The US Patent Office has granted fuel cell innovator ITM Power a patent for its key fundamental materials.

Saffron Walden-based ITM, which has developed processes and materials to cut the cost of fuel cells and electrolysers, says the patent covers both its ‘cross-linked hydrophilic ionic’ materials and novel production process. The AIM-quoted company says it is allowing the US patent process to continue, with the possibility of converting the awards into two patents, one for each item.

Floated at 50p in 2004, ITM shares have been volatile, hitting 351p in 2006 and falling to 102.75p last year. They now trade at 115p, down 2p this morning.

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ITM Power	AIM	£22.72m	22.25p	0.00p
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ITM finds partner			28/03/2008
Patent grant for ITM			25/01/2008
US Navy deal for ITM			11/12/2007
ITM Power			02/11/2007
Budget boosts energy plays			29/03/2007