Business
Business Strategy Update and
Business Strategy Update and.
About this update from Itm Power Plc
[{"type":"text","content":"\n RNS Number : 1633T ITM Power PLC 02 June 2009 \n \n2nd June 2009\n\n\nITM POWER Plc\n('ITM' or 'the Company')\n\nBusiness Strategy Update and Appointment of CEO\n\nITM Power Plc is developing technology to enable the storage of time varying renewable energy and to provide a low carbon replacement for hydrocarbon fuels. The Company now has granted IP protecting novel low cost ionomeric materials and methods of production for both fuel cells and electrolysers. The Board believes that these combine to provide ITM with a unique position in the development of technology to replace hydrocarbon fuels with a zero-carbon alternative (hydrogen) using renewable resources, a fuel which is suitable for storage and subsequent re-conversion in existing heat engines or fuel cells.\n\nFollowing the departure of the CEO earlier in the year, the Board, led by its Chairman Peter Hargreaves, has pursued two objectives:\n\n(A) a bottom-up review of ITM's operations and objectives, the latter being undertaken by Dr. Donald Highgate and Prof. Roger Putnam CBE; and\n\n(B) the search for a replacement CEO of proven technical and commercial ability. \n\nThe Board is now pleased to announce the results of these activities:\n\n(A) The review has been completed and its recommendations have been accepted by the Board as the basis for the Company's development in the coming year. The principal recommendations are:\n\n(i) revision of the Company's activities to expand the range of potential applications which could be serviced by the Company's platform technology. Furthermore, to seek to ensure that these are effectively demonstrated and their potential widely publicised. This is considered necessary to allow ITM to make further commercial contacts with potential commercial partners which the Board recognise to be essential;\n\n(ii) recognition that the Company could seek income from a wider range of activities and applications of its existing core technology, including sales of components and systems into existing electrolyser markets, not previously pursued as a preferred route to commercialisation; and\n\n(iii) reduction of the Group's operating expenditure by a thorough review of the facilities and staff necessary to achieve ...