Business
Hydrogen Cost Structure Update
Hydrogen Cost Structure Update.
About this update from Itm Power Plc
[{"type":"text","content":"\n \nRNS Number : 7816J ITM Power PLC 22 July 2013 \n \n\n22 July 2013\n \nITM Power plc\n(\"ITM Power\" or the \"Company\")\n \nHydrogen Cost Structure Update\n \nITM Power (AIM: ITM), the energy storage and clean fuel company, is pleased to update the market one year since it last announced the cost structure of hydrogen generated by the Company's HFuel electrolysis platform on 18th July 2012. The cost structure can now be updated based on efficiency improvements, electrolyser cost reduction of its HGas platform and from data provided by Hyundai for the ix35 fuel cell electric vehicle (FCEV).\n \nHGas 1MW (446kg/day) Generation Module:\nA hydrogen generation module comprising sixteen HGas electrolyser stacks and associated balance of plant has been used in the analysis. In addition to capital cost and electricity consumption, the analysis includes an indicative annual maintenance cost and utilisation factor. The assumptions used are:\n \nGeneration capacity: 446kg/24hr\nAmortisation period: 10 years\nElectricity price: 3.5p/kWhr\nWater price: 0.13p/litre\nSystem efficiency: 55kWhr/kg\nAnnual Service: 5% of sale price\nUtilisation factor: 70%\n \nHydrogen cost is projected at £4.19/kg, a 32.7% reduction from last year's £6.23/kg, within a 10 year capital amortisation period and £2.69/kg, a 22.9% reduction from last year's £3.49/kg, after capital amortisation. \n \nThe European cost targets for hydrogen generation are EUR9.90/kg (£7.92/kg*) in 2015 and EUR5.50/kg (£4.40/kg*) in 2025 (McKinsey: 'A portfolio of power-trains for Europe: a fact-based analysis'). The refuelling equipment is quoted separately and is typically tailored to the user's specific requirements. The costs associated with shipping the unit to site are not included as they are location specific.\n* Assumed conversion rate of £1 = EUR1.25. \n \nIncreasing the utilisation factor to 100%...