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13 January, 2006 - 11:55 By Staff Reporter

ITM Power shares up 40 per cent

ITM Power’s share price rocketed almost 40 per cent after the company said it had reached all the technical milestones set out in its IPO prospectus and that the company was now ready to move on to the next stage of its development.

ITM Power’s share price rocketed almost 40 per cent after the company said it had reached all the technical milestones set out in its IPO prospectus and that the company was now ready to move on to the next stage of its development.

The hydrogen economy enabler said its Mark 4 500-watt electrolyser, which converts water and electricity into hydrogen, had run continuously for 1,000 hours with no external signs of failure, six months ahead of schedule.

Since listing on AIM, ITM has focused its efforts on the development of fuel cells and electrolysers in particular, the development of which it believes is the key to the implementation of an economically viable hydrogen economy.

ITM contends that a low cost, durable electrolyser would control the supply of fuel from time-varying renewable resources – wind, wave and solar – and thus provide the potential to transform the economics of the existing alternative energy supply system.

On the day of the announcement the share price rose 59.5p to 209.5 – up 39.67 per cent.

The news also sparked buyers of other fuel cell company shares into action and brought a 10 per cent rise in the price of shares for Scientific Generics spin-out CMR Fuel Cells.

Jim Heathcote, ITM’s CEO, said: “One of the most exciting aspects of our progress to date is the outstanding success of the electrolyser programme.

“I believe this technology holds the key to the efficient integration of renewable non-oil energy supplies into the existing energy system.

“Cost-over-life is directly determined by initial capital cost and durability in real life environments and that is why the independent costing of our electrolysers and the longevity trials – now at 1,000 hours of operating time in an intermittent operational cycle – are so encouraging.

“In the fuel cell programme, we have achieved all the original IPO objectives and additionally demonstrated our ability to make fuel cells that operate using all the commercially significant fuel systems now under development: hydrogen-oxygen, alcohol and sodium borohydride.

“Our portfolio of patented IP and know-how give us a potentially invaluable base from which to begin the next development phase of the company.”

The hydrogen economy is seen by many as an answer to diminishing oil and gas reserves and the critical element in the energy economy of the future.

 

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