ITM Power (AIM: ITM), the energy storage and clean fuel company, is pleased to announce that it has signed a fuel contract, selling hydrogen at £10/kg, with Hyundai Motor UK, for refuelling its iX35 Fuel Cell Vehicle fleet. The contract covers fuel dispensed across ITM Power’s hydrogen refuelling network. The refuelling network has been financially supported by Innovate UK, OLEV and FCH JU.
This is the fifth fuel supply contract ITM Power has signed and Hyundai joins Toyota, Commercial Group, Arcola Energy and Arval as fuel customers.
ITM Power currently has £16.85m of projects under contract and a further £4.15m of contracts in the final stages of negotiation, making a total of £21.0m, subject to exchange rate variation.
Dr Graham Cooley, CEO of ITM Power, commented: “We are extremely pleased to be working with Hyundai Motor UK in providing clean fuel for the operation of their fuel cell electric vehicles and promoting clean emission motoring without compromise to their customers. We look forward to further supporting their refuelling requirements as our hydrogen refuelling station network expands throughout the UK.”
About ITM Power plc:
ITM Power manufactures integrated hydrogen energy solutions which are rapid response and high pressure that meet the requirements for grid balancing and energy storage services, and for the production of clean fuel for transport, renewable heat and chemicals. ITM Power plc was admitted to the AIM market of the London Stock Exchange in 2004. The Company received £4.9m as a strategic investment from JCB in March 2015. The Company signed a forecourt siting agreement with Shell in September 2015. The Group currently has £16.85m of projects under contract and a further £4.15m of contracts in the final stages of negotiation, totaling £21.0m, subject to exchange rate variation. ITM Power is a founder member of the Social Stock Exchange.