Business
DECC Grant
DECC Grant.
About this update from Itm Power Plc
[{"type":"text","content":"\n \nRNS Number : 2961E ITM Power PLC 09 May 2013 \n \n\n9 May 2013\n \nITM Power plc\n(\"ITM Power\" or the \"Company\")\n \nDECC Grant for Large Scale Low Cost Alkali PEM Energy Storage Stack\n \nITM Power (AIM: ITM), the energy storage and clean fuel company, is pleased to announce that it has received notification from the Department of Energy & Climate Change (\"DECC\") of a £0.5m grant to scale up its low-cost alkali PEM electrolyser stack for Power-to-Gas energy storage.\n \nITM Power's alkali PEM technology (the subject of an announcement on 9 November 2011) is a low cost electrolyser platform being scaled up to the 1MW level, using 16 individual stacks, for Power-to-Gas energy storage. \n \nITM Power CEO, Dr Graham Cooley, said: \"We are delighted to have secured the support of DECC for the scale-up of our innovative low-cost Alkali PEM stack technology. This development project further strengthens our partnership with AEG Power Solutions, which will provide the power electronics.\"\n \nFor further information please visit www.itm-power.com or contact:\n \n\n\n\n\nITM Power plc\nGraham Cooley, CEO\n \n\n\n0114 244 5111\n\n\n\n\nN+1 Singer (Nominated Adviser & Broker)\nShaun Dobson / Jenny Wyllie\n \n\n\n020 7496 3000\n\n\n\n\nTavistock Communications\nSimon Hudson / Kelsey Traynor\n\n\n020 7920 3150\n\n\n\n\n \nAbout ITM Power plc\nITM Power plc was admitted to the AIM market of the London Stock Exchange in 2004 and raised its initial funding of £10m gross in its IPO. Further funding rounds of £28.5m in 2006 and £5.4m in 2012 have been completed. 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:\n \n· Participation in North Sea Power-to-Gas Platform\nhttp://www.itm-power.com/news-item/participation-in-north-sea-power-to-gas-platform/\n· First Sale of 'Power-to-Gas' Plant in Germany\nhttp://www.itm-power.com/news-item/first-sale-of-power-to-gas-plant-in-germany/...