02/11/2007
Fuel cell and electrolyser technology developer ITM Power expects to start trial production of its 'home re-fueller', to put pressurised hydrogen fuel simply and easily into hybrid vehicles, early next year, says chief executive Jim Heathcote.
This machine, which can be used anywhere plugged into electricity and water, will power vehicles for a 25-mile 'commuting' range at a cost estimated by Heathcote of no more than 2.40p a gallon, with no pollution.
ITM lost £2.7 million in the year to April, but, having raised £29.4 million at 320p last year, still has 'cash for five years', insists Heathcote. ITM is working with the University of Hertfordshire on this project and argues that the likely cost of a hydrogen fuel tank will fall significantly from some £3,000 today once the new product justifies 'volume production'.
The company, which is involved in building a factory in Sheffield 'with the largest electrolyser capacity in the world', has eliminated the use of costly platinum in electrolysis with its patented ionically conducted crosslinked polymers. ITM is also making strides in fuel cell technology.
Floated at 50p three years ago, ITM shares surged to 351p in May 2006, before falling back to 96p and rallying to today's 117.5p, which values the company at £120 million. Broker Ambrian sees losses rising to £4.3 million in 2007/08 before initial revenues take the company into the black the next year and produce pre-tax profits in the region of £6.7 million in 2009/10.
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