ITM Power wins contract to refuel Hyundai's electric car fleet
Updated : 10:33
Energy storage and clean fuel company ITM Power signed a fuel contract with Hyundai Motor to refuel its electric car fleet in the UK.
The AIM-listed company will sell hydrogen at £10 per kilogram to refuel the South Korean carmaker’s iX35 electric fuel cell vehicle fleet.
This is the fifth fuel supply contract for the company as Hyundai joins Toyota, Commercial Group, Arcola Energy and Arval as fuel customers.
The deal covers fuel dispensed across the company's hydrogen refuelling network, which has been financially supported by government agencies, Innovate UK and the Office for Low Emission Vehicles, and Fuel Cells and Hydrogen Joint Undertaking, a European public private partnership.
The company has £16.85m of projects under contract and a further £4.15m of contracts in the offing, collectively coming to £21m.
Dr Graham Cooley, chief executive of ITM Power, said: "We are extremely pleased to be working with Hyundai Motor UK in providing clean fuel for the operation of their fuel cell electric vehicles and promoting clean emission motoring without compromise to their customers.
“We look forward to further supporting their refuelling requirements as our hydrogen refuelling station network expands throughout the UK."
Shares in ITM Power were up 7.87% to 24p at 0938 GMT.