ITM Power clinches US contract

CLEAN energy firm ITM Power has won its first US contract – to design a small hydrogen refueller to power the next generation of hydrogen cars.
By The Newsroom
Published 25th May 2010, 22:13 BST
Updated 25th May 2010, 22:13 BST

The AIM-listed Sheffield firm, which has developed unique electrolyser technology to create hydrogen from renewable energy sources, won the contract from The NextEnergy Centre, a US-based organisation.

ITM's shares surged 23 per cent to 27.75p on the news, climbing 5.25p. NextEnergy believes the device, if successful, could provide a substantial part of the US hydrogen network for commuter cars.

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The $81,000 contract over 10 months will see ITM design a prototype capable of 700 bar refuelling.

ITM chief executive Graham Cooley said: "This agreement with NextEnergy is an excellent opportunity for ITM to consolidate its considerable engineering expertise and experience in home refuelling whilst at the same time gaining exposure to the world's largest automotive original equipment manufacturers (OEMs).

"The NextEnergy project will put ITM on the world automotive stage."

NextEnergy is based in Michigan, the home of the US automotive industry.

Chuck Moeser, senior consultant for contract development at NextEnergy, said: "The de-carbonisation of the automotive sector is a significant focus for the US."

Related topics:Sheffield