Carbon Trust Fuel Cell Update

RNS Number : 9987H

ITM Power PLC

19 July 2012

ITM Power plc

("ITM Power" or the "Company")

Technical Update - Preliminary Cost Analysis of ITM Power Fuel Cell Membranes for Automotive Applications

Further to the fuel cell power density data announced on 4 October 2011, ITM Power (AIM:ITM), the energy storage and clean fuel company, is now in receipt of the preliminary results of an independent comparison between ITM Power's fuel cell membrane performance and current industry leading technology. The comparison was commissioned by the Carbon Trust.

The preliminary results indicate that ITM Power's membrane technology has the potential, assuming that the significant technological hurdles can be overcome, to reduce fuel cell costs to US$35/kW in manufactured quantities of 500,000 units per year. This is based primarily upon the demonstrated high power density performance and assumed catalyst loading reductions. Such demonstrations and assumptions were based on information and data provided by ITM Power.

ITM Power is progressing to its next phase of fuel cell membrane development which will include continued membrane optimisation, catalyst reduction and assessment of durability under automotive operating conditions.

It should be noted that the results of the preliminary study remain subject to continuing analysis, independent verification and audit and therefore may be subject to revision. The results of the preliminary study have not been audited or verified by either ITM Power or the Carbon Trust and neither ITM Power nor the Carbon Trust accepts any responsibility in relation to the results of the preliminary study.

To read more about the Carbon Trust case study of ITM Power's technology please follow the link:

http://www.carbontrust.com/our-clients/i/itm-power

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)

Shaun Dobson / Samantha New

www.singercm.com

020 3205 7500

Tavistock Communications

Simon Hudson / Kelsey Traynor

020 7920 3150

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 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:

· 700bar Dispensing Collaboration in Germany

http://www.itm-power.com/news-item/700bar-dispensing-collaboration-in-germany/

· Exclusive European distribution rights for Infintium Materials Handling Fuel Cells

http://www.itm-power.com/news-item/exclusive-european-distribution-rights-for-materials-handling-fuel-cells/

· Electrolyser Distribution with Horizon Fuel Cells

http://www.horizonfuelcell.com/fuel_solutions_hbox.htm

· Marks & Spencer pilot materials handling fuel cell project

http://www.itm-power.com/news-item/ms-agreement/

· UKH2Mobility with leading auto OEM's, UK gov. and industrial gas companies

http://www.itm-power.com/about-itm/partners/?id=49

· EcoIsland with Toshiba, IBM, Cable & Wireless, SSE and Southern Water

http://www.itm-power.com/about-itm/partners/?id=46