ITM Power sells electrolyser to UK government

20th Nov 2013 08:01

Renewable energy company ITM Power has received its first order for an electrolyser plant from an unspecified UK government agency. The AIM-listed company reported that it won the government contract in a competitive tender process based on price, performance, compliance and delivery time-scale.ITM, which recorded revenues of just £87,000 in its last financial year, said it now had £4.2m worth of orders undergoing manufacturing.Chief Executive Officer Graham Cooley said the plant will constitute an important reference site for the UK government and other potential customers. Shares in ITM were up 10.3% to 48p at 08:30 on Wednesday.OH