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Fuel Cell Discovery Lifts ITM Power

Publication Date:19-April-2006
09:20 PM US Eastern Timezone
Source: Fiona Harvey-Financial Times

Shares in ITM Power shot up by more than 100p yesterday after the company said it had found a way to make its fuel cell technology cheaper to produce, writes Fiona Harvey.

Yesterday they closed 116½p higher at 335p, valuing ITM at £308m.

ITM Power said it had removed the need for platinum in the production of fuel cell membranes, an important component of some forms of hydrogen fuel cells.

The company has no revenues, and commercial production of hydrogen fuel cells is still some way off. But ITM said it had achieved a technical milestone.

Shareholders in ITM saw share prices double early last year from below 50p shortly after flotation in early 2004, only to fall to 60p last May. The shares rose again strongly in January to 215p before easing and they have been volatile since.


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