9th Oct 2014 12:04
LONDON (Alliance News) - Shares in ITM Power PLC rose Thursday, after it said it welcomes the UK government's announcement to provide GBP11 million in funding to help establish a network of up to 15 hydrogen refuelling stations in the UK by the end of 2015 and for public-sector hydrogen vehicles.
The funding is part of a government drive for ultra-low emission vehicles, as it looks to de-carbonise road transport with hydrogen fuel-cell, battery, and plug-in hybrid vehicvles, with GBP400 million of support available in the current Parliament and GBP500 million committed in the next.
The energy storage and clean fuel company said the 15 refuelling stations are "a significant first step towards the initial national network of 65 identified by UKH2Mobility".
The UKH2Mobility project was established to evaluate the benefits of hydrogen fuel-cell electric vehicles to the UK and to develop a roadmap for the introduction of fuel cell vehicles and hydrogen refuelling infrastructure.
ITM Power shares rose 15% Thursday afternoon at 24.94 pence.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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