ITM Power blows hydrogen price targets
ITM Power, the Sheffield based firm which makes systems to store energy in the form of hydrogen says one of its products can easily beat EU cost targets.
ITM Power, the Sheffield based firm which makes systems to store energy in the form of hydrogen says one of its products can easily beat EU cost targets.
The news has seen ITM's share price rocket 8.3%.
The product is called HFuel and works by taking renewable energy, for instance wind or solar power, and electrolising water to separate the hydrogen from the oxygen.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The hydrogen can then be saved and distributed for things that need power, like boilers or cars.
ITM claims the total cost of saving hydrogen this way, including capital investments could come in as low as £3.88 per kilogram of hydrogen. The EU target is £8.49 per kilogram.
ITM's chief executive Graham Cooley said of the cost announcement:
"Hydrogen from HFuel costs less than EU targets and is competitive with fuel on the high street today. What could be more compelling than an economic fuel made from renewable power that has zero emissions?"
BS
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
Review: Trisara, Phuket – a feast for the senses in Thailand
Travel Stay at Trisara resort on Phuket island in Thailand for the top-notch food and spa
-
Expecting an inheritance? Don’t – only a fifth of Boomers plan to part with their cash
Higher priorities are travel and spending time with loved ones, with even those on the highest household incomes shunning inheritances