REG - ITM Power PLC - Breakthrough in Iridium Reduction

ITM PowerAnnouncement

06/11/2024 07:00

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RNS Number : 0790L  ITM Power PLC  06 November 2024

6 November 2024

ITM Power PLC

 

Breakthrough in Iridium Reduction

 

ITM Power is pleased to announce the conclusion of a further technical
milestone, having validated an additional 40% iridium loading reduction whilst
maintaining stack performance and longevity. This builds on the Company's
track record of successful precious metal reduction, having already lowered
loading by over 80% in the past years. ITM met the EU's 2030 precious metal
loading target for PEM electrolysers already in 2019.

The development of ITM Power's next-generation stack platform, CHRONOS, is
proceeding to plan. As the latest in a long line of leading PEM stacks, it
will be a vehicle for adopting several technology improvements from our
development roadmap. As testing progresses, the validation of several features
will be completed, many of which will also be implemented into the current
TRIDENT stack platform. The step change reduction in iridium loading will be
the first to be triggered for adoption for both platforms.

As a leading developer of PEM technology, ITM has retained all core science
and manufacturing processes in-house. This maximises value-add, provides
security of supply, and enables rapid improvement and validation cycles. This
capability is one of ITM's many differentiating strengths and demonstrates
ITM's continued leadership in stack technology.

Dennis Schulz, CEO, said: "As part of a structured validation process, we have
successfully reduced iridium loading by a further 40% without detriment to
performance or degradation. As a costly raw material, reducing iridium
benefits stack costs significantly. This loading reduction and our catalyst
recovery and reuse processes will substantially reduce our consumption of
critical raw materials and further lower our cost."

 

For further information, please visit www.itm-power.com
(http://www.itm-power.com) or contact:

 ITM Power PLC
 Justin Scarborough, Head of Investor Relations  +44 (0)114 551 1080

 Berenberg
 Ciaran Walsh, Harry Nicholas                    +44 (0)20 3207 7800

 J.P. Morgan Cazenove
 Richard Perelman, Charles Oakes                 +44 (0) 20 7742 4000

 

About ITM Power PLC:

ITM Power was founded in 2000 and ITM Power PLC was admitted to the AIM market
of the London Stock Exchange in 2004. Headquartered in Sheffield, England, ITM
Power designs and manufactures electrolysers based on proton exchange membrane
(PEM) technology to produce green hydrogen, the only net zero energy gas,
using renewable electricity and water.

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