Itm Power Regulatory News (ITM)

14 Mar 2008 07:00

ITM Power PLC14 March 2008 For immediate release 14 March 2008 ITM Power plc ("ITM" or "the Company") Bi-Fuels Limited Contract ITM Power signs contract to accelerate testing of hydrogen/diesel bi-fuel technology ITM Power plc (AIM: ITM) wish to announce that on 29 February 2008 the Companysigned a contract with Bi-Fuels Limited to test and jointly assess hydrogen/diesel bi-fuel technology. The contract is the first step in establishing further test data on thistechnology, as ITM continues to explore the impact of hydrogen injection intodiesel fuelling systems. Under the terms of the contract, Bi-Fuels is committedto develop and test technologies for Hydrogen:Diesel co-combustion incommon-rail engines for ITM which are applicable to ITM's proprietary materialsand processes. The Bi-Fuels contract effectively replaces the MOU with ABRO,which has expired without testing taking place. Progress of this relationship will be reported in due course. Jim Heathcote, CEO ITM Power, said: "The collaboration with Bi-Fuels Limited will enable ITM to accelerate itsinvestigation of hydrogen/diesel bi-fuel technology, which is another area ofcommercial potential for ITM's intellectual property and expertise." For further information please contact: ITM Power plc 01799 542 222Jim Heathcote, Chief Executive Officer Panmure Gordon & Co. 020 7459 3600Katherine Roe Buchanan Communications 020 7466 5000Ben WilleyRichard DarbyBen Romney Notes to the Editors: ITM Power is a developer of low-cost hydrogen technologies. The Company hasdeveloped new materials and processes that dramatically reduce the cost of fuelcells and electrolysers. The patented membrane materials used in the deviceshave higher performance and are 1% of the cost of the industry standardmaterials. Electrolysers work by converting water and electricity into hydrogen and oxygen.The hydrogen produced can be used as a replacement for fossil fuels andfacilitate zero carbon domestic housing and pollution free motoring. ITM Power was founded in 2000 and floated on the London Stock Exchange'sAlternative Investment Market in June 2004. Bi-Fuels Limited is pioneering in the field of multi-fuelling, having developedand patented electronic technology that allows diesel engines to control, andco-combust, two or more fuels simultaneously. With a rapidly growing customerbase of Diesel:LPG truck applications, Bi-Fuels are keen to research and developopportunities that Hydrogen:Diesel could afford. This information is provided by RNS The company news service from the London Stock Exchange