leadf
logo-loader
viewITM Power PLC

Momentum builds behind ITM Power's renewable fuel source

Electricity to hydrogen conversion technology has the potential to revolutionise the way we store renewable energy.

ITM Power's first hydrogen station in London
ITM opens Teddington refuelling station.

A revolutionary refuelling station for zero-emissions hydrogen-powered cars was opened last year by clean fuel systems specialist ITM Power plc (LON:ITM).

The hydrogen fuel station in Teddington was the first of its kind in London and was backed by Government and EU funding.

The station produces large volumes of the fuel on site, meaning there is no need for deliveries.

Under the HyFive project, which aims to clean up the capital's air, there will be 65 more stations across London and beyond by 2020.

Supply customers also growing


Honda has just become ITM’s seventeenth fuel supply customer in the UK.

The Japanese giant joins Toyota, Hyundai Motor, Commercial Group, Skanska, UlemCo, Arval, UK Government Car Service, Arcola Energy, Johnson Matthey, Europcar, The Science Museum, JCB,

Anglo American, Green Tomato Cars, Yorkshire Ambulance Service and Northern Gas Networks as a fuel customer.
The contracts are at a price of £10 per kg or comparable with petrol driven vehicles.

Pipeline expands


ITM currently has £23.4mln of projects under contract and a further £5.3mln of contracts in the final stages of negotiation, totalling £28.7mln, subject to exchange rate variation.

Additional sites have been identified in London and around the M25; along the M1 Corridor including Leeds; the M40 Corridor including Oxford and along the M4 including Bristol and Cardiff, said ITM. 

Revolutionary technology


Electricity to hydrogen conversion technology has the potential to revolutionise renewable energies, and that's what ITM Power specialises in, meaning cleaner air for all.

"People will be amazed we ever sat in traffic — or pushed our babies down the street — while breathing other people’s pollution," believes Graham Cooley, ITM’s chief executive.

Hydrogen fuel cells


By moving excess electricity generated from renewable sources and storing it as hydrogen gas, it creates a reliable and consistent energy source where other renewables tend to fall short.

Solar and wind power, for example, are heavily reliant on weather conditions, which is (for now) beyond human control.

So when it’s cloudy or the wind stops blowing, they don’t generate electricity.

But when conditions are favourable, they often over-supply, creating a lot of excess energy. Current battery storage facilities often fall short, creating a lot of waste and with limited lifespans, but ITM Power’s alternative offers a much needed and possibly revolutionary alternative to renewable energy storage.

 

Storage and power

The company’s Power-to-Gas business provides PEM (proton exchange membrane) storage systems that allow customers to convert excess electrical energy into hydrogen for injection into the gas grid or storage for vehicles.

Its clean fuels solutions come in the form of modular hydrogen stations to recharge fuel cell vehicles.

Hydrogen-powered cars are far better for the environment in terms of emissions than those running on petrol, as when you burn hydrogen - if you remember science class - it produces steam.

Quick facts: ITM Power PLC

Price: 627 GBX

AIM:ITM
Market: AIM
Market Cap: £3.45 billion
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Alpha Growth's BlackOak Alpha Growth Fund generates positive returns despite...

Alpha Growth PLC (LON:ALGW) (OTCQB: ALPGF) CEO Gobind Sahney tells Proactive the financial services specialist's BlackOak Alpha Growth Fund produced a 2020 calendar year return of 10.63% and a 13.71% total return since inception in September 2019. Sahney says given the challenges of 2020, its...

1 day, 6 hours ago

3 min read