ITM Power Grants Rights to Sell its Technology

PUBLISHED: 20 Mar 2012 @ 03:12 | Comments (0) | More info about Kenneth G. Mondero

AIM-quoted clean fuel technology manufacturer ITM Power (LSE:ITM) announced it had signed the company’s first supply and distribution agreement, granting exclusive rights to market its products in South East Asia to a Singapore-based company.

Horizon Fuel Cell Technologies, an international provider of commercial micro-fuel cell products established in Singapore, was given the exclusive rights to sell ITM Power’s small electrolyser products in the ASEAN region, as well as in India, Pakistan, and Bangladesh.

ITM also granted non-exclusive rights to Horizon to market ITM’s products, with the knowledge of the strong market share Horzion has, including the United States of America.

Horizon has been supplying retail and original equipment manufacturers in more than 65 countries, with in-house designed products that uses fuel cell technologies, as well as marketing their own brands.

ITM’s announcement follows the visit of the Chief Scientific Adviser to the Department of Transport (UK), Prof. Rod Smith, who referred to ITM as the “future of our manufacturing industry”.

The contract may also provide ITM with needed revenue to cover for the £3.5 million loss disclosed in the company’s half year report ending in 31 October 2011.

Mutual Benefits

Both ITM Power and Horizon acknowledged mutual benefits in the said agreement.

The founder and Chief Marketing Officer of Horizon said selling ITM Power products will provide their clients with increased fuel storage capacities, whereas the Chief Executive of ITM Power commented the contract is an “important step” in the commercialisation of their products by taking advantage of the global “commercial footprint” and experience of Horizon.

Company Spotlight

ITM Power is a UK-based designer and manufacturer of hydrogen energy systems used for energy storage and clean fuel production based on water electrolysis that can be applied to transportation, residential, and industrial use.

Quoted on the Alternative Investment Market of the London Stock Exchange, shares of ITM Power rose 11% to 63 pence a share following the announcement.

References
↑ Horizon Fuel Cell Technologies Company Overview
↑ DoT Scientific Adviser Visits ITM
↑ ITM Power Company Overview

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