ITM Power Plc (LON:ITM) is the topic of conversation when Dr Tom McColm talks to DirectorsTalk about the UK Government’s £23m funding for hydrogen vehicles and infrastructure. Tom talks us through the announcement, how this fits in with the company’s commercialisation effort and what we should be looking out for from in terms of news-flow that would drive share price.
ITM Power manufactures integrated hydrogen energy solutions which are rapid response and high pressure that meet the requirements for grid balancing and energy storage services, and for the production of clean fuel for transport, renewable heat and chemicals. ITM Power plc was admitted to the AIM market of the London Stock Exchange in 2004 and is a founder member of the Social Stock Exchange. The company received £4.9m as a strategic investment from JCB in March 2015; signed a forecourt siting agreement with Shell in September 2015 and a fuel agreement with Toyota in October 2015. The Company currently has £17.41m of revenue under contract and £7.04m in the final stages of negotiation, making a total pipeline of £24.45m (subject to exchange rate variation).