ITM up on M&S tie up

20th Jan 2012 09:36

ITM Power, which makes hydrogen fuel cells, has risen significantly this morning after announcing a tie up with UK retailing giant Marks & Spencer.Using ITM's platform to generate hydrogen, the six week trial will see M&S using several fuel cell vehicles as a direct substitute for part of the existing battery powered fleet. The move is part of M&S's"Plan A" initiative which aims to deliver zero emission vehicles which offer a two minute refuel time.ITM's Chief Executive, Graham Cooley, says: "The involvement of companies such as M&S is essential to developing commercially viable hydrogen solutions".At 09:37, ITM's shares had gained 8%. Over the last 12 months, however, the stock is down 32%.BS