Highlights
• Completion of phase one of the new 15,000sq ft production facility in Sheffield on time and within budget
• Important agreements signed for medium term applications of ITM technology:
• Co-operative Research and Development Agreement (CRADA) with United States Naval Undersea Warfare Center Division Newport
• Agreement with Boeing to design an Unmanned Aerial Vehicle refueling system
• Key US patent granted for ITM’s unique crosslinked hydrophilic ionic materials
• Completion of development of Hydrogen Petrol Bi-fuel car
• Successful development of a low cost ($250/kW) fuel cell stack technology
• Successful design and construction of a 100 watt hydrogen oxygen fuel cell stack
• New commercial initiatives:
• Program to develop 1kW fuel cell for commercial production in late 2009
• Design of a 5kW electrolyser to interface with wind or photovoltaic power generation devices
• Design of a low pressure 10kW electrolyser for use in low carbon domestic housing projects
• Design of a 1-3kW electrolyser for on site hydrogen generation for laboratories and other low demand customers
• Pre tax loss for the period increased from £1.42 million to £1.91 million in line with budget and reflects the increased level of development activity which has taken place in 2007
• Cash at bank and in hand as at 31 October 2007 - £29.68 million

Peter Hargreaves, Chairman of ITM commented:
“I feel fortunate to have assumed the Chair at ITM at such a strategic juncture in the Company’s existence. All the technology we have been developing is not only coming to fruition but also gaining international recognition. When the world adopts hydrogen as one of the fuels of the future our electrolyser units and the technology within will be much sought after. Elsewhere our superior fuel cell construction methods are also being sought as far afield as Boeing in Madrid and the United States Naval
Undersea Warfare Center Division Newport. Our labs, which are working in close conjunction with our new production facility, should enhance the Company’s reputation.”

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