ITM Power (AIM: ITM), the energy storage and clean fuel company, is pleased to announce that, having successfully completed the design phase for a hydrogen home refuelling appliance, it has been awarded further a US$30,000 contract by the NextEnergy Center of Detroit (“NextEnergy”, a US business accelerator for alternative and renewable energy) to complete an economic and market analysis of the potential impact of a 70 MPa (700 bar) small scale hydrogen fuelling appliance (“SHFA”) with particular reference to European and Asian markets. The report will be delivered in April 2011.
The purpose of the work is to assist NextEnergy in its evaluation of the world-wide market with a special focus on current and projected European, Asian and Australian markets and sub-markets. The study will include an understanding of the interrelationship between the current and projected hydrogen fuelling infrastructure, volume sensitivity analysis, target demographics and price points, socio-political, regulatory and governmental conditions, carbon fuel cost comparisons and alternative use analysis.
Dr. Graham Cooley, CEO of ITM Power commented; “This contract recognises that ITM Power is best placed to provide the vital information required by the global automotive OEMs in order for them to plan the development and roll-out of hydrogen refuelling infrastructure and fuel cell vehicles. This represents an ideal opportunity for the Company to continue the working relationship with the NextEnergy Center that developed during the design phase of this long term project.”
Kelly Jezierski, Manager, Alternative Fuel Based Energy Programs commented; “We are pleased to be progressing to the next phase of the project with ITM Power. This study will be used as the basis for moving to the prototype stage of the project and as the basis of our future funding applications both to the DoE and other funding bodies.”
For further information please visit www.itm-power.com or contact:
ITM Power plc,
Graham Cooley, CEO,
0114 244 5111
Nomura Code Securities Limited,
Juliet Thompson / Dr Christopher Golden,
+44 (0)20 7776 1200
Simon Hudson / Andrew Dunn,
020 7920 3150