ITM Power (AIM: ITM), the energy storage and clean fuel company, is pleased to announce that it has signed a fuel contract to supply hydrogen at £10/kg with Arcola Energy (“Arcola”). The fuel will be supplied from ITM Power’s growing hydrogen refuelling infrastructure, part funded by OLEV, FCH JU and InnovateUK. This is a follow-on agreement to that signed with Symbio FCell and Arcola Energy to provide an integrated package of zero emission commercial vehicles, on-site fuel and after-sales support for UK commercial fleet operators. The fuel agreement provides a pass through framework for the commercial fleet operators and gives them a secure fuel price to implement their business models.
Dr Ben Todd, CEO and Founder, Arcola Energy commented: “We are delighted that we can now offer our commercial fleet operators a contract for hydrogen fuel. The price of £10 per kg for green hydrogen proves out many of our customers’ business models and is the lowest priced hydrogen in the UK. Key to commercial deployment of hydrogen for fleet operators is a secure contracted price for the fuel and so we are delighted to have signed this agreement which can be passed through to our customers.”
Dr Graham Cooley, CEO, ITM Power, added: “This agreement with Arcola, the exclusive importer of the Symbio FCell range-extended Renault Kangoo ZE van, is another step in building a portfolio of fuel customers. Following on from the contracts with Toyota and Commercial Group, we are very pleased to be working with Arcola and to be supporting their fleet customers at our hydrogen refuelling stations.”