ITM Power (AIM: ITM), the energy storage and clean fuel company, announces that it has signed a supply and distribution agreement with Horizon Fuel Cell Technologies (“Horizon”) covering ITM Power’s small electolyser range.
The agreement gives Horizon exclusive rights to sell ITM Power products in the ASEAN nations plus India, Pakistan and Bangladesh and non-exclusive rights to sell ITM Power products in other markets where Horizon has developed a marketing network including the USA.
Horizon will market the ITM Power product range exclusively, complementing Horizon’s market evolution into product applications that require on-site hydrogen supply. Horizon was founded in Singapore in 2003 and has expanded through five international subsidiaries, including a new subsidiary in the United States. Starting commercialisation with micro-fuel cell products while preparing for larger and more complex applications, Horizon emerged as the world’s largest volume producer of commercial sub-kilowatt fuel cell products, serving retail and OEM customers in over 65 countries. Its focus on commercialisation enabled the start of Horizon-branded market development teams in 35 countries, all of which can now also offer ITM Power solutions to increase sales of hydrogen fuel cell solutions. In 2009, another subsidiary named Horizon Energy Systems was started in Singapore to develop the world’s lightest fuel cell power systems targeting Aerospace & Defense segments.
ITM Power designs and manufactures hydrogen energy systems for energy storage and clean fuel production. ITM Power is committed to clean sustainable energy solutions based around water electrolysis. ITM Power’s principal motivation is to engineer zero-carbon hydrogen energy systems that provide energy security and independence from fossil fuels. Its hydrogen systems are able to convert renewable energy to a clean fuel that can be indefinitely stored for use in transport, residential and industrial applications.
Taras Wankewycz, Founder and Chief Marketing Officer of Horizon commented: “Having overcome hydrogen infrastructure barriers with small-scale products in the past years, we are now getting ready to introduce larger-scale fuel cell solutions that will require on-site hydrogen supply. The ITM Power range of solutions will help our clients increase fuel storage capacities, and provide solutions for new Horizon applications, including small hydrogen-electric vehicles.”
Dr Graham Cooley, CEO of ITM said: “We are very happy to sign our first distribution agreement and take this important step in our commercialisation process. Horizon has an excellent commercial footprint globally and their experience will be invaluable to ITM Power.”