ITM wins distribution deal for Asia and US

19th Mar 2012 09:09

ITM Power, the clean fuel company, has negotiated a distribution agreement with Singapore-based Horizon Fuel Cell Technologies, that will see its products marketed in Asia and the US.This could be a major step for the Sheffield based firm which has been hanging around the AIM market since 2004 but now seems to have achieved lift-off.The deal means Horizon will market ITM's hydrogen energy systems exclusively amongst the Association of Southeast Asian Nations (ASEAN), which includes major markets like Indonesia and the Philippines.Horizon will also market ITM's products, non-exclusively, in the US.ITM's Chief Executive Graham Cooley said: "we are very happy to sign our first distribution agreement and take this important step in our commercialisation process."The market likes what it sees, with the stock up 12.8% at 09:31. BS