ITM Power plc (LON:ITM) has said it is “pleased to note” media reports that the UK government is proposing to ban the sale of petrol and diesel passenger cars - including hybrids - by 2040, as the fuel cells developer also unveiled a significant pipeline increase.
In a statement, the AIM-listed energy storage and clean fuel company said: “The new UK Government Air Quality Plan that bans all new non-zero emission passenger cars by 2040 represents an historic first step towards cleaner and greener transport in the UK.”
READ: ITM Power adds Honda to UK customer list
ITM Power also called on the UK government to provide equivalent financial support for fuel cell electric vehicles (FCEV) infrastructure as it has already provided for plug-in battery electric vehicle (BEV) infrastructure.
It also asked the government to implement its announced plan to provide 65 hydrogen refuelling stations across the UK, to be operational by 2020.
Separately, ITM Power said it currently has £23.45mln of projects under contract and £11.89mln of contracts in the final stages of negotiation, totalling £35.34mln - subject to exchange rate variation.
The group added that this constitutes an increase of £6.57mln of contracts in the final stages of negotiation since its last announcement on July 11.
On that date, ITM revealed that it has signed an agreement to provide Honda with hydrogen for its fuel cell powered vehicles in the UK.
The contract was priced at 10/kg, in line with other fuel supply deals ITM has signed recently. In total, the company now has seventeen agreements in place.
In late afternnon trade, ITM Power shares were up over 9%, or 2p to 24p.