ITM Power wins contract under London Mayor's HyFive project

3rd Apr 2014 08:35

ITM Power shareholders on Thursday cheered the AIM-listed energy storage and clean fuel company's contract win from the Mayor of London's European Union HyFive project. Under the agreement, which is worth £2.8m, ITM will supply three of its electrolyser-based refuelling stations to the capital. The three CE marked rapid response grid balancing stations will be the first green hydrogen deployments in London and are expected to be operational in time to coincide with the roll out of fuel cell electric vehicles planned by the major original equipment manufacturer. The HyFive project was also announced on Thursday, with the office of Mayor Boris Johnson unveiling plans for a £31m investment in hydrogen vehicles to make them a viable and environmentally friendly choice for motorists across Europe.HyFive is the largest of its kind, with participants including motor manufacturers, hydrogen fuel suppliers and energy consultancies. Five different manufacturers have agreed to deploy a total of 110 hydrogen fuel cell vehicles across a number of European locations and will develop new clusters of hydrogen refuelling stations. NR