Business
Corporate and Technical Due Diligence
Corporate and Technical Due Diligence.
About this update from Itm Power Plc
[{"type":"text","content":"\n \nRNS Number : 6204G ITM Power PLC 10 June 2013 \n \n\n10 June 2013\n \nITM Power plc\n(\"ITM Power\" or the \"Company\")\n \nCorporate and Technical Due Diligence \n \nITM Power (AIM: ITM), the energy storage and clean fuel company announces that, following the conclusion of non-disclosure agreements, it has allowed three corporate customers access to a data room of technical and corporate information. The three customers, which at this stage are confidential, are a global gas group, an oil major and an aerospace and defence company. The outcomes of the due diligence processes, outlined below, have been very positive.\n \nThe Company prepared a suite of documentation for data room examination and disclosed technical files together with R&D pipeline activities, planned product development and details of costs and cost reduction programmes going forward.\n \nThe process included witnessed testing of two PEM electrolyser stack platforms against specific operating conditions, the purpose of which was to verify performance, durability and rapid response characteristics. In addition, bespoke system designs capable of accepting direct renewable power and rapidly modulating power profiles have been examined and comprehensively tested on-site. The results have further added to confidence in ITM Power's core technology, its product development process and after sales support.\n \nOne aspect central to all technical due diligence has been the capability of the stack to modulate its output in response to changing power profiles. This is particularly important for large scale Power-to-Gas energy storage systems which require rapid response times. In general, grid balancing service payments for frequency control increase with responsiveness. In one set of repeated tests, the response of a large scale stack was measured to modulate from zero to full power in approximately 0.2 seconds, outperforming industry measurements and response times previously reported by the Company. Engaging with customers who are assessing the requirement for large scale electrolyser plant has necessitated the detailed technical interaction and modeling in order to map the application.\n \nAnother important aspect of the process has been evidencing cost reduction with volume and suppl...