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ITM POWER MAKES MAJOR BREAKTHROUGHS IN [3/26/04 - London - UK]
ITM Power Ltd, believes that it has developed and patented the
keys to unlock the hydrogen economy and become a leading innovator and
market leader in alternative energy sources. The Company, backed by experts
with over 30 years experience in polymer technology, is developing low
cost materials and unique production methods to produce low cost fuel
cells and electrolysers, giving them the ability to realise the
commercial potential of the hydrogen economy. ITM believes that the fuel
cell market will be the fastest growing segment of the energy sector.
With its unique advances in materials and production techniques, the
company has the ability to produce low cost fuel cells designed to meet
the energy demands of a wide range of industries and specialist technologies
including military, automotive fuel cell market, stationary fuel cell
market and micro fuel cell market. Fuel cells and related technologies
will be able to power everyday products from laptops and mobile phones
to domestic appliances; but at present they are excluded by price and
the supply of a suitable clean fuel. ITM’s materials used
in the production of fuel cells are a unique family of ionically conducting
polymers, which are cheap to produce, offer high conductivity, hydration
control and the ability to recycle the platinum catalyst. Furthermore
and importantly, they are also available in alkaline
chemistries, which opens the route to the use of low cost catalysts.
ITM has also patented a
revolutionary “one-step” manufacturing process which allows
a fuel cell or an entire stack to be made in a single process. By employing
its unique polymer membrane at the heart of the fuel cell, cells and
stacks are not only flexible in shape and design, but more importantly
have the potential to be produced at or below the $50-$100 per kW. This
must be achieved to be directly price competitive with petrol engines.
The Company’s new
advances also help solve the fuel supply problem. The same technology
that makes a low cost fuel cell has been applied to the development
of a low cost electrolyser. This is able to convert carbon free energy
(wind/wave/solar) into clean hydrogen fuel on site and on demand wherever
there is access to electric power. ITM’s technology has
recently been reviewed by leading industry specialists, Future Energy
Solutions and the Electrochemical Consultancy. They have validated and
reinforced the potential of the Company’s IP and recognise the
previously un-chartered avenues being pursued. Background: ITM Power was set up in
April 2000 to acquire the intellectual property rights resulting from
a nine year Government backed university research programme. This
was directed to the study of new electrically conductive polymer materials
for use in the manufacture of fuel cells. The first round of commercial
funding was completed in September 2001 while the technology received
patent rights in September 2003. Core
Technology:
·
Revolutionary patented low cost, cross-linked hydrocarbon polymer materials,
which already perform competitively with industry standard materials
including Nafion.
·
Cost reductions of 90% compared with Nafion based systems.
·
A “one shot” manufacturing method enabling low cost production,
improved cell architecture leading to a reduction in components, plus
shaped and flexible cells for bespoke applications.
·
Compatibility with low pollution production and reclamation lifecycles,
in particular allowing for the recycling of expensive catalyst materials
such as platinum.
·
Cells designed to use a variety of fuels including hydrogen and alcohol. ITM’s
The future energy market
is measured in $trillions and therefore the potential for a winning
technology is immense. However, during the next 20 years the successful
technologies in future energy applications will have to be competitive
with conventional systems. For example, the PEM fuel cell is generally
thought to be the most practical system for many applications.
However, due to complexity of design and high cost of materials, the
estimated cost of existing PEM fuel cells is $1,500-$3,000 per kW. Industry
developments to date are far too costly to be commercially viable compared,
for example, with a conventional automotive engine at $50-$100 per kW.
ITM is uniquely positioned
by virtue of its technology. By simplifying the design and using its
cheap but highly effective materials, the Company is re-writing the
rules of fuel cell and electrolyser production, so that:
·
The core developments within ITM technology will enable the Company
to be on track to produce PEM fuel cells at or below this $50-$100 per
kW target.
·
ITM technology has been applied to electrolysers allowing ITM to match
hydrogen production as a fuel for its accompanying fuel cell, and photo
electrics (solar), giving the Company a spread of opportunities throughout
the entire future energy sector.
·
The Company can utilise its intellectual property rights to produce
hydrogen/oxygen fuel cells, direct alcohol fuel cells, electrolysers
and photo-augmented electrolysis. The
main aims are:
·
To develop the core technology so it can be applied in all parts of
the future energy matrix – renewables, hydrogen production and
fuel cell power delivery
·
To improve output and efficiency levels in its existing fuel cells
and fuel cell stacks
·
To build income streams from a variety of sources as the advantages
of ITM systems are recognised in the new hydrogen economy
·
To maximise the potential of the renewable energy market and realise
the hydrogen economy Management: The Company has assembled
a highly focused team with in depth knowledge and experience in chemical
engineering and power generation as well as business and financial management.
Research
·
Donald Highgate BSc, MPhil, PhD heads
the research division and is one of the world's leading experts
in hydrophilic polymers and Visiting Director of Studies at
·
Engineering Director Dr Jon Lloyd who began collaborating in 1995 with
Donald Highgate at Commercial:
·
Chairman Stephen Massey has extensive corporate experience having formerly
been Chairman and CEO of Prudential-Bache International Ltd. and a founding
Director of Harvington Properties Ltd. He is also currently Chairman
of stockbocker Eden Group Plc.
·
CEO *
* ENDS * * For further information
please contact: St Brides Media & Finance Ltd 46 Tel: 020 7242 4477 Fax: 020 7242 4488 Email: |
