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22 May 2012
ITM Power plc
("ITM Power" or the "Company")
Partnership with The Hardstaff Group to Address the HGV Market
ITM Power (AIM: ITM), the clean fuel and energy storage company, and The Hardstaff Group, the transport industry innovations company, announce that they have signed a Memorandum of Understanding to develop and market a Hydrogen Compressed Natural Gas ("HCNG") fuel system for Heavy Goods Vehicles ("HGVs").
The Hardstaff Group specialises in providing innovative solutions for service/product enhancements and environmental protection, and in particular, in the use of natural gas and biomethane in HGVs. The Hardstaff Group of companies consists of; T.Baden Hardstaff (Hardstaff Haulage), Hardstaff Traffic Barrier Services, Charnwood Truck Services and Portal Gas Services. This diverse range of expertise allows Hardstaff Group to provide turn-key solutions from infrastructure through to the design and sale of bespoke vehicles.
ITM Power designs and manufactures hydrogen energy systems for energy storage and clean fuel production. ITM Power is committed to clean sustainable energy solutions based around water electrolysis.
Natural Gas or Bio Methane may be combined at various ratios with hydrogen to produce HCNG, which, when burned, offers significant benefits in the emissions performance and efficiency of engines. These improvements in combustion not only reduce the tailpipe emissions of carbon dioxide, NOx, carbon monoxide and hydrocarbons but also allow for increased engine speed operation, enabling the downsizing of engines. Engine downsizing results in improved operational efficiency and reduced weight.
ITM Power CEO, Dr Graham Cooley, commented:"Partnering with the Hardstaff Group allows for the staged rollout of hydrogen technology to Heavy Goods Vehicles; a market driven by cost reduction and improvements in efficiency. By providing HCNG solutions for HGVs, ITM Power is able to access a huge market and make significant reductions to the haulage sector's carbon footprint, and increase operational efficiency."
Commenting for The Hardstaff Group, Trevor Fletcher, Chairman & Managing Director, said: "Innovative fuel solutions is our business and partnering with ITM Power brings together a wealth of experience in gas and hydrogen technologies. We are very excited about the possibilities."
For further information please visit www.itm-power.comor contact:
ITM Power plc
Graham Cooley, CEO
0114 244 5111
Singer Capital Markets Limited
(Nominated Adviser & Broker)
020 3205 7628
Simon Hudson / Andrew Dunn
020 7920 3150
About The Hardstaff Group
With a heritage dating back some 150 years, the Hardstaff Group is today recognised as one of the principle providers of leading edge technology and innovative services to both the global and UK road transport industry. This is especially true in the field of research, which, being firmly focussed on providing innovative solutions for service/product enhancements and environmental protection, has become the driving force behind our company development. The group comprises four divisions of activity, each of which, through the integration of specific areas of expertise and optimisation of synergies are important factors in creating the competitive edge that we enjoy today and will maintain in the future.
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 gross 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:
· 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