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ITM Power's order book on the rise, with the fuel cell electric bus market becoming increasingly important

Last updated: 15:00 05 Jun 2017 BST, First published: 07:33 05 Jun 2017 BST

Electric bus
The NewBusFuel project published a paper this week setting out the business case for electric buses

Energy storage and clean fuel company ITM Power plc (LON:ITM) said the fuel cell electric bus market (FCEB) is becoming increasingly important.

The company revealed that its contract pipeline has improved since it last updated the market on 18 April.

READ: ITM Power picks up £3.5mln electrolysis order

The company has £23.02mln of projects under contract, with a further £4.16mln of contracts waiting for sign-off, constituting a pipeline of £27.18mln, up £2.82mln since 18 April.

"The international hydrogen bus market is becoming very exciting for ITM Power,” said Dr Graham Cooley, chief executive officer of ITM.

“Because buses use a depot refuelling model the fuel revenues are bankable and with 10 buses using 1MW of electrolyser demand per day, the market for our equipment is therefore very large given the number of hydrogen buses funded in Europe alone," he added.

In late afternoon trading, ITM Power shares were over 4%, or 1.0p higher at 25.0p.

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