ITM Power secures £1.8m in deal with OLEV

Energy storage and clean fuel outfit ITM Power has been awarded a contract to deliver a 0.5-megawatt refuelling station from the Office for Low Emission Vehicles.

OLEV awarded a consortium, which includes ITM Power, £3.1m of funding to deliver the refuelling station and 51 fuel cell electric vehicles. ITM Power will receive £1.8m directly for the refuelling station - which is set to be delivered in the next 12 months.

ITM Power has now won £7.1m of sales and project awards over the last eight weeks, bringing its contract backlog to a total of £35.7m - £23.2m of which is under contract - the company said in a statement.

Chief executive Dr Graham Cooley said: "Today's announcement of our pipeline numbers reflects very positive progress over the last two months.

"We welcome the continued commitment by OLEV to the rollout of hydrogen infrastructure in the UK and are delighted to be able to announce a major new station in the south of England which both provides fuel for vehicles but also backup capacity for our whole network."

As of 1215 GMT, ITM Power shares had shot up 11.04% to 20.76p.