ITM Power gets EU go-ahead
ITM Power, which specialises in energy storage and clean fuel, said it had CE compliance for its transportable hydrogen refuelling system, allowing commercial sales to begin in the EU.
ITM Power, which specialises in energy storage and clean fuel, said it had CE compliance for its transportable hydrogen refuelling system, allowing commercial sales to begin in the EU.
A CE mark signals compliance with EU Directives and therefore enables free movement of a product within the European Market.
ITM said few of its competitors had achieved CE compliance for their products.
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
Chief executive, Graham Cooley, said compliance has been a significant part of the product development process and its execution represented a "huge achievement".
"At a time when the UK Government has demonstrated commitment to hydrogen as a transport fuel through the UKH2Mobility programme, we are delighted to be able to show how our technology has transitioned to product," he said.
ITM's shares gained almost 6% following the announcement.
It has been a good few days for ITM investors who also saw their shares rise significantly last week after the company announced a tie up with UK retailing giant Marks & Spencer.
Using ITM's platform to generate hydrogen, a six week trial will see M&S using several fuel cell vehicles as a direct substitute for part of the existing battery powered fleet.
The move is part of M&S's"Plan A" initiative which aims to deliver zero emission vehicles which offer a two minute refuel time.
However, shares are still down over 30% since this time last year.
Sign up for MoneyWeek's newsletters
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.
-
What happens if you can’t pay your tax bill, and what is "Time to Pay"?
Millions are due to file their tax return this Friday as the self-assessment deadline closes. Though the nightmare is not over until you pay the taxman what you owe - or face a penalty. But what happens if you can't afford to pay HMRC your tax bill, and what is "Time to Pay"?
By Kalpana Fitzpatrick Published
-
What does Rachel Reeves’s plan for growth mean for UK investors?
Rachel Reeves says she is going “further and faster” to kickstart the UK economy, but investors are unlikely to be persuaded
By Katie Williams Published