ITM Power rallies after 'hugely successful' fuel cell project

Shares in ITM Power rallied this morning after the clean fuel specialist told the markets that its recently completed nine month fuel cell project has achieved all of its objectives.

The project, which was supported by Carbon Trust as part of the Polymer Fuel Cells Challenge, focused on ITM Power's proprietary hydrocarbon membrane materials and their evaluation in high power density hydrogen/air fuel cells.

Carbon Trust’s technology director Robert Trezona called the project a “huge success”, saying that the progress made by ITM Power during these nine months was significant and is testament to the capability of its material technology.

ITM Power said that increasing power density is seen as the single most important factor in reducing the cost of fuel cells and its materials have shown the ability to generate “unprecedented power density” when using either oxygen or air.

The project examined the impact of operating in environments and conditions required by the automotive industry.

In addition, longevity studies were initiated as part of the project and benchmarking was carried out against industry standard material.

The project was conducted at a single test cell level with an aim of reducing the technical risk presented by ITM Power's materials as a new component.

“The enthusiasm that has been shown by the automotive industry and fuel cell supply chain for the membrane electrode assembly (MEA) developments has been very encouraging. We now move to original equipment manufacturers (OEM) partner evaluation to demonstrate our MEA performance as a first step to commercialization,” said chief executive of ITM Power Graham Cooley.

ITM added that the commercialisation of its MEAs will be using a licensing business model.

ITM Power’s were in demand after the report was released, rallying 12 percent to trade at 37 pence in early deals, valuing the company at £41 million.