Companies: ITM   

Depressed fuel cell innovator ITM Power has clinched a collaboration agreement with automotive design specialist Roush Technologies.

AIM-quoted ITM, boasting a flagship technology to make a ‘home re-fueller (HRU)’ to put hydrogen into hybrid vehicles, will work with Brentwood-based Roush, a leader in automotive design, engineering and development, to accelerate the introduction of C02-free, hydrogen-fuelled commercial vehicles in Britain. ITM has a plant in Sheffield, where this year it plans to start producing a patented electrolyser to make hydrogen fuel wherever there is electricity and water.

Under the agreement, ITM and Roush will jointly be able to offer a ‘complete package of hydrogen re-fuelling systems to customers'. These they expect to find in the first instance among large commercial or municipal organisations anxious to show they wish to cut carbon dioxide emissions.

Shares in ITM, which lost £1.9 million in the six months to last October, fell from 351p two years ago to 44p earlier this month. They have now bounced up to 56.75p, where they value the company at £58 million.

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