12 April 2011 – marketing update & HFuel sale
The energy storage and clean fuel company has announced the successful commercial launch of its CE marked product range, HPac, HBox and HFlame, at the Hydrogen and Fuel Cells Fair at the Hannover Messe in Germany. The key early markets for ITM Power’s products will be Germany and the US. Enquiries were also received from other territories with significant investments in renewable energy resources.
The sale of the company’s first small-scale bespoke hydrogen production system has also been announced. It will be sold to the University of Glamorgan following a competitive tender process. The Proton Exchange Membrane electrolyser system will supply around 4kg of hydrogen per day and the company sees this as a key stage in the commercial development of ITM Power since it confirms competitive price positioning. We continue to rate the shares as a SPECULATIVE BUY.