UK's first hydrogen fuel cell, materials handling trial

• Product development agreement with Boeing

• Partnership agreement with GHR (IMI) to address the German market


Energy Storage:

• Launched Megawatt Scale energy storage plant

• TSB grant to investigate the feasibility of injecting hydrogen into the UK gas grid

• Achievement of CE marking for HBox Solar


Financials and Corporate

• First significant revenues of £480,000 (2011: £8,000)

• Grant funding of £985,000 recognised in the period (2011: £1,088,000)

• New grant project awards of £2,734,000 (2011: £942,000)

• A further £1,200,000 of EU grants in negotiation

• Pre-tax loss for the period was £6.5m (2011: £6.4m)

• Cash and short-term deposits at 30 April 2012 £6.6m (30 April 2011: £12.2m)

• Decrease in cash and cash equivalents of £10.6m (2011: £4.8m), of which £5.0m was placed on term deposit

Dr Charles Johnstone appointed as Director of Engineering

Outlook

• Outlook positive with early revenue streams developing

• Grant funded project consortia are developing productive relationships

Sale of Equipment to CEA

ITM Power (AIM: ITM), the energy storage and clean fuel company, is pleased to announce the sale of a hydrogen generation system to CEA Grenoble, France.

The CEA, a French government-funded technological research organisation, will use the 5Nm3/hr unit in a project targeted at the storage of renewable energy. The ITM Power electrolyser will be fed by a power simulator designed to mimic various forms of renewable energy. The hydrogen will be produced on site and stored in a metal hydride system before being used in a fuel cell to generate renewable power on demand and to supply green hydrogen.

The unit will be built in the UK and housed within a containerised platform that will be shipped to France as a fully CE marked plug and play unit.

Agreement with GMI Energy

Agreement with GMI Renewable Energy Group

ITM Power (AIM: ITM), the energy storage and clean fuel company, is pleased to announce that it has signed an agreement with GMI Renewable Energy Group Ltd ("GMI") to offer an integrated renewable power generation and hydrogen production for back-up power, industrial processes and refuelling solutions for materials handling equipment in commercial buildings.

This agreement will offer renewable power coupled to hydrogen generation as a totally zero carbon process. Under the agreement, GMI will offer its existing and potential new customers the alternative of hydrogen generation as a use of their renewable power generated on-site.

ITM Power will provide the hydrogen generation and refuelling equipment and, if required, the fuel cell systems to enable customers to produce zero carbon hydrogen at the point of use for use in materials handling solutions, back up power and industrial processes.

GMI, trading as GMI Energy, is part of the GMI family of companies, which has delivered many successful building and construction service projects for over 25 years, for an international portfolio of developers, public sector clients and blue chip companies. GMI's range of services includes Solar PV, Low-Energy Lighting, Biomass and Smart Metering. GMI will select, design, install and manage renewable energy and energy saving systems of all sizes and on any type of property. GMI ensure the eligibility and warranty of the systems to both meet the property's energy requirements and provide the maximum financial return.

Shell and National Grid Join Gas Inject Project

ITM Power (AIM: ITM), the energy storage and clean fuel company, announces that Shell Research Limited ("Shell") and National Grid plc have joined the Hydrogen Gas Inject feasibility study part funded by the Technology Strategy Board under its Smart Power Distribution and Demand competition.

Letter of Intent signed with German Utility

ITM Power (AIM: ITM), the energy storage and clean fuel company, is pleased to announce that it has signed a Letter of Intent with one of Germany's top 10 local utility companies to investigate Power-to-Gas energy storage.

ITM Power is a SELL at 32p.

I had these to buy @30p - now I'm not so sure. Yet another technically sound company that doesn't or can't market its wares.