ITM Power launches new commercial product range

27th May 2014 11:06

Energy storage and clean fuel group ITM Power has launched an optimised standard product platform tailored to its target market of clean fuel applications.The energy storage product range meets the requirements of hydrogen mobility programmes and megawatts (MW) scale power-to-gas. The group currently has £5.15m equipment under a contract funded by commercial sales and collaborative project funding.The company announced a further £1.89m in the final stages of contract negotiation. Many of the firm's new electrolyser systems are repeats of the same platform, which is already yielding cost savings.Chief Executive Officer Graham Cooley said: "This consolidation of our offering is both positive and timely. "It is a response to the existing market and cognisant of industry trends and emerging infrastructure plans and the maturity of our product offering. "At a practical level, the cost efficiencies gained are significant and the reduced lead times allow us to address the requirements of more customers."As of 12:06 the share price had risen 1.82% to 29p.WS