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ITM Power's orders rise with hydrogen fuel tailwind

The plans come ahead of an expected boost to grants available for hydrogen vehicles and the country’s re-fuelling infrastructure

picture of hydrogen electrolysers
ITM specialises in the electrolysers that convert hydrogen into electricity

Hydrogen fuel and storage specialist ITM Power plc (LON:ITM) has reported a sharp pick up in its order pipeline and received planning permission for four more sites.

The company currently has £17.35mln of revenue under contract and £6.41m in the final stages of negotiation.

That potential revenue pipeline of £23.8mln compares to £18.4mln in January, when it raised £5.7mln through a placing at 17p.

Two of the re-fuelling stations to receive planning consent are in Sheffield, one is in Birmingham and the other in Swindon.

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.  

Graham Cooley, ITM’s chief executive, said: "UK cities are now under increasing pressure to improve air quality.

“Air pollution levels have reached ‘very high’ or ‘high’ in eight regions across the UK and London has been issued a final warning by the EU.

“We have made significant headway in planning further HRS deployments on the M1, M4, M40 and particularly inside the M25 ahead of the accelerating roll-out of commercial and passenger fuel cell electric vehicles as a result of new air quality legislation."

The plans come ahead of an expected boost to grants available for hydrogen vehicles and the country’s re-fuelling infrastructure from the Office of Low Emission Vehicles (OLEV). 

Currently, ITM has four publicly accessible refuelling stations, one on the M1 funded by InnovateUK and three funded by the FCHJU [a European-wide initiative] and OLEV.

Two further stations funded by the FCHJU, which is a collaboration between industry, the EU and research groups, and OLEV under a pan-European hydrogen refuelling station project (H2ME)  are in construction.

Another three funded by the FCHJU through a second H2ME project have been granted planning permission.

 

Quick facts: ITM Power PLC

Price: 65 GBX

AIM:ITM
Market: AIM
Market Cap: £307.23 m
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