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AIM traded ITM Power is up 10% in mid-morning trading following two positive news releases over the past two days.
HydroGEN Announcement
The energy storage and green fuel company announced on Wednesday positive results following the completion of a three year project called HydroGEN in collaboration with the Technology Strategy Board.
The focus of the project was on electrolyser cost reduction through advancements in materials technology. Through this research, they successfully developed a new alkaline solid polymer membrane, which, in combination with their reduced cost catalysts and other components, costs 43% of its PEM counterpart.
Dr Graham Cooley spoke on the matter for ITM Power; “Alkaline solid polymer electrolysis offers a potentially unique way of both eliminating platinum catalysts and retaining high current density and durability; essentially getting the best out of both PEM and liquid alkaline technologies. We are very pleased with these results and have chosen to extend testing”.
EcoIsland Agreement Announcement
ITM Power announced on Tuesday a partnership agreement with a consortium called EcoIsland, the largest sustainability project in the UK. Partners on this project include IBM, Toshiba,Cable&Wireless Worldwide, Southern Water, and Scottish and Southern Energy.
ITM will provide the hydrogen energy storage and clean fuel technology for the smart grid system, which is in development on the Isle of Wight.
The project brings together a variety of smart energy technologies in combination to exhibit how energy can be used in the future. ITM Power will provide the hydrogen refueling equipment for energy storage as well as power for cell operated and hydrogen combustion vehicles. The island is intended to showcase hydrogen vehicles being launched by 2013.
ITM CEO Graham Cooley said about the project: “Joined up thinking in the energy sector is rare and EcoIsland is a world class project on our doorstep with exactly that. At ITM Power we are convinced that hydrogen is the solution to renewable power intermittency and decarbonising road transport so where better to prove hydrogen energy storage than on the EcoIsland.”
ITM Power Company Spotlight
ITM Power designs and manufactures hydrogen energy systems for clean fuel production and energy storage. The company is registered in England and is operated by a staff of 55, including scientists and engineers operating out of two facilities in Sheffield, UK.
ITM Power experienced a loss of £5.772 million for the year ending April 2011.
References
↑ Alkaline Electrolyser Results
↑ EcoIsland Agreement
↑ About ITM
↑ ITM Power Annual Report 2011
