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.

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.

Try 6 free issues of MoneyWeek today

Get unparalleled financial insight, analysis and expert opinion you can profit from.

Start your trial

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

Sign up

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.