ITM Power skyrockets as 'zero emissions' target could boost hydrogen fuel

Shares of ITM Power jumped as anti greenhouse emissions talks consider hydrogen fuel as possible replacement for fossil fuels.

Writing in the Scotsman a week before, Simon Williams, the legal director of energy and infrastructure at the Scottish law firm Gillespie MacAndrew, said that hydrogen-based systems were drawing increasing interest as an option in the fight against climate change and greenhouse emission gases linked to transport and mobility,

“There is a huge opportunity for the UK to achieve a major hydrogen and fuel cell economy – on a par with the kind emerging in Japan, US and Germany,” he said.

This comes as great news for manufacturer of integrated hydrogen energy systems ITM Power as “hydrogen has the unique potential to change the way we use, store and balance energy”, said Williams.

Countries such as Germany were already operating a hydrogen powered train and in the UK Hydrogen buses were on the roads in Aberdeen and will be soon in Dundee.

Speculation was that the Committee on Climate Change would on Thursday call for a ‘net zero’ carbon emission target for 2050, setting out a series of targets to fight global warming and include hydrogen powered systems in their report.

According to Williams, the Scottish Hydrogen and Fuel Cell Association (SHFCA) estimates current projects with significant hydrogen and fuel cell (H&FC) content in Scotland are worth more than £100m, with £70m of this based in Orkney.

Shares of ITM power closed the session up by 18.60% to 25.50p on unusually heavy trading volume.