ITM Power Announces OLEV Award and Pipeline Update

ITM Power (AIM: ITM), the energy storage and clean fuel company, is pleased to note the announcement from OLEV released yesterday, stating “In another boost for the zero emission vehicle and automotive sector, winners of a £14 million competition to fund hydrogen fuel cell vehicle and hydrogen refuelling infrastructure projects have also been announced. The innovative technology these vehicles use has long range (300+ miles) and fast refuelling (3-5 minutes) capability, and will support the Industrial Strategy Future of Mobility Grand Challenge to place the UK at the forefront of the design and manufacturing of zero emission vehicles.”

OLEV has awarded a consortium including ITM Power £3.1m of funding to deliver a 0.5 MW refuelling station and 51 Fuel Cell Electric Vehicles (FCEVs). ITM Power will receive £1.8m for the refuelling station. The station will be delivered in the next 12 months.

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

ITM Power continues to develop a suite of refuelling stations which will generate revenue from hydrogen sales.

ITM Power CEO, Dr Graham Cooley, said: “We welcome the continued commitment by OLEV to the rollout of hydrogen infrastructure in the UK and are delighted to be able to announce a major new station in the south of England which both provides fuel for vehicles but also backup capacity for our whole network. Today’s announcement of our pipeline numbers reflects very positive progress over the last two months.”