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ITM Power awarded funds to develop hydrogen fuel cell electric vehicle refuelling station

The firm said the Office for Low Emission Vehicles (OLEV) had awarded a consortium, that it is part of, £3.1mln to deliver a 0.5-megawatt refuelling station and 51 fuel cell electric vehicles
Money pot
ITM Power said it would receive £1.8mln of this funding for the refuelling station

ITM Power PLC (LON:ITM) has said that a consortium it is part of has received funding from the UK’s Office for Low Emission Vehicles (OLEV) to develop a refuelling station for fuel-cell electric vehicles.

The firm, which develops hydrogen energy solutions, said OLEV had awarded the consortium £3.1mln in funding to deliver a 0.5 megawatt (MW) refuelling station and 51 fuel cell electric vehicles.

READ: ITM Power makes first sales Down Under

ITM said it would receive £1.8mln of this funding for the refuelling station, which would be delivered in the next 12 months.

The award forms part of a £14mln competition run by OLEV to fund the development of hydrogen fuel cell vehicles and refuelling stations.

In total, ITM said it had won sales and project awards of £7.1mln over the last eight weeks, bringing the contract backlog to a total of £35.7mln, of which £23.2m is under contract and a further £12.5mln is in the final stages of negotiation.

Dr Graham Cooley, chief executive of ITM, also announced a “major” new refuelling station in the south of England that would provide fuel for vehicles as well as backup capacity for the company’s entire network.

He added that the pipeline numbers reflected “very positive progress over the last two months”.

In early morning trading, shares in ITM Power were 5.9% higher at 19.80p.

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ITM Power PLC Timeline

January 14 2019
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