ITM Power, a U.K. fuel cell technology company, will begin marketing itself to potential investors Tuesday, with plans to float within two months, sources told Dow Jones Newswires Friday.

ITM plans to raise GBP15 million through the initial public offering. The money would be used to hire more scientists and to market its products, according to the sources.

If ITM succeeds in floating, it will be the first U.K. fuel cell company to go public - but it could be closely followed by Intelligent Energy, another U.K. fuel cell company with a different business model that is also planning to float soon.

The company has developed and patented a membrane for use in fuel cells that would be about 90% cheaper than the currently used material - DuPont Co.'s Nafion - ITM managers have said.

ITM also has a technology it says could further lower the cost and simplify the process of building fuel cells.

Fuel cells have existed for more than 150 years, but despite being theoretically less polluting than conventional fossil-fuel-fired power stations and combustion engines, they haven't reached the mass market because of high costs and infrastructure issues.

Based in Cambridge, England, ITM Power began in April 2000. Its first round of commercial funding was completed in 2001, and its technology was patented in September 2003.

A spokesman for ITM declined to comment.

-By Sarah Spikes, Dow Jones Newswires; +44-207-842-9294; sarah.spikes@ dowjones.com