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.
Following recent successful trials, the Agreement will facilitate the development of a European customer base in the rapidly expanding materials handling market where traditional battery and engine technology is being replaced by fuel cells powered by hydrogen. Under the Agreement, IFCS will gain CE marking for its systems that can be fitted to all classes of pallet and fork lift trucks as well as airport baggage handling and utility vehicles. ITM Power will contribute its experience of gaining CE conformity for hydrogen systems to accelerate commercial availability.
IFCS are currently working with several major US retailers and distributors to gain supply chain qualification. The Agreement will enable ITM Power to gain access to the IFCS portfolio of customers and introduce them to ITM Power’s green hydrogen generation and refueling solutions.
ITM Power is now in a position to offer a full turnkey solution to the materials handling sector, including on-site hydrogen generation, refueling and fuel cell systems. The successful trials of the Company’s HFuel product platform, together with measured operational benefits of fuel cell powered materials handling vehicles, has enabled ITM Power to begin to engage with potential retail, distribution and logistics customers. The Company can now offer a tailored, integrated solution – including modeling, on-site trials, supply of equipment and maintenance contracts. HFuel is capable of generating up to 400kg of hydrogen per day, on-site, from renewable power.
ITM Power CEO, Dr. Graham Cooley, said: “This agreement means that the Company can cater for customers who just want hydrogen as well as those who want a full turnkey system. It complements our existing product portfolio and takes us into a fast growing market.”
IFCS VP Operations, Ross Oliver, added: “IFCS will be able to deploy units in Europe using ITM Power’s extensive commercial contacts. Infintium’s fuel cells are high quality power generation products and when coupled with the IFCS three year bumper-to-bumper warranty the equipment secures additional value for the customer. We are delighted to be associated with a company producing high quality refueling solutions and look forward to working with ITM Power in Europe and the USA.
For further information please visit www.itm-power.com or contact:
ITM Power plc
Graham Cooley, CEO
0114 244 5111
Singer Capital Markets Limited (Nominated Adviser & Broker)
Jonathan Marren / Samantha New
020 3205 7500
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 in its IPO. A further funding round of £28.5m was completed in 2006. 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:
The Infintium team has extensive experience in the materials handling sector and has applied their knowledge to fuel cell technology to create a product that specifically addresses the needs of the materials handling fleet. Infintium has assembled a team consisting of some of the most prominent and effective technical teams in the fuel cell arena to deliver a high performance, low cost and durable solution.