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Profile: ITM Power - October 2012

First published in Cleantech Infocus: UK Innovation in Fuel Cells and Hydrogen (in partnership with the Technology Strategy Board), October 2012

“Funded projects have played a vital role in our growth as a technology business.”
Graham Cooley, CEO, ITM Power

ITM Power’s experience shows the value of the range of support available across the Technology Strategy Board programme. The company has been involved in several Technology Strategy Board funded projects which have contributed to its development strategy and accelerated the commercialisation of its technology. These include Smart small business awards, larger collaborative projects under the Energy Programme, a demonstrator project supported by co-funders DECC and most recently the Ecoisland “Whole System Integration” project.

Background: ITM Power, which is developing fuel cell and electrolyser technology, was listed on the AIM market of the London Stock Exchange in 2004 at a price of 50p per share, valuing the company at £45.7million.

Technology Strategy Board Funding Highlights

2012: £1.3m (for ITM Power) and £1m (for partners including SSE, Toshiba, IBM, Cable & Wireless and the Universities of Glamorgan and Nottingham) for £4.66m Isle of Wight hydrogen energy storage and vehicle refuelling project, which involves integrating a  refueller for demand side load management. 2012: £0.16m for hydrogen gas inject feasibility study with Scottish Hydrogen Fuel Cell Association, Kiwa Gastec, Shell Research and National Grid - to assess the feasibility of injecting hydrogen gas, generated from electrolysis fed from excess renewables, into UK gas networks.

2011: £0.3m for three £0.1m research and development projects: Advanced Membrane Production; Catalyst Improvements; and Power Supply. 2011: £0.07m to test and analyse hydrogen storage hydrides as part of the Coated Metal Hydrides for Energy Storage project, in partnership with E.ON, eminate, the University of Nottingham, Teer Coatings and Sunamp.

2010: £0.34m for project to develop transportable high pressure hydrogen refuelling station, supported by Gateway to London and Revolve Technologies, which resulted in the HFuel® vehicle refueller and the Hydrogen On Site Trials (HOST) programme. HOST began in 2011 and has involved Amey, RAC, Autoglass®, Isle of Man, UPS, Southampton City Council, Center Parcs, Scottish Police Service, Vestas,  Tarmac, May Gurney, Sheffield City Council, the London Borough of Camden, Carillion, DHL, London Stansted Airport and the Forestry Commission. 2010: £0.25m for ITM Power for the CO2 reduction through emissions optimisation project led by the Ford Motor Company, which aims to re-design the internal combustion engine and exhaust system to minimise CO2 levels by using novel after treatment techniques, and on-board generation and use of hydrogen.

2008: Funding of £0.5m for HydroGEN project to develop alkaline polymeric membrane materials and catalysts to reduce the cost of electrolysers - in partnership with Teer Coatings, Boddingtons Technical Plastics and the University of Southampton.

ITM Power
Code: ITM:LN (AIM)
Share Price: 31.5p
Market Cap: £38.63m
12 month low / high: 30p/74.75p



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