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ITM Power Plc

ITM Power plc Signs Fuel Contract with Hyundai – Zeus Comment

ITM Power Plc (LON:ITM), the energy storage and clean fuel company, has today announced that it has signed a fuel contract, selling hydrogen at £10/kg, with Hyundai Motor UK, for refueling its iX35 Fuel Cell Vehicle fleet. The contract covers fuel dispensed across ITM Power’s hydrogen refuelling network. The refuelling network has been financially supported by Innovate UK, OLEV and FCH JU.

This is the fifth fuel supply contract ITM Power has signed and Hyundai joins Toyota, Commercial Group, Arcola Energy and Arval as fuel customers.

ITM Power currently has £16.85m of projects under contract and a further £4.15m of contracts in the final stages of negotiation, making a total of £21.0m, subject to exchange rate variation.

Dr Graham Cooley, CEO of ITM Power Plc, commented: “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.”

Zeus Capital Partners said:

ITM Power continues to execute its hydrogen infrastructure roll-out in the UK. Today the company announced the signing of a fuel contract with Hyundai Motor UK, to supply hydrogen at £10/kg to Hyundai’s iX35 fuel cell vehicle fleet across ITM’s growing hydrogen refueling network in the UK. This is the fifth hydrogen fuel supply agreement of this type signed by ITM, and Hyundai join Toyota, Commercial Group, Arcola Energy, and Arval as a hydrogen fuel customer.

* The company continues to demonstrate its commitment and capacity to play a pivotal role in building out the UK’s hydrogen refuelling infrastructure and accelerate the deployment of hydrogen FCEVs in the UK.

* The company currently has £16.85m of projects under contract and £4.15m in final negotiation. This gives a total pipeline of c. £21.0m contracted or in final negotiation subject to exchange rate variation. This growing pipeline is evidence of ITM executing its strategy of embedding its technology in its primary target markets of scale renewables storage by power to gas (‘P2G’) and hydrogen fuelling infrastructure at this key early stage of market evolution.

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