Hydrogen Engine Center Announces Agreement with ITM Power Plc
Hydrogen Engine Center, Inc., (HEC) announces today that they have
signed a Memorandum of Understanding ("MoU" or/and the "Agreement")
with ITM Power Plc (ITM), one of the UK's leading innovators within
the alternative energy sources industry. HEC is a US company that
designs, manufactures and distributes alternative fuel internal
combustion engines for the industrial and power generation market. The
parties plan to jointly develop products for a non-polluting,
grid-independent energy system which can undergo early field trial
The purpose of the MoU is to provide a platform from which the two
organizations can develop their respective technologies resulting in
mutual benefits. HEC anticipates that ITM can offer an assured supply
of hydrogen using ITM's low-cost electrolyzer technology. ITM
anticipates that HEC will provide an early route to the provision of a
complete system package using HEC's proven engine technology.
The combination of a hydrogen fueled internal combustion engine
and a low-cost electrolyzer could provide the essential technology to
convert low-value, intermittent, renewable energy (wind, solar) into a
reliable, non-fossil energy supply.
Subject to the production of satisfactory results from the field
trials, HEC and ITM will progress into detailed discussions with the
intention of entering a more formal commercial arrangement.
In making the announcement Ted Hollinger, President, HEC, stated,
"Both ITM and HEC have been developing technologies over the past few
years and are now ready to bring them to market. By combining HEC's
hydrogen engines with ITM's new low-cost electrolyzer, customers will
have access to turn-key hydrogen-fueled systems."
Jim Heathcote, CEO, ITM Power Plc, said: "We are delighted to be
working with the team at HEC. I believe that the collaboration of HEC
and ITM brings together complementary technologies that could provide
significant commercial opportunities for both companies in the North
American and European markets."
About Hydrogen Engine Center Inc:
Hydrogen Engine Center, Inc., designs, manufactures and
distributes alternative-fueled internal combustion engines and power
generation equipment for distributed power, agricultural, industrial,
airport ground support, vehicular, business and home applications. All
HEC engines and Gensets are capable of running on a multitude of
fuels, including but not limited to, hydrogen, gasoline, propane,
natural gas and ethanol. Development of an ammonia-fueled engine is
underway. HEC trades on the Bulletin Board under the symbol "HYEG.OB."
Principal offices are located at 2502 E Poplar St., Algona, Iowa
50511. Visit www.hydrogenenginecenter.com or in the US dial
515-295-3178 for more information.
About ITM Power Plc:
ITM Power Plc believes it has developed and patented the keys to
revolutionise the hydrogen economy and is set to become one of the
UK's leading innovators within the alternative energy sources
ITM Power is quoted on the London Stock Exchange's Alternative
Investment Market (AIM) under the ticker symbol "ITM".
An electrolyzer converts water and electricity into hydrogen and
oxygen. These gases can be used as fuel for combustion engines, fuel
cells, heating and conventional electricity generation.
Existing electrolyzers cost in the region of $2,000/kW and the US
Department of Energy 2010 target is $300/kW for an electrolyzer stack.
ITM Power has identified low-cost electrolyzers as a vital
component to replace hydrocarbon fuels with hydrogen. ITM's unique
patented technology has allowed the company to achieve
cost/performance targets which in production would equate to
electrolyzer stack costs as low as $164 / per kW.
This press release may contain certain forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Investors are cautioned that such forward-looking statements
involve risks and uncertainties, including without limitation,
acceptance of the Company's products, increased levels of competition
for the Company, new products and technological changes, the Company's
dependence on third-party suppliers, and other risks detailed from
time to time in the Company's periodic reports filed with the
Securities and Exchange Commission.
Copyright Business Wire 2006
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