ITM Power inks hydrogen supply agreement with Commercial Group

ITM Power inked another deal to supply hydrogen fuel as it continued to roll-out its refuelling network.

The AIM-listed energy storage and clean fuel company agreed to supply Commercial group with hydrogen for its vans at a price of £10 per kilogram.

With the help of Innovte UK, OLEV and FCH JU, ITM had recently opened a refueling station in London.

Tuesday's agreement raised the value of ITM's projects under contract to £16.19m, with another £1.79m in the final stages of negotiation.

Commercial had been operating a fleet of hydrogen hybrid delivery vans since 2013 across London and the South East, along the M4 corridor and out into the South West.

Dr Graham Cooley, CEO, ITM Power, commented: "We are building a portfolio of fuel customers and following the first contract - to supply Toyota, we are very pleased to be working with Commercial again who are pioneers in the adoption of fleet logistics using hydrogen. We look forward to supporting their fleets at our hydrogen refuelling stations."

As of 09:44 BST shares in ITM Power were higher by 3.33% to 23.25p.