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ITM Power surges after signing Toyota fuel contract

The UK is among the first wave of national markets in Europe for the Toyota Mirai,
ITM Power surges after signing Toyota fuel contract
Mirai is the world's first hydrogen fuel cell saloon car

Clean fuel company ITM Power (LON:ITM) has received the first Toyota Mirai fuel cell electric vehicle (FCEV) to be delivered in the UK.

The AIM-listed energy storage company also announced it has signed its first fuel contract with Toyota, covering the green hydrogen fuel dispensed from the three London HyFive refuelling stations, funded by the Fuel Cells and Hydrogen Joint Undertaking (FCHJU), and the two further refuelling stations funded by the Office of Low Emission Vehicles (OLEV) and the FCHJU.

Three of these hydrogen stations will be deployed on existing fuel retail forecourts in London. The refuelling stations have a total capacity of 400 kilograms (kg) a day and will form the initial seeding of a UK green hydrogen infrastructure initially centred on London.

ITM will be charging customers £10 a kg, which the company said is the lowest hydrogen price at any public refuelling station in the UK.

“This clearly demonstrates the economic advantages of making hydrogen on-site. Toyota is a direct customer for the fuel since all Toyota Mirai vehicles will be offered by Toyota with free fuel for the first three years,” ITM said.

"Mirai and our hydrogen fuel cell technology are important elements in our mission to help create a future zero emissions society,” said Dr Johann Van Zyl, vice-president of Toyota EU.

“If our ambitions for sustainable mobility are to be achieved, our vision needs to be shared by our customers. That is what we are seeing today, with ITM Power embracing Mirai and hydrogen power at the earliest opportunity. We thank them for their support and advocacy," Dr Van Zyl said.

Dr Graham Cooley, chief executive officer of ITM Power, said it was an honour for ITMP Power to be the first customer in the UK to receive a Toyota Mirai.

The vehicle was formally handed over at Toyota's UK headquarters in Epsom, Surrey.

“The Mirai FCEV is, quite simply, the future of transport and we are delighted to be part of that future. We will be working closely with Toyota to ensure that Mirai drivers have the most rewarding driving experience possible," Dr Cooley said.

Shares in ITM were up 6.4% at 29.62p in afternoon trading.

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October 02 2018

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