21st Oct 2014 07:26
LONDON (Alliance News) - ITM Power PLC saw its shares rise early Tuesday after the company said it has taken delivery of one of the first Hyundai ix35 fuel cell vehicles in the UK.
Shares in the energy storage and clean fuel company were up 9% to 22.625 pence in early trade, making it one of the best performers on the AIM All-Share in early trade.
ITM said the roll out of the vehicles is part of the GBP31 million Hydrogen For Innovative Vehicles, or HyFive, project. The programme will see a total of 110 hydrogen fuel cell vehicles rolled out to locations across Europe. The vehicles will be supported by a set of hydrogen refuelling stations across the continent, with twelve already set up and six more to be built.
"We are delighted to be one of the first to run a fuel cell vehicle on the roads in the UK. This move helps to highlight that the motor manufactures are serious about rolling these vehicles out, which in turn signals the growing demand for hydrogen refuelling stations," said ITM Chief Executive Officer Graham Cooley.
By Sam Unsted; [email protected]; @SamUAtAlliance
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