|No dividends found|
29 June 2012
ITM Power plc
("ITM Power" or the "Company")
700bar Dispensing Collaboration in Germany
ITM Power (AIM: ITM), the energy storage and clean fuel company, is pleased to announce that it has signed an agreement with GHR Hochdruck-Reduziertechnik GmbH ("GHR"), part of IMI plc, to collaborate on the deployment of dual 700bar and 350bar hydrogen refuelling products for the German Mobility market.
GHR has developed a mobile hydrogen dispenser for both 700 bar and 350 bar refueling which has been in use for several years in Germany. The strong pedigree in fluid control and pressurized systems also makes GHR an important partner in the supply chain for high pressure components.
Capability to refuel to 700 bar is of key importance as automotive OEM's have specified this higher pressure for the fuel cell vehicles to be rolled out as part of the German and UK Mobility programmes.
The agreement will see the integration of an ITM Power hydrogen generation system with a GHR dispenser to fully address the requirement for green, 700 bar hydrogen refueling within the German market. ITM Power and GHR will combine their experience of achieving product compliance to provide a fully certified solution. The first embodiment will be used for refueling demonstrations, tendering and ultimately product roll out.
ITM Power and GHR are now in a position to offer a full refuelling solution in Germany.
Phil Doran, Managing Director of ITM Power GmbH, said: "I am delighted to formalise a relationship that has been many months in the making with a company already seen as a pioneer in 700 bar dispensing, which neatly complements our own core technical capabilities."
Jan Andreas, Project Manager of GHR Hochdruck-Reduziertechnik GmbH, added: "Progress in merging our respective capabilities for the German market, which is clearly the early mover in the hydrogen refuelling sector has evolved seamlessly given the complementary nature of our goals, technologies and capabilities. We are delighted to complement our high-pressure storage capability with ITM's proven electrolysis equipment."
For further information please visit www.itm-power.com or contact:
ITM Power plc
Graham Cooley, CEO
0114 244 5111
Singer Capital Markets Limited
(Nominated Adviser & Broker)
Jonathan Marren / Samantha New
020 3205 7628
Simon Hudson / Kelsey Traynor
020 7920 3150
About GHR Hochdruck-Reduziertechnik GmbH
GHR was founded in 1960 in Frankfurt/M., Germany and its main task was to distribute IVP Valves from the British company I.V.Pressure Controllers Ltd. In the following years GHR acquired the sole agency for Bayham Ltd., a UK manufacturer of liquid level gauges and switches, flow monitors and relays from ELETTA group and blanketing valves in cast iron/aluminum and stainless steel to complete the delivery programme. In 1973 GHR build their own premises in Ober-Mörlen, in the out bounds of Frankfurt.
The acquisition of GHR by Charles Baynes plc in 1993 and the integration in their group of valve companies in 1998 widened the range of products for long term co-operation with overseas partners. Since 2006 GHR is part of IMI plc.
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't 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
· Exclusive European distribution rights for Materials Handling Fuel Cells
· Sale of Equipment to EADS
· EU Grant Award for PEM Water Electrolysers Coupled to Renewable Power Sources