Originally published January 25 2005
ITM finds new use for hydrogen; stock still considered a high risk investment
by Mike Adams, the Health Ranger, NaturalNews Editor
Hydrogen is trying to break through as the new clean burning fuel of the future. Not only are car makers turning to it, but other useful products are being developed as well. ITM is one group utilizing the benefits of hydrogen with the invention of a fuel cell maker and an electrolyser able to convert water to hydrogen. Although these products could be revolutionary for the military, the new company is still considered a risky investment.
The search for new energy sources is likely to be a major theme for investors in coming years, after the dramatic 2004 surge in crude oil prices.
This is abundant and can be stored or burnt in a combustion engine or converted to electricity through fuel cells.
The simplest way is likely to be through fuel cells, which work like batteries but are cleaner.
Many companies have joined the race to produce a cheaper fuel cell.
For the winner, the prizes are great.
The cells could power laptops and mobile phones and could be an alternative to petrol in cars.
Experts reckon this market alone could be worth 7 billion pounds within 10 years.
This brings us to ITM Power, the Lincolnshire group that floated on Aim in June, in a placing at 50 pence by broker Durlacher.
ITM uses a thin sheet of a special polymer through which hydrogen can pass, allowing a series of fuel cells to be made in a single process.
The shares, placed at 50 pence, have run up to 77 pence, valuing the group at 70 million pounds.
The risk with fuel cell firms is that they may burn money rather more efficiently than they burn hydrogen.
It hopes outsiders will contribute to its development costs next year, but in revenue terms it has yet to trouble the scorers.
Such early-stage companies frequently need more funding, possibly at a lower share price, before making a commercial breakthrough.
But it seems that ITM is making real progress toward its goal of producing a 20-watt flexible fuel cell.
If ITM can cut the costs of making fuel cells by using something cheaper than platinum, that could open up the mass market.
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