ITM Power inks collaboration agreement with Iwatani

Energy storage and clean fuel company ITM Power has signed a collaboration agreement with Iwatani Corporation of America, a wholly-owned subsidiary of Japan's Iwatani.

ITM Power and Iwatani will work together on the deployment of multi-MW electrolyser based hydrogen energy systems in North America win order to reduce pollutants and improve air quality by offering renewable hydrogen to the transportation, energy storage and renewable energy sectors across the continent.

The collaboration agreement enables the companies to share opportunities and, where a commercial case exists, work together on an exclusive basis to deploy ITM Power's PEM electrolysers and Iwatani's gas handling and deployment solutions.

The AIM-listed group noted that particular areas of interest lie in the California hydrogen refuelling station market and large-scale liquid and gaseous renewable hydrogen production for domestic and export markets.

Chief executive, Dr Graham Cooley, said: "Iwatani Corporation is a recognised leader in the hydrogen industry, and we are delighted to be collaborating with the company in North America.

"Transport refuelling is just the tip of the iceberg for demand for hydrogen from renewable sources and this partnership will be well-positioned to participate in this exciting and rapidly growing industry."

As of 1400 GMT, ITM Power shares had shot up 9.17% to 77.95p.