Business
Collaboration agreement
Collaboration agreement.
About this update from Itm Power Plc
[{"type":"text","content":"\n ITM Power PLC\n28 March 2008\n\n\nFor Immediate Release 28 March 2008\n\n\n\n ITM Power plc\n\n ('ITM' or 'the Company')\n\n Collaboration agreement with Roush Technologies Limited to accelerate\n the arrival of hydrogen vehicles\n\nITM Power plc (AIM: ITM) is pleased to announce a collaboration agreement with\nRoush Technologies Limited in a unique project to realise hydrogen-powered,\nemission-free vehicles on UK roads. Roush Technologies is one of the world's\nforemost automotive design, engineering and development groups and the\ncollaboration agreement is expected to accelerate CO2-free, hydrogen-fuelled\ncommercial vehicles operating in Britain.\n\nRoush Technologies, which already has extensive experience in the commercial\nvehicle sector, will be responsible for both adapting existing internal\ncombustion-engines in vehicles and researching the development of new power\nunits to utilise hydrogen fuel.\n\nITM will provide the breakthrough refuelling solution by enabling vehicle\noperators to generate their own hydrogen fuel. Using a patented electrolyser,\ndue to enter production at ITM's special facility in Sheffield later this year,\nit is possible to make hydrogen fuel wherever there is a source of electricity\nand water. The advances in electrolysis technology that ITM has achieved\nelegantly address the hydrogen infrastructure issue by using the already\ndeveloped electricity and water distribution network.\n\nThe electrolyser can produce hydrogen from water and any source of electricity\nincluding off-peak or renewable energy - electricity generated by wind, wave or\nsolar power. Unlike petrol or diesel, when hydrogen burns, it releases no CO2,\nmerely water vapour.\n\nThis agreement will enable both parties to jointly offer a complete package of\nhydrogen refuelling systems and hydrogen vehicles to customers. It is\nanticipated that first sales will be to large commercial or local government\norganisations that wish to demonstrate a commitment to reducing carbon dioxide\nemissions. Marketing to third parties will commence as soon as possible.\n\nJim Heathcote, CEO ITM Power, said:\n\n'This is a significant co-operative agreement between two companies who are\ncommitted to bringing practical hydrogen power into the automotive market place\nwithin a dramatically reduced timeframe. Whilst it initially involves the\...