€3.59m Grant Award for an Advanced Refueling Product

28 November 2012

€3.59m Grant Award for an Advanced Refueling Product

ITM Power (AIM: ITM), the energy storage and clean fuel company, is pleased to announce that it has received confirmation of a €3.59m grant award from a programme of the European Union’s Joint Technology Initiatives. The award is to a consortium for the development of an advanced refueling system using ITM Power’s high pressure hydrogen electrolysis technology. The Company’s share of this award is €0.87m.

In the three year programme, ITM Power will be working with consortium members Hydrogen Efficiency Technologies b.v. (HyET); H2 Logic A/S; Raufoss Fuel System AS; Daimler AG; Shell Global Solutions International B.v; Bundesanstalt für Materialforschung und -prüfung; Association pour la Recherche et le Développement des Méthodes Processus Industriels (ARMINES); European Commission, Directorate-General Joint Research Centre, Institute for Energy (JRC-IE); Hochschule Esslingen and Uniresearch b.v., which will have overall management responsibility for the project.

The programme, known as the PHAEDRUS project and funded under the Seventh Framework Programme (SP1-JTI-FCH.2001.2.7), aims to develop an all electrochemical high pressure (70MPa) hydrogen refuelling station (HRS) for fuel cell electric vehicles (FCEV) in the passenger car segment. This will demonstrate the applicability of electrochemical hydrogen compression technology in combination with self-pressurizing Polymer Electrolyte Membrane (PEM) electrolyser technology.

The project will develop a high pressure Hydrogen Refuelling System (HRS) infrastructure, with a modular dispensing capacity in the range of 50-200kg/day, ready for roll-out from 2015 onwards. Key objectives include the validation of the safety aspects of the system, its efficiency and the economic viability of the modular design concept.

ITM Power’s role in the project is to develop an electrolyser design capable of delivering 200Kg/day of hydrogen at a pressure of 20MPa and operating at an efficiency of 85% at a high current density (3A/cm2). The design will be validated at the 5kg/day scale. The endurance of the electrolyser will be evaluated using accelerated testing to assess the safety of operation and as a route to develop communication and control protocols for the electrolyser and balance of plant.

Dr Graham Cooley, CEO, ITM Power plc commented: “PHAEDRUS is an important, multi-national refuelling project that brings together the best technology in Europe to build a low cost high performance product for the mass arrival of FCEVs in 2015. We are very pleased to be once again at the heart and forefront of hydrogen refuelling technology in Europe.”

For further information please visit www.itm-power.com or contact:

ITM Power plc
Graham Cooley, CEO
0114 244 5111

Nplus1 Singer Advisory LLP (Nominated Adviser & Broker)
Shaun Dobson / Jenny Wyllie
020 3205 7500

Tavistock Communications
Simon Hudson / Kelsey Traynor 020 7920 3150

About ITM Power

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:

EU Funding for PEM Fuel Cell Innovation – IMPACT

Agreement with ABO Wind of Wiesbaden, Germany

Letter of Intent signed with German Utility

Shell and National Grid Join Gas Inject Project

EcoIsland TSB Funding

700bar Dispensing Collaboration in Germany

Marks & Spencer pilot materials handling fuel cell project

UKH2Mobility with leading auto OEM’s, UK gov. and industrial gas companies

EcoIsland with Toshiba, IBM, Cable & Wireless, SSE and Southern Water

Boeing Unmanned Aircraft System Refueller

Electrolyser Distribution with Horizon Fuel Cells

CREO with Ford, Jaguar Land Rover and Johnson Matthey

Exclusive European distribution rights for Materials Handling Fuel Cells

Sale of Equipment to EADS

EU Grant Award for PEM Water Electrolysers Coupled to Renewable Power Sources