LONDON - ITM Power PLC on Monday said it welcomed the UK government's initiative to develop hydrogen infrastructure but said there was disparity in funding when compared to infrastructure for electric vehicles.
AIM-listed ITM noted the UK government's launch of the GBP23.0 million Hydrogen for Transport Programme, that aims to fund companies until 2020 in order to drive the uptake of hydrogen fuel cell vehicles and grow hydrogen refuelling infrastructure in the UK.
ITM Chief Executive Graham Cooley said: "The Hydrogen for Transport Programme is a further demonstration of the UK government's commitment to developing a hydrogen infrastructure in the UK as part of its target to eliminate diesel and petrol from UK roads by 2040.
"We welcome this initiative but note the huge disparity between the funding for hydrogen infrastructure and the charging infrastructure for battery electric vehicles,"
Companies are now able to apply for funding as part of the programme until October 16.
ITM said it currently has GBP24.1 million of projects under contract and GBP18.2 million worth of contracts in the final stages of negotiation, totalling GBP42.3 million.
Shares in ITM were up 0.9% to 28.00 pence on Monday.