Supply and Distribution Agreement (5629Z)

TIDMITM

RNS Number : 5629Z

ITM Power PLC

19 March 2012

19 March 2012

ITM Power plc

("ITM Power" or the "Company")

ITM Power signs supply and distribution agreement with Horizon Fuel Cell Technologies

ITM Power (AIM: ITM), the energy storage and clean fuel company, announces that it has signed a supply and distribution agreement with Horizon Fuel Cell Technologies ("Horizon") covering ITM Power's small electolyser range. The agreement gives Horizon exclusive rights to sell ITM Power products in the ASEAN nations plus India, Pakistan and Bangladesh and non-exclusive rights to sell ITM Power products in other markets where Horizon has developed a marketing network including the USA.

Horizon will market the ITM Power product range exclusively, complementing Horizon's market evolution into product applications that require on-site hydrogen supply. Horizon was founded in Singapore in 2003 and has expanded through five international subsidiaries, including a new subsidiary in the United States. Starting commercialisation with micro-fuel cell products while preparing for larger and more complex applications, Horizon emerged as the world's largest volume producer of commercial sub-kilowatt fuel cell products, serving retail and OEM customers in over 65 countries. Its focus on commercialisation enabled the start of Horizon-branded market development teams in 35 countries, all of which can now also offer ITM Power solutions to increase sales of hydrogen fuel cell solutions. In 2009, another subsidiary named Horizon Energy Systems was started in Singapore to develop the world's lightest fuel cell power systems targeting Aerospace & Defense segments.

ITM Power designs and manufactures hydrogen energy systems for energy storage and clean fuel production. ITM Power is committed to clean sustainable energy solutions based around water electrolysis. ITM Power's principal motivation is to engineer zero-carbon hydrogen energy systems that provide energy security and independence from fossil fuels. Its hydrogen systems are able to convert renewable energy to a clean fuel that can be indefinitely stored for use in transport, residential and industrial applications.

Taras Wankewycz, Founder and Chief Marketing Officer of Horizon commented: "Having overcome hydrogen infrastructure barriers with small-scale products in the past years, we are now getting ready to introduce larger-scale fuel cell solutions that will require on-site hydrogen supply. The ITM Power range of solutions will help our clients increase fuel storage capacities, and provide solutions for new Horizon applications, including small hydrogen-electric vehicles."

Dr Graham Cooley, CEO of ITM said: "We are very happy to sign our first distribution agreement and take this important step in our commercialisation process. Horizon has an excellent commercial footprint globally and their experience will be invaluable to ITM Power."

For further information please visit www.itm-power.com or contact:

 
 ITM Power plc 
  Graham Cooley, CEO                  0114 244 5111 
 Nomura Code Securities Limited       www.nomuracode.com 
  Juliet Thompson / Dr Christopher     020 7776 1200 
  Golden 
 Tavistock Communications 
  Simon Hudson / Andrew Dunn          020 7920 3150 
 

About Horizon

Founded in Singapore in 2003, Horizon applies its fuel cell and hydrogen storage technologies into a number of products designed in-house as well as with established brands in several industry sectors, Together with increasing power capabilities and performance of its fuel cells, the company also developed a variety of practical fuel supply solutions offered as inseparable complements to its various products. As a result of starting early on with small-scale solutions, the company has emerged as the world's leading producer and marketer of sub-kW PEM fuel cell solutions, establishing its brand as an innovator and industry leader. Horizon has expanded its capabilities to international markets, and recently established a product innovation center in the UK, which is expected to further increase product synergies between ITM Power and Horizon.

http://www.horizonfuelcell.com

About ITM Power

ITM Power plc was admitted to the AIM market of the London Stock Exchange in 2004 and raised its initial funding of GBP6.2m in its IPO. A further funding round of GBP28.5m was completed in 2006. The Company has now made the transition from a research and development company to a product manufacturer and technology provider. The Company has both a strong base of intellectual property and engineering expertise for providing complete hydrogen solutions. The Company has been successful in developing strategic industry partnerships in the following projects:

Unmanned Aircraft System Refueller with Boeing

http://www.itm-power.com/news/97/Agreement+with+Boeing.html

Marks & Spencer pilot materials handling fuel cell project

http://www.itm-power.com/news/92/M%26S+Agreement.html

UKH2Mobility with leading auto manufacturers, UK government and industrial gas companies

http://www.itm-power.com/page/70/UKH2Mobility+Partners.html

EcoIsland sustainable island energy system with Toshiba, IBM, Cable & Wireless, SSE and Southern Water

http://www.itm-power.com/page/63/EcoIslandPartners.html

CREO Carbon Reduction project with Ford, Jaguar Land Rover and Johnson Matthey

http://www.itm-power.com/page/55/CREO+Partners.html

http://www.itm-power.com

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The company news service from the London Stock Exchange

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