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ITM Power

19 Jul 2012 05:07:08

Technology Strategy Board grant award and update on hydrogen cost structure



ITM Power (AIM: ITM), the energy storage and clean fuel company, has been awarded a grant by the Technology Strategy Board, the Government’s innovation agency, for a project that will build and integrate into the power system, a hydrogen energy storage and vehicle refuelling system on the Isle of Wight.

The project will be led by ITM Power in a collaboration with SSE, Toshiba, IBM, Cable & Wireless Worldwide, National Physical Laboratory, Cheetah Marine, Arcola Energy, Ecoisland Community Interest Co, (“Ecoisland CIC)” and the Universities of Glamorgan and Nottingham University. ITM Power will receive £1.3m of grant funding directly with a further £1m going to the collaboration partners who are integrating their equipment with ITM Power’s refuelling technology. The total project value is £4.66m.

Update on hydrogen cost structure
ITM Power (AIM: ITM), the energy storage and clean fuel company, is pleased to update the market on the cost structure of hydrogen generated by the company’s HFuel electrolyser platform. In November 2011 the company announced the cost of hydrogen (in £/kg) derived from electrolysis based on the capital cost and operating efficiency measured during completed HOST trials. This update represents a revised cost structure based on the company’s larger 25kg/24hr stack platform which was launched at the Hannover Messe in April 2012 for larger scale refuelling and gas grid injection applications.

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