Award of Contract from NextEnergy
18 March 2011
ITM Power plc
("ITM Power" or "the Company")
Award of Contract from NextEnergy
Economic and market analysis of the potential impact of a 70 MPa small-scale hydrogen fuelling appliance
ITM Power, the energy storage and clean fuel company, is pleased to announce that, having successfully completed the design phase for a hydrogen home refuelling appliance, it has been awarded further a US$30,000 contract by the NextEnergy Center of Detroit ("NextEnergy", a US business accelerator for alternative and renewable energy) to complete an economic and market analysis of the potential impact of a 70 MPa (700 bar) small scale hydrogen fuelling appliance ("SHFA")with particular reference to European and Asian markets. The report will be delivered in April 2011.
The purpose of the work is to assist NextEnergy in its evaluation of the world-wide market with a special focus on current and projected European, Asian and Australian markets and sub-markets. The study will include an understanding of the interrelationship between the current and projected hydrogen fuelling infrastructure, volume sensitivity analysis, target demographics and price points, socio-political, regulatory and governmental conditions, carbon fuel cost comparisons and alternative use analysis.
Dr. Graham Cooley, CEO of ITM Power commented; "This contract recognises that ITM Power is best placed to provide the vital information required by the global automotive OEMs in order for them to plan the development and roll-out of hydrogen refuelling infrastructure and fuel cell vehicles. This represents an ideal opportunity for the Company to continue the working relationship with the NextEnergy Center that developed during the design phase of this long term project."
Kelly Jezierski, Manager, Alternative Fuel Based Energy Programs commented; "We are pleased to be progressing to the next phase of the project with ITM Power. This study will be used as the basis for moving to the prototype stage of the project and as the basis of our future funding applications both to the DoE and other funding bodies."
For further information please visit www.itm-power.com or contact:
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ITM Power plc Graham Cooley, CEO
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0114 244 5111 |
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Nomura Code Securities Limited Juliet Thompson / Dr Christopher Golden |
www.nomuracode.com 020 7776 1200
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Tavistock Communications Simon Hudson / Andrew Dunn |
020 7920 3150 |
Notes to Editors
NextEnergy is a non-profit organization, founded in 2002 with assistance from the Michigan Economic Development Corporation (MEDC). Its initial charge was to implement an economic development strategy for the State of Michigan to accelerate research, development and manufacturing of Alternative Energy Technologies (AET) to advance the AET industry in Michigan. NextEnergy is now one of the USA's leading research catalysts and business accelerators for alternative and renewable energy.
Since early 2007, NextEnergy has hosted the Fueling Specification for 70 MPa Compressed Hydrogen Vehicles on its website. In addition to providing the document for public review, NextEnergy managed the process of collecting, reviewing and editing content based on public comments regarding this specification. A Steering Committee provided technical oversight for the Fueling Specification. The Steering Committee consisted of NextEnergy and the following OEMs: General Motors, Ford Motor Company, DaimlerChrysler, Toyota, Nissan, Hyundai-Kia Motors and Volkswagen, as well as Air Liquide and Linde.
NextEnergy's role is to support the US DOE "Controlled Hydrogen Fleet and Infrastructure Demonstration and Validation Project" in the greater Detroit area; to integrate, within a core urban environment, critical hydrogen infrastructure components and systems for multi-use operations; to optimize integrated, system-based solutions to advance hydrogen infrastructure for vehicular and stationary distributed power generation use; and to provide a flexible "test" platform to advance the development and validation of commercial-type on-site generation technologies.
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. Our principal motivation is to engineer zero-carbon hydrogen energy systems that provide energy security and independence from fossil fuels.
ITM Power's electrolyser and fuel cell technologies have the potential to become the cornerstones of a future hydrogen economy based on 'green' hydrogen. Our hydrogen systems are able to convert renewable energy to a clean fuel that can be indefinitely stored for use in transport, residential and industrial applications.
ITM Power has grown from its original platform of novel polymeric electrolytes (for water electrolysis and hydrogen fuel cells) to that of a technology provider. ITM Power now has both a strong base of intellectual property and engineering expertise for providing complete hydrogen solutions.
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This information is provided by RNS