ITM Power consortium wins UK grant for electric car project

Writer, Stock Market Wire
Wednesday, February 6, 2019 - 09:54

Energy storage and clean fuel company ITM Power confirmed it was part of a consortium awarded £3.1m by UK authorities to develop electric vehicles and a re-fueling station.

ITM Power said it would receive £1.8m for the re-fuelling station.

The company also announced that it had won sales and project awards of £7.1m over the last eight weeks, bringing the contract backlog to a total of £35.7m.

Of that total, £23.2m was under contract and a further £12.5m is in the final stages of negotiation.

'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,' chief executive Graham Cooley said.

'Today's announcement of our pipeline numbers reflects very positive progress over the last two months.'

At 9:54am: (LON:ITM) ITM Power PLC share price was +1p at 19.7p

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