ITM Power (AIM: ITM), the energy storage and clean fuel company, is pleased to announce that it has received notification from the Department of Energy & Climate Change (“DECC”) of a £0.5m grant to scale up its low-cost alkali PEM electrolyser stack for Power-to-Gas energy storage.
ITM Power’s alkali PEM technology (the subject of an announcement on 9 November 2011) is a low cost electrolyser platform being scaled up to the 1MW level, using 16 individual stacks, for Power-to-Gas energy storage.
ITM Power CEO, Dr Graham Cooley, said: “We are delighted to have secured the support of DECC for the scale-up of our innovative low-cost Alkali PEM stack technology. This development project further strengthens our partnership with AEG Power Solutions, which will provide the power electronics.”
For further information please visit www.itm-power.com or contact:
ITM Power plc
Graham Cooley, CEO
0114 244 5111
N+1 Singer (Nominated Adviser & Broker)
Shaun Dobson / Jenny Wyllie
020 7496 3000
Simon Hudson / Kelsey Traynor
020 7920 3150
ITM Power plc was admitted to the AIM market of the London Stock Exchange in 2004 and raised its initial funding of £10m gross in its IPO. Further funding rounds of £28.5m in 2006 and £5.4m in 2012 have been completed. The Company has now made the transition from a research and development company to a product manufacturer and technology provider. The Company has both a strong base of intellectual property and engineering expertise for providing complete hydrogen solutions. The Company has been successful in developing strategic industry partnerships in the following projects: