Technical Update – Preliminary Cost Analysis of ITM Power Fuel Cell Membranes for Automotive Application

19th July 2012
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Further to the fuel cell power density data announced on 4 October 2011, ITM Power (AIM:ITM), the energy storage and clean fuel company, is now in receipt of the preliminary results of an independent comparison between ITM Power’s fuel cell membrane performance and current industry leading technology. The comparison was commissioned by the Carbon Trust.

The preliminary results indicate that ITM Power’s membrane technology has the potential, assuming that the significant technological hurdles can be overcome, to reduce fuel cell costs to US$35/kW in manufactured quantities of 500,000 units per year. This is based primarily upon the demonstrated high power density performance and assumed catalyst loading reductions. Such demonstrations and assumptions were based on information and data provided by ITM Power.

ITM Power is progressing to its next phase of fuel cell membrane development which will include continued membrane optimisation, catalyst reduction and assessment of durability under automotive operating conditions.

It should be noted that the results of the preliminary study remain subject to continuing analysis, independent verification and audit and therefore may be subject to revision. The results of the preliminary study have not been audited or verified by either ITM Power or the Carbon Trust and neither ITM Power nor the Carbon Trust accepts any responsibility in relation to the results of the preliminary study.

To read more about the Carbon Trust case study of ITM Power’s technology please follow the link:
http://www.carbontrust.com/our-clients/i/itm-power

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

ITM Power plc
0114 244 5111
Graham Cooley, CEO

Singer Capital Markets Limited
www.singercm.com
(Nominated Adviser & Broker)
020 3205 7500
Shaun Dobson / Samantha New

Tavistock Communications
020 7920 3150
Simon Hudson / Kelsey Traynor

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 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:

700bar Dispensing Collaboration in Germany

Exclusive European distribution rights for Infintium Materials Handling Fuel Cells

Electrolyser Distribution with Horizon Fuel Cells

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

CREO with Ford, Jaguar Land Rover and Johnson Matthey



Rebecca Markillie
Marketing & Communications
E: rlm@itm-power.com
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